Latest news with #Tredegar
Business News Wales
3 days ago
- Entertainment
- Business News Wales
Historic Tredegar House to Host Eisteddfod yr Urdd Casnewydd 2027
The Urdd is excited to announce that the location of Eisteddfod yr Urdd 2027 will be Tredegar House in Newport. The ancient 17th Century house was home to the Morgan family, later the Tredegar family who were one of the most powerful and influential families in the area. The mansion sits on stunning 90-acre green grounds, making it a 'perfect site' for the Eisteddfod. Llio Maddocks, the Urdd's Arts and Eisteddfod Director: 'I am so pleased to see Newport City Council and the whole of Gwent community's support to hosting the Eisteddfod in 2027. Tredegar House looks like the perfect site for us organisers. One of the most important elements of Eisteddfod yr Urdd is the fact that it's a travelling festival and therefore visit areas that have never hosted the festival before. I very much look forward to working with the Council and local community over the next two years to provide valuable experiences for children and young people of the area.' 'We are delighted that Tredegar House has been confirmed as the venue for Eisteddfod yr Urdd's first ever visit to Newport in 2027', said Councillor Emma Corten, Newport City Council's cabinet member for culture and communications. 'Hosting more major events and increasing the use of Welsh in our cultural offer are both parts of our long-term cultural strategy for the city. Eisteddfod yr Urdd, one of Wales's largest cultural events, will help us as we work to deliver on both of those goals. 'We're keen to involve as many businesses and community groups, both in the city centre and across Newport, as possible in the celebrations, so that as many people as possible experience the buzz of a major cultural event. We cannot wait for our city to play host to visitors from across Wales and beyond in two years' time.' Lizzie Smith Jones, National Trust Cymru General Manager for Tredegar House said: 'We're incredibly proud to be welcoming Eisteddfod yr Urdd to Tredegar House and parkland in 2027. It's a huge moment for Newport and our community – we're looking forward to playing our part in the celebrations of Welsh language, culture and creativity, and championing Wales' future generations.'
The Sun
23-05-2025
- Sport
- The Sun
Mark Jones dead at 59: Wales rugby star dies after heart attack in gym as touching tributes paid to ‘giant'
FORMER Wales dual-code rugby international Mark Jones has died suddenly at the age of 59. Wales Rugby League said Jones died of a heart attack while at a gym in the Middle East. 1 Neath said news of the death of their former player had left the club "heartbroken" and paid tribute to "a real force of nature". Jones began his senior rugby career in union with local side Tredegar Ironsides before joining Tredegar RFC, then on to Neath in 1985 - at the time one of the powerhouses of Welsh rugby. THIS IS A DEVELOPING STORY..
BBC News
23-05-2025
- Sport
- BBC News
Wales dual-code forward Jones dies aged 59
Former Wales dual-code rugby international Mark Jones has died at the age of the son of a collier, began his senior rugby career in union with local side Tredegar Ironsides before joining Tredegar RFC, then on to Neath in 1985 - at the time one of the powerhouses of Welsh was there that the number eight began establishing his reputation as one of the 'hard men' of the game, and during his career he was sent off six times and banned for more then 33 weeks for violent disciplinary record did not harm his international chances though, and Jones played 15 times for Wales between 1987 and 1990 before switching to rugby league with made his Wales bow in union against Scotland at Murrayfield in March 1987, aged just 21, scoring a late try on debut in a 21-15 switching codes to league in October 1990 - part of a Welsh exodus as players from the still amateur union game flocked to the professional code - Jones suffered a series of ankle injuries that initially limited his time on the pitch for undoubted rugby talent eventually shone through and saw Jones win 11 caps for Wales in the 13-man game, including two during a famous 1995 World Cup campaign where Wales reached the semi-finals. He also represented Great Britain, playing one game against France in February four years with Hull, featuring at prop and second row, Jones played for a season at Warrington before returning to union with Ebbw period with the Steelmen proved the most notorious of his career, including an infamous brawl with Swansea's Wales prop Stuart Evans that saw both men banned for four in the 1998-99 league season against Pontypridd, Jones landed a punch on a young Ian Gough that left the future Wales star needing surgery on his eye socket. Another three-week ban followed his sending-off by referee Derek his transgressions, Jones earned a Wales recall and won his 15th and final cap as a lock against Zimbabwe in June 1998, just a few days before turning played for Pontypool and Aberavon before the end of his career and after hanging up his boots, Jones went on to work as a lab technician in an international school for an oil company in the Middle time at the school saw Jones become involved in rugby coaching, and he went on to coach the Qatar national 2023, Jones reflected on his turbulent career by releasing his autobiography 'Fighting To Speak'.In the book, he candidly explained how his on-going struggle with a debilitating stammer made him "very anxious, full of self-loathing and hate", and how rugby gave him the chance to ferociously release that rage on the field.
