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Tredegar Corporation (TG+1.85%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $182,051,000 from $166,192,000 in the same quarter the previous year. The increase is attributed to higher sales volumes and the pass-through of higher metal costs.
Cost of goods sold for the quarter was $151,676,000, representing 83% of sales, compared to 87% in the same quarter of the previous year. This decrease in cost ratio is due to favorable variable manufacturing costs and lower labor-related costs.
The company reported a gross profit of $23,290,000 for the quarter, compared to $14,822,000 in the previous year, with the improvement attributed to higher sales volume and favorable pricing.
Net income for the quarter was a loss of $3,946,000, compared to a loss of $50,380,000 in the previous year. The improvement is primarily due to the absence of a goodwill impairment charge and pension settlement loss recorded in the previous year.
Cash provided by operating activities was $6,053,000, while cash used in investing and financing activities was $7,469,000 and $3,553,000, respectively.
Tredegar had a working capital of $188,262,000 as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including an asset-based revolving credit facility and loans in Brazil and China.
Tredegar completed the sale of its Flexible Packaging Films business on November 1, 2024, which is expected to impact future financial statements.
The company continues to focus on its Aluminum Extrusions and PE Films segments and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tredegar Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.