Tredegar Reports Third Quarter 2022 Results

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

Third quarter 2022 net income (loss) from continuing operations was $1.0 million (0.03 per diluted share) compared to net income (loss) from continuing operations of $6.2 million ($0.19 per diluted share) in the third quarter of 2021. Net income (loss) from ongoing operations, which excludes special items, was $4.8 million ($0.14 per diluted share) in the third quarter of 2022 compared with $7.2 million ($0.22 per diluted share) in the third 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 nine months ended September 30, 2022 and 2021, is provided in Note (a) to the Financial Tables in this press release.

Third Quarter Financial Results Highlights
*Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from ongoing operations for Aluminum Extrusions of $12.1 million was consistent compared the third quarter of 2021
*EBITDA from ongoing operations for PE Films of $0.4 million was $4.4 million lower than the third quarter of 2021
*EBITDA from ongoing operations for Flexible Packaging Films of $7.8 million was $0.4 million higher than the third quarter of 2021

John Steitz, Tredegar’s president and chief executive officer, said, “Bonnell’s profitability and margins, excluding inventory adjustments, improved during the third quarter versus last year despite flat sales volume and inflationary cost pressures. The log of open orders, while about twice the size of pre-pandemic levels, declined during the quarter, with shipments and order cancellations exceeding new orders as customers focused on reducing high inventories. The outlook for demand beyond current open orders remains uncertain given recessionary concerns.”

Mr. Steitz continued, “PE Films EBITDA from ongoing operations declined during the third quarter to essentially a break-even level due to soft demand for products with flat panel displays and customer inventory corrections. Like Bonnell, the outlook for demand for PE Films’ products remains uncertain. On the bright side, Terphane, our flexible packaging films business headquartered in Brazil, had another quarter of solid performance.”

Mr. Steitz further stated, “Debt net of cash increased by $62 million during the first nine months of this year due to a $50 million contribution in February for the first step in the termination and settlement process of our frozen pension plan, which is expected to be completed in the middle of next year, and higher working capital. We continue to be very focused on net cash generation. Our financial leverage remains low under our $375 million credit facility, which has a remaining term of approximately five years.”
details at: https://ir.tredegar.com/news-releases/news-release-details/tredegar-reports-third-quarter-2022-results

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