Pactiv Evergreen Inc. - PTVE STOCK NEWS

Pactiv Evergreen Inc. (NASDAQ: PTVE) has declared a quarterly dividend of $0.10 per share, scheduled for payment on March 24, 2023, to shareholders recorded by the close of business on March 17, 2023. The company is a prominent manufacturer and distributor of food service products and fresh beverage cartons, employing around 16,000 people across North America. Pactiv Evergreen focuses on sustainable practices, producing items from recycled and renewable materials that serve a diverse customer base, including restaurants and food retailers.

Pactiv Evergreen reported its fourth quarter 2022 results, with net revenues of $1,476 million, down 3% year-over-year. Net income fell 21% to $27 million, driven by inflationary pressures and operational challenges, while adjusted EBITDA decreased 19% to $167 million. Full-year revenues rose 14% to $6,220 million, with net income significantly up to $319 million from $33 million in the prior year. The company announced a restructuring of its Beverage Merchandising segment, resulting in the closure of facilities and the elimination of approximately 1,300 positions, with anticipated non-cash charges of $310 million to $330 million.

Pactiv Evergreen Inc. (NASDAQ: PTVE) announced its fourth quarter 2022 earnings release scheduled for March 6, 2023, after market close. A teleconference will follow on March 7, 2023, at 8:30 a.m. ET. Key participants include Michael King, CEO, and Jon Baksht, CFO. Investors can access the live webcast through the company's Investor Relations website and join the call via U.S. and international dialing options.

As a leading manufacturer in North America, Pactiv Evergreen produces a wide array of foodservice and beverage packaging products, with a focus on sustainability and eco-friendly materials.

Pactiv Evergreen is partnering with AmSty to offer sustainable foam polystyrene packaging products containing post-consumer recycled content. This collaboration aims to help food brands meet sustainability goals. Using ISCC PLUS-certified recycled polystyrene, Pactiv Evergreen plans to introduce these innovative packaging solutions in the first half of 2023. Eric Wulf, president of Pactiv's food merchandising unit, emphasizes their extensive material expertise to support customers in their sustainable efforts. The initiative aligns with Pactiv Evergreen's goal of having 100% of its products made from recycled, recyclable, or renewable materials by 2030.

Pactiv Evergreen Inc. (PTVE) announced the results of its tender offer for its 8.375% Debentures due 2027, which expired on December 14, 2022. Approximately $32.9 million of the $200 million principal amount of the Notes were tendered. Payment for the accepted Notes is expected on the same day, while those under guaranteed delivery will be paid by December 19, 2022. The company will use cash from its affiliates to fund the purchase. Credit Suisse and Citigroup acted as Dealer Managers for the Tender Offer.

Pactiv Evergreen Inc. (PTVE) announced the results of its subsidiary Pactiv LLC's tender offer for its 7.950% Debentures due 2025, which expired on December 7, 2022. Approximately $59.1 million of the $276.4 million in outstanding notes were validly tendered. The payment for the tendered notes is expected to be carried out on December 8, 2022, while notes under guaranteed delivery procedures will be settled by December 12, 2022. The company plans to fund the purchase using cash from its affiliates. The tender offer is subject to specific conditions outlined in the Offer to Purchase.

Pactiv Evergreen Inc. (PTVE) has initiated a tender offer to purchase all of its 7.950% Debentures due 2025 for $970.00 per $1,000 principal. The total principal amount outstanding is $276.4 million. The offer, which is subject to specific conditions, will expire on December 7, 2022. Holders of tendered notes will receive cash and accrued interest. Credit Suisse and Citigroup are acting as Dealer Managers. PTVE is employing cash from its affiliates to fulfill this purchase, highlighting its financial maneuvering capabilities.

Pactiv Evergreen (NASDAQ: PTVE) has declared a quarterly dividend of $0.10 per share, set to be distributed on December 15, 2022. Shareholders on record as of November 30, 2022 will receive the payment. The company specializes in manufacturing and distributing foodservice products and beverage cartons in North America, operating with around 16,500 employees. Pactiv Evergreen emphasizes the use of recycled and renewable materials in its product range, catering to a wide customer base including restaurants and food retailers.

Pactiv Evergreen reported a net revenue of $1,609 million for Q3 2022, down 2% from Q2 but up 15% year-over-year. Net income from continuing operations increased to $175 million, reflecting gains from the sale of its Asia business. Although Adjusted EBITDA fell to $187 million, it was a 57% increase compared to Q3 2021. The company raised its full-year Adjusted EBITDA guidance to $760 million to $780 million. Pactiv Evergreen has also reduced its net debt to $3.7 billion, improving its leverage ratio significantly.