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Pactiv Evergreen Inc (PTVE-0.08%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total net revenues to $1,333 million from $1,379 million in the same quarter the previous year. The decrease is attributed to lower sales volume and the broader demand environment.
Cost of sales for the quarter was $1,078 million, representing 81% of total net revenues, compared to 80% in the same quarter of the previous year.
The company reported a gross profit of $255 million for the quarter, compared to $281 million in the previous year.
Restructuring, asset impairment, and other related charges increased to $338 million, primarily due to a $322 million impairment charge related to the Mill Transaction.
Selling, general, and administrative expenses decreased to $115 million from $137 million, primarily due to lower incentive-based compensation costs.
Net loss for the quarter was $213 million, compared to a net income of $30 million in the previous year.
Adjusted EBITDA from continuing operations was $214 million, down from $227 million in the previous year.
The filing details the company's restructuring plans, including the Beverage Merchandising Restructuring and Footprint Optimization, which are expected to improve operating efficiency.
Pactiv Evergreen anticipates making cash payments between $240 million and $250 million for capital expenditures during 2024.
The company's liquidity position includes $168 million in cash and cash equivalents, with $724 million available under its revolving credit facility.
Pactiv Evergreen's next debt maturity is $217 million of Pactiv Debentures due in December 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pactiv Evergreen Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.