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 reported a strong start to 2022, achieving net revenues of $1,495 million, up 28% year-over-year. The growth was driven by 26% attributable to pricing and 9% from acquisitions, despite a 5% decline in volume. The net income rose to $43 million from a loss of $11 million last year, primarily due to increased gross profit. Adjusted EBITDA also surged to $182 million, compared to $77 million one year prior. The company is maintaining its Adjusted EBITDA guidance of $705 million for the full year while navigating ongoing inflation concerns.
Pactiv Evergreen has scheduled its first quarter 2022 earnings release for May 4, 2022, after market close, followed by a teleconference on May 5, 2022, at 8:00 a.m. ET. The earnings call will feature key participants including CEO Michael King and CFO Michael Ragen. Investors can access the live webcast through the company's Investor Relations website or by dialing in using provided contact numbers. Pactiv Evergreen is a leading manufacturer of food and beverage packaging in North America, employing around 16,000 people.
Pactiv Evergreen announced the completion of the sale of its 50% stake in Naturepak Beverage Packaging Co Ltd to Elopak ASA affiliates. This strategic move allows Pactiv Evergreen to concentrate on growth in North America, where it stands as a prominent manufacturer of food and beverage packaging. CEO Michael King stated that the transaction enhances the company's focus on serving renowned brands in the region. Financial details of the sale were not disclosed.
Pactiv Evergreen has announced a quarterly dividend of $0.10 per share, set to be paid on March 15, 2022. Shareholders on record by March 4, 2022 will qualify for this distribution. As a leading manufacturer in North America's food packaging sector, Pactiv Evergreen employs approximately 16,000 people and focuses on sustainable products, utilizing recycled and recyclable materials. The company caters to a diverse clientele, including foodservice and retail operations.
Pactiv Evergreen reported a strong fourth quarter 2021, achieving net revenues of $1,527 million, a 30% increase from $1,175 million in Q4 2020. Net income rose to $34 million from $18 million year-over-year. Despite challenges like a 1% decline in volume due to labor constraints and inflationary pressures, the company benefited from a 23% growth in price/mix. Adjusted EBITDA increased to $205 million. For 2022, Pactiv Evergreen projects Adjusted EBITDA of $705 million, factoring in continued inflation and recovery in volume.
Pactiv Evergreen (NASDAQ: PTVE) will release its Q4 2021 earnings on February 23, 2022, after market close. A teleconference will follow on February 24, 2022, at 8:00 a.m. ET. CEO Michael King, CFO Michael Ragen, and SVP Dhaval Patel will participate in the call. Investors can access the live webcast on the company's Investor Relations website or participate by calling 1-877-407-0789 (U.S.) or 1-201-689-8562 (internationally) with access code 13726424. Pactiv Evergreen is a leading manufacturer of packaging for fresh food and beverages in North America.
Pactiv Evergreen has announced the sale of its carton packaging and filling machinery businesses in China, Korea, and Taiwan to SIG Combibloc for an enterprise value of approximately $335 million. This deal is a strategic move to enhance Pactiv Evergreen's focus on its core North American operations, where it is a leading manufacturer of fresh food and beverage packaging. The transaction is pending regulatory approvals and is expected to close in the second or third quarter of 2022.
Pactiv Evergreen reported third-quarter 2021 results with net revenues of $1,394 million, reflecting a 17% increase from the previous year. The rise was driven by a 14% improvement in price/mix and a 3% rise in volumes. Net income from continuing operations was $2 million, a significant turnaround from a net loss of $143 million year-on-year. Adjusted EBITDA was $119 million, down from $173 million in 2020. Future growth is bolstered by recent acquisitions and strategic exits, although challenges from high raw material costs persist.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has announced a quarterly dividend of $0.10 per share, which will be distributed on December 15, 2021. Shareholders must be on record by the close of business on December 1, 2021 to receive this dividend. Pactiv Evergreen is a leading manufacturer of fresh food and beverage packaging in North America, employing nearly 16,000 individuals and producing products from recycled materials for a diverse clientele, including restaurants and food service distributors.
Pactiv Evergreen (NASDAQ: PTVE) will release its third quarter 2021 earnings on November 3, 2021, after market close. A teleconference will follow on November 4, 2021, at 8:00 a.m. ET, featuring CEO Michael King, CFO Michael Ragen, and SVP Dhaval Patel. Investors can access the live webcast through the Investor Relations website. Pactiv Evergreen is a major manufacturer of food and beverage packaging in North America, emphasizing sustainability with products made from recycled materials.
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