Yahoo
09-04-2025
- Business
- Yahoo
Institutional shareholders may be less affected by Tredegar Corporation's (NYSE:TG) pullback last week after a year of 3.1% returns
Given the large stake in the stock by institutions, Tredegar's stock price might be vulnerable to their trading decisions A total of 6 investors have a majority stake in the company with 52% ownership Using data from company's past performance alongside ownership research, one can better assess the future performance of a company We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. To get a sense of who is truly in control of Tredegar Corporation (NYSE:TG), it is important to understand the ownership structure of the business. And the group that holds the biggest piece of the pie are institutions with 67% ownership. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). No shareholder likes losing money on their investments, especially institutional investors who saw their holdings drop 14% in value last week. Still, the 3.1% one-year gains may have helped mitigate their overall losses. They should, however, be mindful of further losses in the future. Let's delve deeper into each type of owner of Tredegar, beginning with the chart below. Check out our latest analysis for Tredegar Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. As you can see, institutional investors have a fair amount of stake in Tredegar. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Tredegar's historic earnings and revenue below, but keep in mind there's always more to the story. Institutional investors own over 50% of the company, so together than can probably strongly influence board decisions. Hedge funds don't have many shares in Tredegar. Looking at our data, we can see that the largest shareholder is GAMCO Investors, Inc. with 20% of shares outstanding. For context, the second largest shareholder holds about 8.5% of the shares outstanding, followed by an ownership of 7.9% by the third-largest shareholder. Furthermore, CEO John Steitz is the owner of 0.9% of the company's shares. We did some more digging and found that 6 of the top shareholders account for roughly 52% of the register, implying that along with larger shareholders, there are a few smaller shareholders, thereby balancing out each others interests somewhat. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Shareholders would probably be interested to learn that insiders own shares in Tredegar Corporation. It has a market capitalization of just US$231m, and insiders have US$7.6m worth of shares, in their own names. It is good to see some investment by insiders, but it might be worth checking if those insiders have been buying. The general public, who are usually individual investors, hold a 23% stake in Tredegar. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run. Our data indicates that Private Companies hold 7.1%, of the company's shares. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research. It's always worth thinking about the different groups who own shares in a company. But to understand Tredegar better, we need to consider many other factors. Be aware that Tredegar is showing 2 warning signs in our investment analysis , and 1 of those is potentially serious... Of course this may not be the best stock to buy. Therefore, you may wish to see our free collection of interesting prospects boasting favorable financials. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Associated Press
12-03-2025
- Business
- Associated Press
Tredegar Reports Fourth Quarter and Full Year 2024 Results
Tredegar Corporation (NYSE:TG, also the 'Company' or 'Tredegar') today reported fourth quarter and full year financial results for the period ended December 31, 2024. Fourth quarter 2024 net income (loss) from continuing operations was $(7.3) million ($(0.21) per diluted share) compared to $(34.1) million ($(1.00) per diluted share) in the fourth quarter of 2023. Net income (loss) from ongoing operations, which excludes special items, was $2.0 million ($0.06 per diluted share) in the fourth quarter of 2024 compared to $1.1 million ($0.03 per diluted share) in the fourth quarter of 2023. Full year 2024 net income (loss) from continuing operations was $1.0 million ($0.03 per diluted share) compared to $(99.2) million ($(2.91) per diluted share) in 2023. Net income (loss) from ongoing operations was $17.2 million ($0.50 per diluted share) in 2024 compared to $(2.0) million ($(0.07) per diluted share) in 2023. A reconciliation of net income (loss) from continuing operations, a financial measure calculated in