Tue, Nov 12, 9:22 PM (123 days ago)
Mativ Holdings, Inc. (NYSE: MATV) reported a slight increase in net sales to $498.5 million for Q3 2024, up from $498.2 million in Q3 2023. Gross profit rose 8.0% to $93.6 million, attributed to lower manufacturing costs despite lower volumes in advanced films. The company experienced a net loss of $20.8 million, significantly improved from a loss of $464.3 million in the prior year, primarily due to a prior goodwill impairment of $401 million. Operating profit was $7.0 million, a substantial recovery from a $419.9 million loss last year. The restructuring plan resulted in $11.2 million in expenses, mainly in the Sustainable & Adhesive Solutions segment. Cash provided by operations increased to $70.7 million, reflecting improved working capital management. Total debt rose to $1.14 billion, with a net leverage ratio of 4.1x, compliant with covenant requirements. The company continues to navigate uncertainties, including market conditions and operational adjustments following the divestiture of its Engineered Papers business. Future performance may be influenced by ongoing restructuring efforts and market dynamics.