Delivered solid financial performance and exceeded guidance
Fourth Quarter 2023 Financial Highlights:
- Total Net Revenues of $1,274 million for the fourth quarter of 2023 were down 14% compared to $1,476 million in the fourth quarter of 2022 and down 8% compared to $1,379 million in the third quarter of 2023.
- Net Income from continuing operations of $22 million for the fourth quarter of 2023 compared to $27 million in the fourth quarter of 2022 and $28 million in the third quarter of 2023.
- Adjusted EBITDA1 of $207 million for the fourth quarter of 2023 compared to $167 million in the fourth quarter of 2022 and $227 million in the third quarter of 2023.
- Diluted earnings per share from continuing operations of $0.12 for the fourth quarter of 2023 compared to $0.15 in the fourth quarter of 2022 and $0.15 in the third quarter of 2023.
- Adjusted EPS1 of $0.33 for the fourth quarter of 2023 compared to $0.17 in the fourth quarter of 2022 and $0.32 in the third quarter of 2023.
Full Year 2023 Financial Highlights:
- Total Net Revenues of $5,510 million for the year ended December 31, 2023 were down 11% compared to $6,220 million in the prior year.
- Net Loss from continuing operations of $222 million for the year ended December 31, 2023 compared to net income from continuing operations of $319 million in the prior year.
- Adjusted EBITDA1 of $840 million for the year ended December 31, 2023 compared to $785 million in the prior year.
- Diluted loss per share from continuing operations of $1.28 for the year ended December 31, 2023 compared to diluted earnings per share of $1.77 in the prior year.
- Adjusted EPS1 of $0.96 for the year ended December 31, 2023 compared to $0.81 in the prior year.
LAKE FOREST, Ill., Feb. 29, 2024 - Pactiv Evergreen Inc. (“Pactiv Evergreen” or the “Company”) today reported results for the fourth quarter of 2023. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “This was a pivotal year for Pactiv Evergreen. The Company’s commitment to operational excellence and profitable growth helped offset the headwinds we encountered throughout the year. Our teams demonstrated agility and discipline, allowing the Company to exceed its financial goals while also delivering for customers. The Company made significant progress on multiple fronts of its transformational journey in 2023, and I cannot thank our employees enough for their hard work. Looking ahead to 2024, the Company plans to initiate the next phase of its strategic transformation through a footprint optimization plan, which will include the rationalization of a portion of the Company’s production capacity. We expect these actions to generate significant annual cost savings and better align resources and capabilities with customers’ needs as the Company targets sustainable growth opportunities.”
Jon Baksht, Chief Financial Officer of Pactiv Evergreen, added, “We are proud of the Company’s ability to deliver consistent improvement in its profitability profile. During the year, the Company achieved significant progress against its long-term financial priorities. Notably, the Company reduced its total debt by $550 million, which improves its ability to invest in strategic opportunities that strengthen the business. Looking ahead, our team remains committed to actively managing costs and driving operational excellence initiatives across the organization. We believe those efforts, coupled with the solid momentum sustained to date, positions the Company for profitable growth in 2024. The strength of the balance sheet and our ability to consistently generate cash gives us confidence in the Company’s ability to navigate macroeconomic volatility, profitably grow through inflationary cycles and deliver solid returns for shareholders.”
Source: Pactiv Evergreen
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