accordance with U.S. generally accepted accounting principles ('GAAP'), to net income (loss) from ongoing operations, a non-GAAP financial measure, for the three months and year ended December 31, 2024 and 2023, is provided in Note (a) to the Financial Tables in this press release. Fourth Quarter Financial Results Highlights Earnings before interest, taxes, depreciation and amortization ('EBITDA') from ongoing operations for Aluminum Extrusions was $9.7 million in the fourth quarter of 2024 versus $8.0 million in the fourth quarter of 2023 and versus $6.2 million in the third quarter of 2024. Sales volume was 35.8 million pounds in the fourth quarter of 2024 versus 32.9 million pounds in the fourth quarter of 2023. Net new orders, which remain low compared to pre-2020 historical levels, increased 23% in the fourth quarter of 2024 versus the fourth quarter of 2023 and 2% versus the third quarter of 2024. Open orders at the end of the fourth quarter of 2024 were approximately 17 million pounds versus 14 million pounds at the end of the fourth quarter of 2023 and versus 16 million pounds at the end of the third quarter of 2024. EBITDA from ongoing operations for PE Films was $7.6 million in the fourth quarter of 2024 versus $4.5 million in the fourth quarter of 2023 and versus $5.9 million in the third quarter of 2024. Sales volume was 9.1 million pounds in the fourth quarter of 2024 versus 8.5 million pounds in the fourth quarter of 2023. John Steitz, Tredegar's president and chief executive officer, said, 'Both businesses finished 2024 with solid performances in the typically seasonally low fourth quarter. Net new orders have continued to grow at Bonnell Aluminum so far in 2025. PE Films results are encouraging as well.' Mr. Steitz continued, 'Our balance sheet was strong at the end of 2024 with a net leverage ratio of 1.1x, which was a dramatic improvement from 3.7x at the end of 2023, due to the cyclical recovery underway in our businesses and the completion of the sale of Terphane on November 1, 2024. We received additional post-closing settlement proceeds of $9.8 million in the first quarter of 2025.' Mr. Steitz concluded, 'We support actions to increase the Section 232 tariffs on aluminum, to close loopholes that allowed foreign companies to evade the tariffs and to apply the tariffs to downstream products like the extrusions that we produce. We believe that these improved tariffs will go a long way towards leveling the playing field for U.S. aluminum extruders, strengthening American manufacturing in critical industries like aluminum, and supporting America's manufacturing workers.' OPERATIONS REVIEW Aluminum Extrusions Aluminum Extrusions (or Bonnell Aluminum) produces high-quality, soft-alloy and medium-strength custom fabricated and finished aluminum extrusions primarily for the following markets: building and construction ('B&C'), automotive, and specialty (which consists of consumer durables, machinery and equipment, electrical and renewable energy, and distribution end-use products). A summary of results for Aluminum Extrusions is provided below: Three Months Ended Favorable/ Year Ended Favorable/ (In thousands, except percentages) December 31, (Unfavorable) December 31, (Unfavorable) 2024 2023 % Change 2024 2023 % Change Sales volume (lbs) 35,849 32,940 8.8 % 139,152 138,451 0.5 % Net sales $ 122,462 $ 110,196 11.1 % $ 471,815 $ 474,803 (0.6 )% Variable costs 91,423 84,075 (8.7 )% 354,397 365,320 3.0 % Last-in first-out inventory adjustment 1,234 (944 ) NM* 1,234 (944 ) NM* Manufacturing fixed costs 1 10,364 10,146 (2.1 )% 40,123 41,028 2.2 % Selling, general and administrative costs 1 9,319 8,061 (15.6 )% 33,638 29,725 (13.2 )% Other 2 389 850 54.2 % 1,066 1,698 37.2 % EBITDA from ongoing operations $ 9,733 $ 8,008 21.5 % $ 41,357 $ 37,976 8.9 % Depreciation & amortization (4,330 ) (4,675 ) 7.4 % (17,722 ) (17,927 ) 1.1 % EBIT from ongoing operations 3 $ 5,403 $ 3,333 62.1 % $ 23,635 $ 20,049 17.9 % Capital expenditures $ 5,635 $ 2,477 $ 10,097 $ 20,339 1. Excludes related depreciation and amortization 2. Includes segment allocated employee compensation benefit expenses 3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release. *Not meaningful ('NM') The following table presents the sales volume by end use market for the three months and years ended December 31, 2024 and 2023, and the three months ended September 30, 2024. Three Months Ended Favorable/ Three Months Ended Favorable/ Year Ended Favorable/ (In millions of lbs) December 31, (Unfavorable) September 30, (Unfavorable) December 31, (Unfavorable) 