NYSE$MATV
Mativ Holdings Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Mativ's first quarter results were announced, revealing a sales increase driven by the merger but impacted by customer de-stocking and operational inefficiencies.
Mativ reported a 66.9% increase in sales to $679.0 million, reflecting the merger's benefit. However, the company experienced a GAAP loss of $7.7 million, with GAAP EPS at $(0.14). Adjusted EPS was $0.25. The quarter was affected by customer de-stocking, labor strikes in France, and manufacturing inefficiencies, which pressured margins.
- Sales increased 66.9% to $679.0 million, driven by the merger; organic sales grew 1% in constant currency.
- GAAP loss was $7.7 million, with a GAAP EPS of $(0.14).
- Adjusted EPS was $0.25, and Adjusted EBITDA was $65.7 million.
- Price increases offset higher input costs, but lower volumes due to customer de-stocking and manufacturing issues impacted margins.
Headline financials
Revenue & EPS history
Mativ · Revenue · Quarterly
$679M
Forward guidance
Mativ anticipates delivering significantly improved sequential EBITDA for the remainder of the year and expects to exit 2023 on a strong trajectory toward $100 million EBITDA quarters.
Tailwinds
- Customer indications suggest the peak de-stocking impacts are subsiding, with normalized volume activity expected in the second half of the year.
- Improved manufacturing performance is anticipated to translate into better margins as the year progresses.
- Synergy execution remains on track, with a $25 million EBITDA benefit expected in 2023.
- SG&A synergies executed in the previous year will be fully realized this year.
- Input costs are easing, with benefits expected to flow through to margins in the coming quarters.
Headwinds
- The macro environment remains uncertain.
- The first quarter was impacted by customer de-stocking, operational inefficiencies in French facilities due to labor strikes, and inefficiencies in several US sites.
- Continued headwinds are expected in the second quarter.
- Interest expense was $26.5 million, versus $14.5 million in the prior year period.
- First quarter of 2023 cash provided by operating activities was negative $20.7 million, and capital spending and software costs totaled $19.2 million, resulting in negative free cash flow of $39.9 million.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+1.4%
Avg return
Earnings day
+1.4%
Avg return
5 days after
-1.7%
Avg return
30 days after
55%
36 / 65 earnings
Positive
+39.0%
Q4 2023
Best reaction
-17.8%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.5% | -7.8% | -20.3% | |
| Q4 2025 | -8.0% | -25.0% | -43.2% | |
| Q3 2025 | +22.3% | +24.8% | +14.7% | |
| Q1 2025 | +8.8% | +26.8% | +22.7% | |
| Q4 2024 | -17.8% | -23.3% | -33.0% | |
| Q3 2024 | -14.8% | -16.3% | -24.7% | |
| Q2 2024 | +26.6% | +21.1% | +23.4% | |
| Q1 2024 | +1.9% | -6.1% | -7.3% | |
| Q4 2023 | +39.0% | +35.0% | +44.6% | |
| Q3 2023 | +2.9% | -3.2% | -7.0% | |
| Q2 2023 | -0.4% | -0.9% | -13.5% | |
| Q1 2023 | +3.7% | +3.0% | +2.6% | |
| Q1 2022 | +3.7% | +3.0% | +2.6% | |
| Q4 2022 | +11.3% | +3.6% | -19.6% | |
| Q3 2022 | -12.7% | -19.5% | -15.5% | |
| Q2 2022 | +15.1% | +19.4% | +24.9% | |
| Q4 2021 | -3.2% | +3.4% | +0.1% | |
| Q3 2021 | -12.8% | -7.2% | -21.5% | |
| Q2 2021 | -1.6% | -3.1% | -4.6% | |
| Q1 2021 | -1.2% | +0.0% | -7.1% | |
| Q4 2020 | +1.2% | +1.1% | +4.9% | |
| Q3 2020 | -2.4% | +0.4% | -2.9% | |
| Q2 2020 | +2.9% | +7.3% | -5.3% | |
| Q1 2020 | +1.5% | -3.0% | +20.0% | |
| Q4 2019 | +1.8% | +0.4% | -19.2% | |
| Q3 2019 | +9.1% | +10.3% | +9.9% | |
| Q2 2019 | +4.9% | +1.5% | +4.0% | |
| Q1 2019 | +1.3% | -1.5% | -8.1% | |
| Q4 2018 | -0.7% | -1.6% | +0.4% | |
| Q3 2018 | -0.7% | -3.8% | -15.4% | |
| Q2 2018 | +6.4% | +1.3% | -1.9% | |
| Q1 2018 | -1.9% | +0.5% | -0.3% | |
| Q4 2017 | -0.4% | +0.3% | -0.2% | |
| Q3 2017 | +8.1% | +4.1% | +6.9% | |
| Q2 2017 | +3.8% | -0.5% | -2.1% | |
| Q1 2017 | -2.8% | -2.9% | +3.0% | |
| Q4 2016 | -0.0% | +2.3% | -1.4% | |
| Q3 2016 | +5.2% | +7.2% | +16.0% | |
| Q2 2016 | +4.6% | +3.2% | +7.3% | |
| Q1 2016 | +0.7% | — | — | |
| Q4 2015 | -1.2% | — | — | |
| Q3 2015 | +1.5% | — | — | |
| Q2 2015 | -4.9% | — | — | |
| Q4 2014 | -3.5% | — | — | |
| Q1 2015 | -0.2% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2014 | +2.0% | — | — | |
| Q1 2014 | +1.9% | — | — | |
| Q4 2013 | -1.2% | — | — | |
| Q3 2013 | -16.4% | — | — | |
| Q2 2013 | +0.7% | — | — | |
| Q1 2013 | -0.3% | — | — | |
| Q4 2012 | +0.2% | — | — | |
| Q3 2012 | +1.9% | — | — | |
| Q2 2012 | -8.0% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2009 | -0.4% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2010 | +2.2% | — | — | |
| Q3 2011 | +2.2% | — | — | |
| Q2 2011 | +2.6% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q2 2010 | -0.8% | — | — | |
| Q1 2011 | -0.8% | — | — | |
| Q1 2010 | -0.8% | — | — |
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