Pactiv Evergreen Inc (NAS:PTVE)
$ 17.53 -0.01 (-0.06%) Market Cap: 3.14 Bil Enterprise Value: 6.76 Bil PE Ratio: 0 PB Ratio: 2.90 GF Score: 55/100
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Q3 2024 Pactiv Evergreen Inc Earnings Call Transcript

Nov 12, 2024 / 01:30PM GMT
Release Date Price: $11.53 (-3.92%)

Key Points

Positve
  • Pactiv Evergreen Inc (PTVE) reported third-quarter revenues of $1.3 billion and an adjusted EBITDA of $214 million, maintaining a solid 16% margin.
  • The company successfully completed the sale of its remaining mill operations, marking a strategic shift towards a more capital-light business model.
  • Pactiv Evergreen Inc (PTVE) is focusing on innovation and sustainability, introducing new products like reduced-density polypropylene protein trays and SmartPour pourable containers.
  • The company is on track to generate $15 million in cost savings from discretionary spending and SG&A by the end of the year.
  • Pactiv Evergreen Inc (PTVE) has strong relationships with blue-chip customers, helping it outpace industry trends despite challenging market conditions.
Negative
  • Net revenues decreased by about 3% compared to last year, primarily due to lower sales volumes.
  • The food and beverage merchandising segment saw an 8% decrease in volumes, reflecting consumer spending patterns and strategic repositioning.
  • Higher manufacturing costs and operational challenges at Pine Bluff negatively impacted adjusted EBITDA.
  • The company is still navigating the effects of high consumer prices, which have led to reduced spending in certain segments.
  • Pactiv Evergreen Inc (PTVE) faces ongoing challenges from inflationary pressures, impacting cost structures and requiring continuous efficiency improvements.
Operator

Good day, and welcome to the Pactiv Evergreen Third Quarter 2024 Financial Results. (Operator Instructions) Please note that this is event is being recorded.

I would now like to turn the conference over to Curt Worthington, Vice President Strategy, Investor Relations. Please go ahead.

Curt Worthington
Pactiv Evergreen Inc - Vice President - Strategy, Investor Relations

Thank you, operator, and good morning, everyone. Welcome to our Third Quarter 2024 Earnings Call. With me on the call today, we have Michael King, President and CEO; and John Baksht, CFO. Please visit the Events section of our Investor Relations website at www.pactivevergreen.com and access our supplemental earnings presentation. Management's remarks today should be heard in tandem with reviewing this presentation.

Before we begin our formal remarks, I want to remind everyone that our discussions today will include forward-looking statements, including those regarding our guidance for 2024. These forward

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