2024 2023 % Change 2024 % Change 2024 2023 % Change Sales volume by end-use market: Non-residential B&C 18.2 18.4 (1.1 )% 18.7 (2.7 )% 77.3 78.6 (1.7 )% Residential B&C 2.4 2.0 20.0 % 2.4 — % 8.6 8.1 6.2 % Automotive 2.6 3.3 (21.2 )% 3.2 (18.8 )% 12.0 13.8 (13.0 )% Specialty products 12.6 9.2 37.0 % 10.3 22.3 % 41.3 38.0 8.7 % Total 35.8 32.9 8.8 % 34.6 3.5 % 139.2 138.5 0.5 % Net sales (sales less freight) in the fourth quarter of 2024 increased 11.1% versus the fourth quarter of 2023 primarily due to higher sales volume and the pass-through of higher metal costs, partially offset by a lower average conversion price add-on to metal costs associated with a shift in sales mix. Sales volume in the fourth quarter of 2024 increased 8.8% versus the fourth quarter of 2023 and 3.5% versus the third quarter of 2024. Net new orders increased 23% in the fourth quarter of 2024 versus the fourth quarter of 2023 and 2% versus the third quarter of 2024, largely due to improving sales opportunities. While net new orders continue to be below pre-pandemic levels, the fourth quarter of 2024 marked the ninth consecutive quarterly increase for this metric, supporting the Company's belief that a steady recovery is underway. Open orders at the end of the fourth quarter of 2024 were 17 million pounds, which is up from 16 million pounds at the end of the third quarter of 2024 and 14 million pounds at the end of the fourth quarter of 2023. This level is below the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in long lead times, driving a peak in open orders of approximately 100 million pounds during the first quarter of 2022. The Company participated as a member of the U.S. Aluminum Extruders Coalition which filed a trade case with the Department of Commerce ('USDOC') and the U.S. International Trade Commission ('USITC') against 15 countries in response to alleged large and increasing volumes of unfairly priced imports of aluminum extrusions since 2019. In November 2023, the USITC found that there is a reasonable indication that the American aluminum extrusions industry is materially injured or threatened with injury due to imports from 14 countries, including China. In September 2024, the USDOC announced its final determinations that aluminum extrusion producers and exporters in 14 countries, including China, sold aluminum extrusions at less-than-fair value in the U.S. In October 2024, the USITC found that U.S. producers had not been materially injured by reason of the subject imports, despite the USDOC findings of less-than-fair value pricing by those imports. The coalition has appealed the decision. The USITC negative determination in October did not impact the existing duties on aluminum extrusions from China, which were extended by the USITC in October 2022, for a period of five years. On February 10, 2025, the Section 232 tariffs on all aluminum imports were increased from 10% to 25%, effective March 12, 2025, and certain country-specific and product-specific exclusions from the tariffs were revoked. This action also expands the scope of the tariffs to include downstream products, including certain finished aluminum goods. These measures, which are in addition to existing antidumping and countervailing duties, are intended to prevent the circumvention of duties through the importation of downstream products. The actual timing and level of the tariffs remains a fluid situation. EBITDA from ongoing operations in the fourth quarter of 2024 increased $1.7 million versus the fourth quarter of 2023, primarily due to: A $4.9 million increase in contribution margin (net sales less variable costs) associated with: Higher volume ($2.4 million), increased labor productivity ($1.1 million), and favorable variable manufacturing costs ($1.1 million), partially offset by higher labor and employee-related costs ($0.7 million), and lower spread (the difference between selling prices and metal costs) associated with a shift in sales mix ($1.6 million); and The timing of the flow-through under the first-in first-out ('FIFO') method of aluminum raw materials costs, which were previously acquired in a quickly changing commodity pricing environment, causing a temporary mismatch in the change in the cost of raw materials included in variable costs and the pass through to customers included in sales, resulted in a benefit of $2.5 million in the fourth quarter of 2024 versus a charge of $0.2 million in the fourth quarter of 2023. Inventories accounted for under the last-in first-out ('LIFO') method resulted in a charge of $1.2 million in the fourth