Pactiv Evergreen reports second quarter financial results

LAKE FOREST - Pactiv Evergreen Inc. said net revenues in its second quarter were $1.3 billion compared to $1.1 billion in the prior year period. The increase was primarily due to higher sales volume within its food service and beverage merchandising segments, its said.

The higher demand was attributed to the economy continuing to recover from the COVID-19 pandemic. Revenue was also up because of favorable pricing, with higher material costs passed through to customers within our the food service and food merchandising segments.

Net income from continuing operations was $8 million in the second quarter of 2021 compared to a net loss of $18 million in the second quarter of 2020. The change was primarily driven by lower interest expense of $44 million, driven by lower average debt outstanding in the current year quarter and lower foreign exchange losses on cash of $55 million, Pactiv said.

"Volume recovery was exceptionally strong in our Foodservice and Beverage Merchandising segments with 33% and 13% growth, respectively, compared to 2Q20, while the Food Merchandising segment realized 4% volume growth against a tough comparison in 2Q20," Michael King, chief executive officer, wrote in a news release.