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.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has signed a definitive agreement to sell its Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility to Suzano S.A. for $110 million in cash, subject to customary adjustments. The sale is part of a strategic review aimed at reducing capital intensity, improving cash flow, and strengthening the balance sheet. Suzano will offer employment to current employees and enter a long-term supply arrangement with Pactiv Evergreen. The transaction is expected to close in Q4 2024, pending customary conditions and foreign antitrust approval. Pactiv Evergreen expects a non-cash impairment charge of $320-$340 million in Q3 2024 and will update its FY 2024 guidance accordingly.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has successfully repriced and upsized its $990 million senior secured Term Loan B to $1.33 billion, maturing on September 24, 2028. The interest rate margin on these loans has been reduced by 75 basis points, from 3.25% to 2.50%, and an 11 basis point credit spread adjustment has been removed. The company also prepaid its $690 million Term Loan B, due February 2026, using proceeds from the upsized loan and a $350 million draw from its revolving credit facility. This refinancing is expected to lower the company’s annual cash interest expense by approximately $14 million. CFO Jon Baksht highlighted the strong lender support and the benefits of extended debt maturities and reduced interest expenses, which will enhance the company's ability to reinvest and de-lever its balance sheet.
Pactiv Evergreen Inc. (NASDAQ: PTVE) declared a quarterly dividend of $0.10 per share of common stock, approved by the board of directors. The payment will be made on June 14, 2024, to shareholders of record on May 31, 2024.
Pactiv Evergreen Inc. reported solid operating performance despite macro challenges, with net revenues of $1,252 million for Q1 2024 down 13% YoY. Net income was $10 million compared to a loss of $133 million in Q1 2023. Adjusted EBITDA was $168 million, and diluted EPS was $0.04.
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