quarter of 2024 versus a benefit of $0.9 million in the fourth quarter of 2023; and Higher selling, general and administrative ('SG&A') expenses of $1.3 million primarily associated with employee-related incentive compensation ($0.9 million) and headquarters rent expenses ($0.1 million). Full Year 2024 Results vs. Full Year 2023 Results Net sales in 2024 were relatively flat versus 2023 primarily due to flat sales volume and the pass-through of higher metal costs, partially offset by a lower average conversion price add-on to metal costs associated with a shift in sales mix. EBITDA from ongoing operations increased $3.4 million in 2024 versus 2023, primarily due to: A $7.9 million increase in contribution margin associated with: Favorable variable manufacturing costs ($4.8 million), higher labor productivity ($2.5 million) and higher volume ($0.5 million), partially offset by higher labor and employee-related costs ($2.2 million) and lower spread associated with a shift in sales mix ($1.4 million); and The timing of the flow-through under the FIFO method of aluminum raw material costs, which were previously acquired in a quickly changing commodity pricing environment, causing a temporary mismatch in the change in the cost of raw materials included in variable costs and the pass through to customers included in sales, resulted in a benefit of $1.4 million in 2024 versus a charge of $1.0 million in 2023. Inventories accounted for under the LIFO method resulted in a charge of $1.2 million in 2024 versus a benefit of $0.9 million in 2023; Lower manufacturing fixed costs of $0.9 million primarily due to lower employee-related compensation and reduced outside services ($1.2 million); and Higher SG&A expenses of $3.9 million primarily due to employee-related incentive compensation ($2.7 million) and headquarters rent expenses ($0.6 million). Aluminum Extrusions believes that it has adequate supply agreements for aluminum and other product cost components in 2025. See discussion of Quantitative and Qualitative Disclosures about Market Risk in Item 7a of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 ('Form 10-K') for additional information on aluminum price trends. Goodwill Impairment at Bonnell During the fourth quarter of 2024, the Company recognized a special item for the non-cash write-off of goodwill of $13.3 million ($10.4 million after deferred income tax benefits) associated with the Clearfield, Utah operation ('Clearfield') acquired in February 2017 (formerly Futura). Clearfield exceeded expectations in performance, including exceptional customer service, from the date of acquisition until before pandemic-related disruptions that resulted in long lead times during periods of 2021 and 2022. Long lead times resulted in customers seeking supply from other sources to meet their demand, including imports. Some business lost at Clearfield during this time has been regained during the recovery underway, but not at the level that the Company previously anticipated would eventually replicate the EBITDA and net cash flow generation that existed prior to the pandemic-related disruptions. As a consequence, using projections that assume the continuation of lower sales and profitability, the estimated fair value of Clearfield during the fourth quarter of 2024 fell below its carrying value by more than the amount of goodwill causing the write-off. For more information, see Note 1 ' Nature of Operations and Summary of Significant Accounting Policies ' to the Consolidated Financial Statements included in Item 15. Exhibits and Financial Statements Schedules ('Item 15') of the Form 10-K. Projected Capital Expenditures and Depreciation & Amortization Capital expenditures for Bonnell Aluminum are projected to be $17 million in 2025, including $5 million for productivity projects and $12 million for capital expenditures required to support continuity of operations. Depreciation expense is projected to be $16 million in 2025. Amortization expense is projected to be $2 million in 2025. PE Films produces surface protection films, polyethylene overwrap films and films for other markets. A summary of results for PE Films is provided below: Three Months Ended Favorable/ Year Ended Favorable/ (In thousands, except percentages) December 31, (Unfavorable) December 31, (Unfavorable) 2024 2023 % Change 2024 2023 % Change Sales volume (lbs) 9,101 8,518 6.8 % 39,324 29,355 34.0 % Net sales $ 26,388 $ 20,728 27.3 % $ 105,199 $ 76,763 37.0 % Variable costs 12,767 11,213 (13.9 )% 50,289 40,824 (23.2 )% LIFO inventory adjustment (174 ) (1,333 ) (86.9 )% (174 ) (1,333 ) (86.9 )% Manufacturing fixed costs 1 3,416 3,626 5.8 % 13,248 13,793 4.0 % Selling, general and administrative costs 1 2,765 2,606 (6.1 )% 11,245 12,106 7.1 % Other 2 41 100 59.0 % 105 156 32.7 % EBITDA from ongoing operations $ 7,573 $ 4,516 67.7 % $ 30,486 $ 11,217 171.8 % Depreciation & amortization (1,256 ) (1,216 ) (3.3 )% (5,200 ) (6,522 ) 20.3 % EBIT from ongoing operations 3 $ 6,317 $ 3,300 91.4 % $ 25,286 $ 4,695 NM* Capital expenditures $ 634 $ 266 $ 1,761 $ 1,772 1. Excludes related depreciation and amortization 2. Includes segment allocated employee compensation benefit expenses 3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release. *Not meaningful ('NM') Fourth Quarter 2024 Results vs. Fourth Quarter 2023 Results Net sales in the fourth quarter of 2024 increased 27.3% versus the fourth quarter of 2023, due to higher net sales in surface protection films. Surface Protection sales volume increased 43% in the fourth quarter of 2024 versus the fourth quarter of 2023. Although fourth quarter volume in Surface Protection is typically low due to seasonality, sales volume in the fourth quarter of 2024 increased 13% versus the third quarter of 2024. Surface Protection sales volume began to moderate as expected in the third quarter of 2024, following extremely high sales volume in the first half of 2024 associated with restocking of Surface Protection customer inventories. Overwrap sales volume in the fourth quarter of 2024 decreased 23% versus a strong volume performance in the fourth quarter of 2023. EBITDA from ongoing operations in the fourth quarter of 2024 increased $3.1 million versus the fourth quarter of 2023, primarily due to: Higher contribution margin of $4.1 million resulting from: A $4.0 million increase from Surface Protection associated with increased volume and favorable sales mix ($3.7 million) and operating efficiencies and cost improvements ($0.3 million); A $0.3 million decrease from overwrap films primarily due to lower volume and unfavorable sales mix ($0.2 million) and unfavorable pricing ($0.1 million); and The pass-through lag associated with resin costs (no impact in the fourth quarter of 2024 versus a charge of $0.3 million in the fourth quarter of 2023). Inventories accounted for under the LIFO method that resulted in a benefit of $0.2 million in the fourth quarter of 2024 versus a benefit of $1.3 million in the fourth quarter of 2023. There have been significant cyclical swings in the sales volume and EBITDA from ongoing operations for PE Films in the last three years, largely due to the unprecedented downturn in the display industry during the second half of 2022 and first half of 2023. EBITDA from ongoing operations for the past three years (2024, 2023 and 2022) has averaged approximately $4.5 million per quarter. Full Year 2024 Results vs. Full Year 2023 Results Net sales in 2024 increased 37.0% versus 2023 due to higher net sales in Surface Protection. Sales volume in 2024 for surface protection films increased 57% versus 2023, with extremely high sales volumes in the first half of 2024 associated with the restocking of Surface Protection customers' inventories. Overwrap films volume increased 14% versus 2023, primarily due to volume increases associated with lower margin business. EBITDA from ongoing operations in 2024 increased $19.3 million versus 2023 primarily due to: Higher contribution margin of $19.0 million resulting from: A $19.4 million increase from Surface Protection associated with substantially higher volume and favorable pricing ($13.4 million), and operating efficiencies and variable cost savings ($6.0 million); Relatively flat contribution margin from overwrap films, associated with a shift in sales mix and unfavorable pricing ($1.0 million), offset by operating efficiencies and variable cost savings ($1.0 million); and The pass-through lag associated with resin costs ($1.0 million charge in 2024 versus a charge of $0.5 million in 2023). Inventories accounted for under the LIFO method that resulted in a benefit of $0.2 million in 2024 versus a benefit of $1.3 million in 2023. Lower SG&A of $0.9 million primarily due to decreased research and development costs ($1.6 million), partially offset by increased employee-related incentive compensation ($1.2 million). Refer to Item 7a. Quantitative and Qualitative Disclosures About Market Risk in the Form 10-K for additional information on resin price trends. Projected Capital Expenditures and Depreciation & Amortization Capital expenditures for PE Films are projected to be $3 million in 