Tredegar Reports Second Quarter 2022 Results

Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported second quarter financial results for the period ended June 30, 2022.

Second quarter 2022 net income (loss) from continuing operations was $14.8 million (0.44 per diluted share) compared to net income (loss) from continuing operations of $20.7 million ($0.61 per diluted share) in the second quarter of 2021. Net income (loss) from ongoing operations, which excludes special items, was $17.1 million ($0.51 per diluted share) in the second quarter of 2022 compared with $16.1 million ($0.48 per diluted share) in the second quarter of 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 and six months ended June 30, 2022 and 2021, is provided in Note (a) to the Financial Tables in this press release.

Second Quarter Financial Results Highlights:
*Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from ongoing operations for Aluminum Extrusions of $21.9 million was $2.2 million higher than the second quarter of 2021
*EBITDA from ongoing operations for PE Films of $7.1 million was $1.9 million lower than the second quarter of 2021
*EBITDA from ongoing operations for Flexible Packaging Films of $7.6 million was $0.6 million lower than the second quarter of 2021

John Steitz, Tredegar’s president and chief executive officer, said, “Bonnell had another exceptional quarter. Backlog, which is still very high by historical standards, peaked in March and has been dropping since then, with a combination of higher productivity from an improved labor situation and lower bookings. Our strong backlog should help drive solid performance for the balance of 2022. While lower bookings are a sign of a possible downturn, it could be the result of orders being placed by customers earlier than normal due to the industry’s extended lead times. In addition, a leading indicator of nonresidential construction activity for June which was reported in mid-July still shows growth.”

Mr. Steitz continued, “PE Films performed as expected for the quarter with a continued focus on generating growth from new products and markets while working through the final stages of a profit decline from previously disclosed customer product transitions. Recent market indicators imply a possible slowdown resulting from customer inventory corrections in the second half of 2022. Terphane continues to deliver results as planned.”

Mr. Steitz further stated, “We had strong cash generation during the second quarter with debt net of cash declining by $32 million.”
more at: https://ir.tredegar.com/news-releases/news-release-details/tredegar-reports-second-quarter-2022-results

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