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Magnera Corporation (MAGN-1.14%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing net sales of $702 million, an increase from $519 million in the same quarter the previous year. This increase was attributed to revenue from the recent acquisition of GLT and higher selling prices.
Cost of goods sold for the quarter was $631 million, compared to $477 million in the previous year. Selling, general, and administrative expenses increased to $44 million from $28 million.
The company reported an operating loss of $22 million for the quarter, compared to a loss of $12 million in the previous year. The increase in operating loss was due to inventory fair value step-up charges and increased business integration costs.
Net loss for the quarter was $60 million, compared to a net loss of $8 million in the previous year. The loss per share was $1.69, compared to $0.25 in the previous year.
Cash and cash equivalents at the end of the period were $215 million, down from $230 million at the beginning of the period.
The company completed the acquisition of Glatfelter Corporation on November 4, 2024. The acquisition is expected to bring annual synergies of $55 million.
Magnera Corporation's operations are organized into two segments: Americas and Rest of World. The Americas segment reported net sales of $420 million, while the Rest of World segment reported net sales of $282 million.
The filing also details various financial agreements, including a $785 million Term Loan and an $800 million issuance of 7.25% Senior Secured Notes.
The company does not anticipate any significant changes to its liquidity outlook and believes its existing cash and cash flow will be adequate to meet its short-term and long-term liquidity needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Magnera Corporation quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.