2025, including $2 million for productivity projects and $1 million for capital expenditures required to support continuity of current operations. Depreciation expense is projected to be $5 million in 2025. There is no amortization expense for PE Films. Corporate Expenses, Interest, Taxes and Other Corporate expenses, net in 2024 decreased by $9.2 million compared to 2023, primarily due to lower pension expense as a result of the pension plan termination completed in 2023 ($10.7 million), a non-recurring charge in 2023 associated with the pension plan transition ($2.3 million) and lower software maintenance fees ($0.6 million), partially offset by higher employee-related incentive compensation ($4.7 million). Interest expense was $4.7 million in 2024 in comparison to $6.3 million in 2023, primarily due to lower weighted average total debt outstanding, partially offset by higher interest rates. The effective tax rate used to compute income taxes (benefit) from continuing operations in 2024 was (18.8)% compared to 34.1% in 2023. The change in effective tax rate was primarily due to pre-tax income in 2024 versus a pre-tax loss in 2023. The tax rate in 2023 was also significantly impacted by the release of stranded taxes upon termination of the pension plan. As of December 31, 2024, the Company had U.S. foreign tax and research and development credit carryforwards totaling $24.3 million that can be utilized against income taxes that would otherwise be payable on future taxable income (including capital gains). There are no valuation allowances associated with these credit carryforwards. See Note (e) to Financial Tables in this Press Release for information related to the effective tax rate from ongoing operations. For an explanation of differences between the effective tax rate and the U.S. federal statutory rate for 2024 and 2023, see Note 11. Income Taxes to the Consolidated Financial Statements included in Item 15 of the Form 10-K. On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as 'Terphane') headquartered in Brazil to Oben Group. Commencing in the fourth quarter of 2024, all historical results for Terphane have been presented as discontinued operations. On February 28, 2025, the Company received $9.8 million from post-closing settlement of the transaction, which was $2.8 million higher than expected mainly due to higher cash held at Terphane in Brazil than estimated at closing. For more information on this transaction, see Note 16. Divestitures to the Consolidated Financial Statements included in Item 15 of the Form 10-K. Debt, Financial Leverage, Debt Covenants and Debt Refinancing Total debt was $61.9 million at December 31, 2024 and $126.3 million at December 31, 2023. Cash, cash equivalents and restricted cash were $7.1 million at December 31, 2024 and $13.1 million at December 31, 2023. Net debt (total debt in excess of cash, cash equivalents and restricted cash), a non-GAAP financial measure, was $54.8 million at December 31, 2024 and $113.2 million at December 31, 2023. See Note (f) to the Financial Tables in this Press Release for a reconciliation of net debt to the most directly comparable GAAP financial measure. The Company has been focused on managing net working capital, capital expenditures and costs since a slowdown in business began in 2023. Total debt decreased $64.4 million and net debt decreased $58.4 million at the end of 2024 versus the end of 2023 due to the use of the proceeds from the sale of Terphane to pay down debt during the fourth quarter of 2024. As of December 31, 2024, the Company was in compliance with all covenants under its $125 million asset-based credit agreement, which matures June 30, 2026 (the 'ABL Facility'). Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, owned real properties and owned machinery and equipment. As of December 31, 2024, funds available to borrow under the ABL Facility were approximately $44 million. The median daily liquidity under the ABL Facility during the fourth quarter of 2024 was favorable at $42 million compared with a median of $30 million during the third quarter of 2024. Refer to Note 7. Debt and Credit Agreements to the Consolidated Financial Statements included in Item 15 of the Form 10-K for additional details on the primary debt covenants. FORWARD-LOOKING AND CAUTIONARY STATEMENTS Some of the information contained in this press release may constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. When the Company uses the words 'believe,' 'estimate,' 'anticipate,' 'appear to,' 'expect,' 'project,' 'plan,' 'likely,' 'may' and similar