Mativ Holdings Inc

NYSE:MATVUnited States

May 8, 2024

Show headlines and story abstract

• -- Earnings Flash (MATV) MATIV HOLDINGS Reports Q1 EPS $0.02, from 4:21PM ET on Wednesday May 08, 2024 by MT Newswires

  4:21PM ET on Wednesday May 08, 2024 by MT Newswires
  Companies Mentioned: MATV
  04:21 PM EDT, 05/08/2024 (MT Newswires) -- ...

• -- Earnings Flash (MATV) MATIV HOLDINGS Posts Q1 Revenue $500.2M, vs. Street Est of $489.6M, from 4:20PM ET on Wednesday May 08, 2024 by MT Newswires

  4:20PM ET on Wednesday May 08, 2024 by MT Newswires
  Companies Mentioned: MATV
  04:20 PM EDT, 05/08/2024 (MT Newswires) -- ...

• Press Release: Mativ Announces First Quarter 2024 Results, from 4:20PM ET on Wednesday May 08, 2024 by Dow Jones

  4:20PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: MATV

• Mativ Announces First Quarter 2024 Results, from 4:18PM ET on Wednesday May 08, 2024 by Business Wire

  4:18PM ET on Wednesday May 08, 2024 by Business Wire
  Companies Mentioned: MATV

  Mativ Holdings, Inc. ("Mativ" or the "Company") (NYSE: MATV) reported earnings results for the three months ended March 31, 2024. On November 30, 2023, Mativ Holdings, Inc. ("Mativ" or the "Company") completed the sale of its Engineered Papers business. Financial results for continuing operations exclude Engineered Papers in all periods.

• Mativ Announces First Quarter 2024 Results, from 4:18PM ET on Wednesday May 08, 2024 by Dow Jones

  4:18PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: MATV
  FAM - Stock-based compensation 0.1 0.1 SAS - Depreciation 13.4 14.4 Unallocated - Depreciation 0.5 1.4 Unallocated - Stock-based compensation 1.0 1.2 -------- ------- Total Consolidated $ 21.6 $ 24.0 ======== ======= Adjusted EBITDA from Continuing Operations Three Months Ended March 31, ----------------------------------------------- Return on Net Sales ----------- ------- ------------------------- 2024 2023 2024 2023 ----------- ------- ------------ ----------- FAM $ 33.2 $ 43.2 16.4% 19.6% SAS 32.3 27.2 10.9% 8.3% Unallocated (19.7) (21.5) (3.9)% (3.9)% ------ ----- Total Consolidated $ 45.8 $ 48.9 9.2% 8.9% ====== ===== Non-GAAP Reconciliation of Organic Net Sales Growth FAM SAS Consolidated Mativ --------------- ------------- -------------------- Three Months Ended March 31, ---------------------------------------------------- Mativ 2023 Net Sales from Continuing Operations $ 220.6 $ 328.4 $ 549.0 Divestiture/closure adjustments -- -- -- ------ --- ----- --- --------- ---- Mativ 2023 comparable Net Sales from Continuing Operations $ 220.6 $ 328.4 $ 549.0 Mativ 2024 Net Sales $ 202.7 $ 297.5 $ 500.2 Divestiture/closure adjustments -- -- -- ------ --- ----- --- --------- ---- Mativ 2024 comparable Net Sales from Continuing Operations $ 202.7 $ 297.5 $ 500.2 Organic growth (8.1)% (9.4)% (8.9)% Currency effects on 2024 $ 0.8 $ 1.6 $ 2.4 ------ --- ----- --- --------- ---- Mativ 2024 comparable Net Sales from Continuing Operations with Currency Adjustment $ 201.9 $ 295.9 $ 497.8 Organic constant currency growth (8.5)% (9.9)% (9.3)% MATIV HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DATA (in millions, except per share amounts) Three Months Ended March 31, ------------------------ 2024 2023 ------------ ---------- Operating loss from continuing operations $ (13.8) $ (2.2) Plus: Restructuring, restructuring related, impairment, and other expenses 13.9 0.8 Plus: Purchase accounting adjustments 15.9 15.9 Plus: Organizational realignment and integration costs 4.3 10.4 Plus: Divestiture costs 1.5 -- Plus: Financing fees 2.4 -- ------- ------ Adjusted Operating Profit from continuing operations $ 24.2 $ 24.9 ======= ====== Income (loss) from continuing operations $ (28.0) $ (15.5) Plus: Restructuring, restructuring related, impairment, and other expenses 10.5 1.0 Plus: Purchase accounting adjustments 12.2 12.2 Plus: Organizational realignment and integration costs 3.3 8.1 Plus: Divestiture costs 1.1 -- Plus: Tax legislative changes, net of other discrete items 2.0 -- ------- ------ Adjusted Income from continuing operations $ 1.1 $ 5.8 ======= ====== Earnings (loss) per share from continuing operations - diluted $ (0.52) $ (0.28) Plus: Restructuring, restructuring related, impairment, and other expenses 0.19 0.02 Plus: Purchase accounting adjustments 0.23 0.22 Plus: Organizational realignment and integration costs 0.06 0.15 Plus: Divestiture costs 0.02 -- Plus: Tax legislative changes, net of other discrete items 0.04 -- ------- ------ Adjusted Earnings Per Share from continuing operations - diluted $ 0.02 $ 0.11 ======= ====== MATIV HOLDINGS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DATA (in millions, except per share amounts) Three Months Ended March 31, -------------------------------------- 2024 2023 ------------------- ----------------- Net loss from continuing operations $ (28.0) $ (15.5) Plus: Interest expense 18.3 15.6 Plus: Financing fees 2.4 -- Plus: Provision for income taxes (2.4) (3.0) Plus: Depreciation & amortization 36.4 36.7 Plus: Stock compensation expense 1.1 1.3 Plus: Inventory step up expense -- 1.4 Plus: Restructuring, restructuring related, impairment, and other expenses 13.9 1.3 Plus: Organizational realignment and integration costs 4.3 10.4 Plus: Divestiture costs 1.5 -- Plus: Other income (expense), net (1.7) 0.7 ----------- ---------- Adjusted EBITDA from continuing operations $ 45.8 $ 48.9 =========== ========== Cash used in operating activities of continuing operations $ (13.0) $ (24.4) Less: Capital spending (12.1) (14.1) Less: Capitalized software costs -- (0.2) Less: Cloud-based software costs (0.5) -- ----------- ---------- Free Cash Flow from continuing operations $ (25.6) $ (38.7) =========== ========== March 31, December 31, 2024 2023 ------------------- ----------------- Total Debt $ 1,158.0 $ 1,104.6 Less: Cash 128.9 120.2 ----------- ---------- Net Debt from continuing operations $ 1,029.1 $ 984.4 =========== ==========