Q2 2024 Mativ Holdings Inc Earnings Call Transcript
Key Points
- Mativ Holdings Inc (MATV) reported a strong adjusted EBITDA of $67 million, up 45% from the previous quarter and 13% year over year.
- The SaaS segment was a significant driver, delivering over $10 million of incremental EBITDA and over 300 basis points of margin improvement year over year.
- The company achieved a favorable net selling price versus input cost spread, contributing to better-than-expected results.
- Operational improvements and restructuring efforts have led to expected savings of $20 million this year.
- Mativ Holdings Inc (MATV) has successfully launched new products and secured long-term customer agreements, indicating potential for future growth.
- Consolidated net sales for the quarter were slightly down at $523 million compared to $526 million in the prior year.
- The company experienced lower selling prices due to input cost deflation and unfavorable currency impacts.
- There is ongoing caution from customers about building inventory due to market instability, which could impact future demand.
- Interest expense increased by 12% from the prior year, primarily due to a higher revolver balance and higher interest rates.
- The tax rate was unusually high at 84% for the quarter, driven by onetime tax adjustments.
Welcome to Mativ's second quarter 2024 earnings conference call. On the call today from Mativ are Julie Schertell, Chief Executive Officer; Greg Weitzel, Chief Financial Officer; and Chris Kuepper, Director, Investor Relations. Today's call is being recorded and will be available for replay later this afternoon.
(Operator Instructions) It is now my pleasure to turn the call over to Mr. Chris Kuepper. Sir, you may begin.
Good morning, everyone, and thank you for joining us for matter of second quarter 2024 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail and our SEC filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Some financial measures discussed during this call are non-GAAP financial measures.
Reconciliations of these measures to the closest GAAP measures are
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