Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported fourth quarter and full year financial results for the period ended December 31, 2022.
Fourth quarter 2022 net income (loss) from continuing operations was $(3.9) million ($(0.11) per diluted share) compared to $21.4 million ($0.63 per diluted share) in the fourth quarter of 2021. Net income (loss) from ongoing operations, which excludes special items, was $0.5 million ($0.02 per diluted share) in the fourth quarter of 2022 compared to $6.2 million ($0.18 per diluted share) in the fourth quarter of 2021.
Full year 2022 net income (loss) from continuing operations was $28.4 million ($0.84 per diluted share) compared to $57.9 million ($1.72 per diluted share) in 2021. Net income (loss) from ongoing operations was $39.4 million ($1.17 per diluted share) in 2022 compared to $39.6 million ($1.18 per diluted share) in 2021. A reconciliation of net income (loss) from continuing operations, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income from ongoing operations, a non-GAAP financial measure, for the three months and year ended December 31, 2022 and 2021, is provided in Note (a) to the Financial Tables in this press release.
Fourth Quarter Financial Results Highlights
*Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from ongoing operations for Aluminum Extrusions of $8.9 million was $2.0 million lower than the fourth quarter of 2021
*EBITDA from ongoing operations for PE Films of negative $2.6 million was $9.3 million lower than the fourth quarter of 2021
*EBITDA from ongoing operations for Flexible Packaging Films of $7.0 million was $0.6 million higher than the fourth quarter of 2021
John Steitz, Tredegar’s president and chief executive officer, said, “Tredegar had a pre-tax loss from ongoing operations during the fourth quarter of 2022 driven by lower sales volume in our Aluminum Extrusions and PE Films business segments, which we believe was mainly due to cyclical declines exacerbated by customer inventory corrections. We expect an overall return to profitability during the first quarter of 2023 with gradual improvement thereafter.”
Mr. Steitz continued, “While Bonnell had record profitability during 2022, performance in the first half of the year significantly outperformed the second half as customers focused on bringing down high inventory levels. The outlook for 2023 remains uncertain.”
details at: https://ir.tredegar.com/news-releases/news-release-details/tredegar-reports-fourth-quarter-and-full-year-2022-results