NYSE$TG
Tredegar Corporation · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported a profit from ongoing operations and advanced in the sale of Terphane.
Tredegar Corporation reported a net income of $3.3 million for Q1 2024, a significant improvement compared to the net loss of $1.0 million in Q1 2023. The company saw increased earnings in PE Films and Flexible Packaging Films, while Aluminum Extrusions experienced a decrease in EBITDA. Tredegar is progressing with the sale of Terphane and focuses on managing costs and working capital.
- Net income was $3.3 million ($0.10 per diluted share) in Q1 2024, compared to a net loss of $(1.0) million ($(0.03) per diluted share) in Q1 2023.
- Net income from ongoing operations was $5.6 million ($0.16 per diluted share) in Q1 2024, compared to $2.5 million ($0.07 per diluted share) in Q1 2023.
- Aluminum Extrusions EBITDA from ongoing operations decreased to $12.5 million from $14.6 million in Q1 2023.
- PE Films EBITDA from ongoing operations significantly increased to $6.9 million from $1.8 million in Q1 2023, driven by higher volumes and cost improvements.
Headline financials
Revenue & EPS history
Tredegar · Revenue · Quarterly
$176M
Revenue by segment
Tredegar · $129M total across 2 segments · Q3 2023
- Aluminum Extrusions$109M-32.3%84.6%
- PE Films$19.9M-0.6%15.4%
Forward guidance
The process to complete the closing of our agreement to sell Terphane continues to advance as planned, including the review required by competition authorities in Brazil. Meanwhile, the recovery that we believe is underway in our business units is having a favorable impact on overall operating results and improving our outlook of net financial leverage.
Tailwinds
- The company is progressing with selling of Terphane.
- The regulatory review process is ongoing and in line with the Company’s expectations.
- The merger review regarding the transaction was cleared by the Colombian authority in early February 2024.
- The company expects to realize after-tax net debt-free cash proceeds of $85 million after deducting projected Brazil withholding taxes, escrow funds, U.S. capital gains taxes and transaction costs.
- Daily liquidity under the ABL Facility from January 1, 2024 to March 31, 2024, was $10 million to $27 million.
Headwinds
- Completion of the sale is contingent upon the satisfaction of customary closing conditions, including the receipt of certain competition filing approvals by authorities in Brazil and Colombia.
- CADE’s maximum deadline for completing its review is no later than November 18, 2024.
- Actual after-tax proceeds may differ from estimates due to possible changes in deductions and the Company's tax situation during the potentially lengthy interim period to the closing date.
- Total debt increased $2.0 million and net debt increased $10.7 million in the first quarter of 2024 versus the end of 2023 due primarily to higher net working capital to support the recovery the Company believes is underway in its businesses.
- As of March 31, 2024, excess available borrowings under the ABL Facility were approximately $22.2 million, based upon the outstanding borrowing base availability net of the financial covenant for Minimum Liquidity (as defined in the ABL Facility).
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 2024
-1.0%
Avg return
Earnings day
-0.6%
Avg return
5 days after
+2.4%
Avg return
30 days after
41%
26 / 64 earnings
Positive
+27.2%
Q4 2019
Best reaction
-20.9%
Q2 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +1.0% | -21.4% | -23.3% | |
| Q3 2025 | +19.4% | +22.7% | +10.6% | |
| Q2 2025 | -0.1% | -7.1% | -3.9% | |
| Q1 2025 | -1.2% | +0.0% | +3.2% | |
| Q4 2024 | +0.0% | -2.7% | -5.6% | |
| Q3 2024 | -19.9% | -18.9% | -11.7% | |
| Q1 2024 | +2.0% | +3.0% | -16.0% | |
| Q4 2023 | +23.4% | +43.1% | +60.8% | |
| Q3 2023 | -3.3% | +6.8% | +5.5% | |
| Q2 2023 | -17.7% | -19.6% | -12.2% | |
| Q1 2023 | -15.0% | -19.3% | -17.5% | |
| Q4 2022 | -12.0% | -12.2% | -10.8% | |
| Q3 2022 | -5.4% | -7.8% | -2.0% | |
| Q2 2022 | +6.3% | +11.2% | -1.7% | |
| Q1 2022 | +0.4% | -2.5% | +9.3% | |
| Q4 2021 | +2.7% | +7.7% | +0.3% | |
| Q3 2021 | +3.9% | +3.5% | -9.3% | |
| Q2 2021 | +1.9% | +3.3% | +3.8% | |
| Q1 2021 | -4.2% | -4.0% | +1.4% | |
| Q4 2020 | -5.0% | -6.7% | -13.3% | |
| Q3 2020 | +11.8% | +7.8% | +58.7% | |
| Q2 2020 | +9.9% | +12.9% | +4.9% | |
| Q1 2020 | -13.1% | -14.0% | +2.3% | |
| Q4 2019 | +27.2% | +2.5% | +18.8% | |
| Q3 2019 | +4.5% | +6.7% | +8.6% | |
| Q2 2019 | +7.6% | +14.6% | +12.3% | |
| Q1 2019 | -1.2% | -4.4% | -6.0% | |
| Q4 2018 | +16.2% | +4.2% | +11.2% | |
| Q3 2018 | -18.1% | -20.3% | -21.9% | |
| Q2 2018 | -20.9% | -14.6% | -15.7% | |
| Q1 2018 | +7.7% | +9.9% | +35.5% | |
| Q4 2017 | -5.2% | +5.5% | +2.7% | |
| Q3 2017 | +1.9% | +1.6% | +5.6% | |
| Q2 2017 | +7.9% | +12.3% | +7.9% | |
| Q1 2017 | -1.8% | -1.2% | -2.4% | |
| Q4 2016 | -14.3% | -17.4% | -25.6% | |
| Q3 2016 | -5.1% | -6.5% | +20.5% | |
| Q2 2016 | -4.1% | -1.8% | +5.4% | |
| Q1 2016 | -3.2% | — | — | |
| Q4 2015 | +16.2% | — | — | |
| Q3 2015 | -1.9% | — | — | |
| Q2 2015 | -15.0% | — | — | |
| Q1 2015 | -0.4% | — | — | |
| Q4 2014 | -4.0% | — | — | |
| Q3 2014 | -5.6% | — | — | |
| Q2 2014 | -2.4% | — | — | |
| Q1 2014 | -4.3% | — | — | |
| Q4 2013 | -0.6% | — | — | |
| Q3 2013 | -8.3% | — | — | |
| Q2 2013 | -6.8% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2012 | +6.6% | — | — | |
| Q3 2012 | +15.8% | — | — | |
| Q2 2012 | +1.3% | — | — | |
| Q1 2011 | -12.2% | — | — | |
| Q1 2012 | +4.7% | — | — | |
| Q4 2009 | -8.8% | — | — | |
| Q4 2011 | -8.8% | — | — | |
| Q3 2011 | +7.2% | — | — | |
| Q3 2010 | +7.2% | — | — | |
| Q2 2011 | -7.7% | — | — | |
| Q2 2010 | -7.7% | — | — | |
| Q4 2010 | -7.7% | — | — | |
| Q2 2009 | -5.8% | — | — |
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