Pactiv Evergreen Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
March 06, 2023 at 09:00 pm EST
Share
Pactiv Evergreen Inc. reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported sales was USD 1,476 million compared to USD 1,527 million a year ago. Net income was USD 26 million compared to USD 31 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.19 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.19 a year ago. Basic earnings per share was USD 0.15 compared to USD 0.17 a year ago. Diluted earnings per share was USD 0.15 compared to USD 0.17 a year ago.
For the full year, sales was USD 6,220 million compared to USD 5,437 million a year ago. Net income was USD 318 million compared to USD 23 million a year ago. Basic earnings per share from continuing operations was USD 1.77 compared to USD 0.17 a year ago. Diluted earnings per share from continuing operations was USD 1.77 compared to USD 0.17 a year ago. Basic earnings per share was USD 1.78 compared to USD 0.13 a year ago. Diluted earnings per share was USD 1.77 compared to USD 0.13 a year ago.
Pactiv Evergreen Inc. is a manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America. The Company operates through two segments: Foodservice and Food and Beverage Merchandising. Its Foodservice segment manufactures food containers, drinkware (hot and cold cups and lids), tableware, service ware and other products which make eating on-the-go. Its Food and Beverage Merchandising segment products include cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets, clear rigid-display containers, containers for prepared and ready-to-eat food, trays for meat and poultry and egg cartons. It also produces fiber-based liquid packaging board. It supplies products to a diversified mix of companies, including full-service restaurants, quick service restaurants, foodservice distributors, supermarkets, and food processors.