Welcome to our dedicated page for Pactiv Evergreen news (Ticker: PTVE), a resource for investors and traders seeking the latest updates and insights on Pactiv Evergreen stock.
Pactiv Evergreen Inc. (NASDAQ: PTVE) is a prominent player in the manufacturing and distribution of fresh foodservice and food merchandising products, as well as fresh beverage cartons, across North America. With a robust operational framework, the company operates through two primary segments: Foodservice and Food and Beverage Merchandising.
The Foodservice segment is dedicated to producing a wide array of products including food containers, drinkware, tableware, service ware, and ready-to-eat food containers. Meanwhile, the Food and Beverage Merchandising segment focuses on manufacturing clear rigid-display containers, meat and poultry trays, molded fiber egg cartons, printed cartons, as well as spouts and filling machines. This segment drives the majority of the company's revenue.
Pactiv Evergreen's operations are geographically segmented into the United States, the Rest of North America, and other regions, with the bulk of its revenue being generated from the U.S. market. The company's extensive product portfolio, many of which incorporate recycled, recyclable, or renewable materials, caters to a diverse customer base including restaurants, foodservice distributors, retailers, and food and beverage producers.
Recent news highlights the company's collaborative efforts to support the circular economy for plastics. In partnership with industry leaders like ExxonMobil, Pactiv Evergreen aims to address consumer demand for more sustainable and high-performance products within the foodservice industry. Despite macroeconomic challenges, the company has consistently delivered solid financial performance and met or exceeded its guidance.
For more information, visit www.pactivevergreen.com or contact their media representative, Beth Kelly, at beth.kelly@pactivevergreen.com.
Novolex and Pactiv Evergreen (NASDAQ: PTVE) announced a definitive agreement to combine, forming a leading manufacturer in food, beverage, and specialty packaging. Pactiv Evergreen shareholders will receive $18.00 per share in cash, valuing the transaction at $6.7 billion. The combined company will offer over 250 brands and 39,000 SKUs, enhancing its ability to serve diverse customer bases. This merger aims to accelerate product innovation, expand service and distribution capabilities, and bolster sustainability efforts. The transaction, supported by Apollo Funds and CPP Investments, is expected to close in mid-2025, making Pactiv Evergreen a privately held company. The combined entity will be led by Novolex Chairman and CEO Stan Bikulege. The merger has been approved by Pactiv Evergreen's Board of Directors and its majority shareholder, Packaging Finance , pending regulatory approvals and customary closing conditions.
Pactiv Evergreen (NASDAQ: PTVE) has announced that its board of directors has approved a quarterly dividend of $0.10 per share of common stock. The dividend will be paid on December 13, 2024 to shareholders of record as of the close of business on December 2, 2024.
Pactiv Evergreen (PTVE) reported Q3 2024 financial results with net revenues of $1,333 million, down 3% from Q3 2023. The company recorded a net loss from continuing operations of $213 million, compared to net income of $28 million in Q3 2023, primarily due to a $322 million impairment charge from the Pine Bluff mill divestiture. Adjusted EBITDA was $214 million, down from $227 million in Q3 2023. The company updated its full-year 2024 Adjusted EBITDA guidance to $800-810 million. The company has reduced its total outstanding debt by $641 million since December 2022 and declared a Q3 dividend of $0.10 per share.
Pactiv Evergreen (PTVE) has launched SmartPour™, a new patented packaging solution for dry ingredients featuring an easy-to-pour and resealable closure. The containers eliminate the need for plastic bag inserts and are available in six sizes with vertical and horizontal layouts. The company also introduced two new beverage carton filling machines: the N-200 for school milk cartons and the H-40M for half-gallon filling. SmartPour™ containers are FDA compliant, pre-qualified as 'Widely Recyclable' by How2Recycle®, and made from responsibly sourced paper materials. All products will be showcased at PACK EXPO International in Chicago from November 3-6, 2024.
Pactiv Evergreen (NASDAQ: PTVE) has announced its schedule for third quarter 2024 financial results. The earnings release will be published on Tuesday, November 12, 2024, at 6:05 a.m. EDT, followed by a webcast and teleconference at 8:30 a.m. EDT the same day. The call will feature CEO Michael King, CFO Jon Baksht, and VP of Strategy & IR Curt Worthington. Participants can join via webcast through the company's Investor Relations website or dial in at 877-317-6789 (domestic) or 412-317-6789 (international). A replay will be available on the website after the call.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has completed the sale of its Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility to Suzano S.A. for $110 million, subject to customary adjustments. This transaction is a significant step in Pactiv Evergreen's strategy to focus on core North American converting operations and transition to a capital light business model.
CEO Michael King stated that the sale is expected to improve profitability and cash flows, as well as strengthen the company's balance sheet. He also expressed gratitude to the employees at the sold facilities for their dedication and commitment to Pactiv Evergreen and its customers.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has announced that its Chief Financial Officer, Jon Baksht, will be presenting at the 2024 Jefferies Industrials Conference on September 4, 2024, at 4:15pm ET. This presentation offers an opportunity for investors to gain insights into the company's operations and financial performance.
Interested parties can access a live webcast of the presentation along with accompanying slides through Pactiv Evergreen's investor relations website. For those unable to attend the live event, a replay of the webcast will be available for 90 days following the presentation, ensuring that stakeholders have ample time to review the information shared during the conference.
Pactiv Evergreen Inc. (PTVE) has launched innovative Recycleware® Reduced-Density Polypropylene (RDPP) meat trays, offering a sustainable alternative to foam polystyrene packaging. These vertically integrated trays are extruded, thermoformed, and padded at Pactiv Evergreen facilities, ensuring processor-grade quality and compatibility with existing overwrap equipment.
The Recycleware RDPP meat trays have been recognized by the Association of Plastic Recyclers (APR) for meeting the highest criteria in the APR Design® Guide for Plastics Recyclability. They are recyclable in communities that accept polypropylene trays, aligning with Pactiv Evergreen's commitment to producing innovative packaging with reduced environmental impact.
Pactiv Evergreen reported Q2 2024 financial results, highlighting a strategic transformation.
Key financials include Net Revenues of $1,338M, a 6% YoY decrease but a 7% QoQ increase. Net Income was $20M, compared to a net loss of $139M YoY and $10M QoQ. Adjusted EBITDA was $183M, down from $217M YoY but up from $168M QoQ.
The company's Adjusted EPS reached $0.17, compared to $0.20 YoY and $0.14 QoQ. Temporary operational disruptions and end-market weakness impacted results. The sale of Pine Bluff and Waynesville facilities to Suzano is part of a strategic shift, expected to close in Q4 2024.
Q2 results led to revised full-year guidance, reflecting continued market challenges. The company plans to incur substantial restructuring and capital costs through 2025 under its Footprint Optimization initiative.
Pactiv Evergreen's debt reduction efforts include lowering total outstanding debt by $544M YTD and declaring a $0.10 per share dividend for Q2 2024.
Pactiv Evergreen (NASDAQ: PTVE) has announced a quarterly dividend of $0.10 per share of common stock. The dividend will be paid on September 13, 2024 to shareholders of record as of the close of business on August 30, 2024. This announcement demonstrates the company's commitment to returning value to shareholders through regular dividend payments. The board of directors' approval of this dividend suggests confidence in the company's financial stability and cash flow generation capabilities.
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