Pactiv Evergreen reports revenue decline

LAKE FOREST - Pactiv Evergreen Inc. reported results for its fiscal year second quarter. Net revenues of $1.4 billion for the quarter were down 13% compared to $1.6 billion in the second quarter of 2022 and approximately flat compared to the first quarter of this fiscal year. the company said.

There was a net loss of $139 million for the second quarter compared to $74 million of net income in the same period a year ago, and a net loss of $133 million in the first quarter of 2023.

Overall volumes continue to be impacted by inflationary headwinds on consumer spending; however, the Company has successfully positioned its portfolio to emphasize value over volume and deliver on behalf of its customers, said Michael King, president and chief executive officer.

Pactiv Evergreen is a leading manufacturer and distributor of fresh food service and food merchandising products and beverage cartons in North America.

The income loss was primarily attributable to lower sales volume and higher manufacturing costs as well as the impact from the disposition of Beverage Merchandising Asia and the closure of the company's Canton, North Carolina, mill operations. There were also cash restructuring costs associated with the April reorganization of its management structure by combining the Beverage Merchandising and Food Merchandising businesses.