Ranpak Holdings Corp. Reports Fourth Quarter and Full Year 2020 Financial Results
Ranpak Holdings Corp. (NYSE: PACK) reported robust financial results for Q4 2020, with net revenue reaching $90.2 million, marking a 13.9% increase year-over-year. AEBITDA rose to $33.0 million, up 14.6% from the previous year, indicating strong operational leverage. Key drivers included heightened e-commerce demand and improved industrial activity, particularly in Europe/Asia, where revenue surged 39.4%. However, the company experienced a net loss of $5.2 million during the quarter, attributed to a decline in automation revenues in North America.
- Net revenue increased 13.9% year-over-year, reaching $90.2 million.
- AEBITDA rose by 14.6%, totaling $33.0 million with a margin of 36.6%.
- Packaging systems placements grew 12.2% year-over-year to approximately 117,400 machines.
- Strong performance in Europe/Asia with revenue up 39.4% driven by cushioning and void-fill.
- Net loss of $5.2 million for Q4 2020.
- Decline in North American revenue by 2.0%, driven by downturns in cushioning and void-fill.
Ranpak Holdings Corp. (NYSE: PACK) (“Ranpak” or “the Company”), a leading provider of environmentally sustainable, systems-based, product protection solutions for e-commerce and industrial supply chains, today reported its fourth quarter and full year 2020 financial results.
Omar Asali, Chairman and Chief Executive Officer, commented, “The Ranpak team continued to execute well into year end and delivered excellent results while staying focused on employee health and safety. Our disciplined approach to investing in the business and enhancing our commercial capabilities was on display in the fourth quarter as net revenue of
“As I reflect on where we are and where we are going, I believe it is safe to say Ranpak is a more nimble, proactive, and customer centric company than it was a year ago. The team sees the opportunity available to us and is operating at a new pace to pursue our growth initiatives. I believe 2020 was a year that will serve as a strong foundation for Ranpak’s next chapter. We reinvigorated the product portfolio with best-in-class Void-fill and Cushioning solutions, introduced a next generation Automation offering, developed an on-demand cold chain solution, and significantly increased our brand positioning through digital investments. I believe 2021 will continue to see the world move to more sustainable solutions and embrace Automation further. I am pleased with our continued progress at Ranpak and excited about our ability to drive growth and create shareholder value while also improving the world around us.”
Fourth Quarter 2020 Highlights
-
Packaging systems placement increased
12.2% year over year, to approximately 117,400 machines as of December 31, 2020 -
Net revenue increased
18.3% and13.9% adjusting for constant currency1 and purchase accounting adjustments of$0.1 million in the fourth quarter of 2019 -
Net loss of
$5.2 million and AEBITDA2 of$33.0 million for the three months ended December 31, 2020 is up14.6%
Net revenue for the three months ended December 31, 2020 was
Net revenue in North America for the three months ended December 31, 2020 totaled
Net revenue in Europe/Asia for the three months ended December 31, 2020 totaled
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