expressions, it does so to identify forward-looking statements. Such statements are based on the Company's then current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from expectations include, without limitation, the following: the impact of macroeconomic factors, such as inflation, interest rates and recession risks; an increase in the operating costs incurred by the Company's business units, including, for example, the cost of raw materials and energy; noncompliance with any of the financial and other restrictive covenants in the ABL Facility; failure to continue to attract, develop and retain certain key officers or employees; disruptions to the Company's manufacturing facilities, including those resulting from labor shortages; an information technology system failure or breach; risks of doing business in countries outside the U.S. that affect our international operations; the impact of public health epidemics on employees, production and the global economy, such as the COVID-19 pandemic; political, economic and regulatory factors concerning the Company's products; inability to develop, efficiently manufacture and deliver new products at competitive prices; the impact of the imposition of tariffs and sanctions on imported aluminum ingot used by Bonnell Aluminum; failure by governmental entities to prevent foreign companies from evading antidumping and countervailing duties; unanticipated problems or delays with the implementation of the enterprise resource planning and manufacturing executions systems, or security breaches and other disruptions to the Company's information technology infrastructure; loss of sales to significant customers on which the Company's business is highly dependent; inability to achieve sales to new customers to replace lost business; failure of the Company's customers to achieve success or maintain market share; failure to protect our intellectual property rights; inability to successfully complete strategic acquisitions or dispositions, failure to realize the expected benefits of such acquisitions or dispositions, and assumption of unanticipated risks in such acquisitions or dispositions; and the other factors discussed in the reports Tredegar files with or furnishes to the Securities and Exchange Commission (the 'SEC') from time to time, including the risks and important factors set forth in additional detail in Part I, Item 1A. Risk Factors of the Form 10-K. Readers are urged to review and consider carefully the disclosures Tredegar makes in its filings with the SEC. Tredegar does not undertake, and expressly disclaims any duty, to update any forward-looking statement made in this press release to reflect any change in management's expectations or any change in conditions, assumptions or circumstances on which such statements are based, except as required by applicable law. To the extent that the financial information portion of this press release contains non-GAAP financial measures, it also presents both the most directly comparable financial measures calculated and presented in accordance with GAAP and a quantitative reconciliation of the difference between any such non-GAAP measures and such comparable GAAP financial measures. Reconciliations of non-GAAP financial measures are provided in the Notes to the Financial Tables included with this press release and can also be found within 'Presentations' in the 'Investors' section of our website, Tredegar uses its website as a channel of distribution of material company information. Financial information and other material information regarding Tredegar is posted on and assembled in the 'Investors' section of its website. Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets and surface protection films for high-technology applications in the global electronics industry. Tredegar had 2024 sales of $598 million. With approximately 1,500 employees, the Company operates manufacturing facilities in North America and Asia. Tredegar Corporation Net Sales and EBITDA from Ongoing Operations by Segment (In Thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net Sales Aluminum Extrusions $ 122,462 $ 110,196 $ 471,815 $ 474,803 PE Films 26,388 20,728 105,199 76,763 Total net sales 148,850 130,924 577,014 551,566 Add back freight 5,199 5,243 21,011 21,757 Sales as shown in the condensed consolidated statements of income $ 154,049 $ 136,167 $ 598,025 $ 573,323 EBITDA from Ongoing Operations (j) Aluminum Extrusions: Ongoing operations: EBITDA (b) $ 9,733 $ 8,008 $ 41,357 $ 37,976 Depreciation & amortization (4,330 ) (4,675 ) (17,722 ) (17,927 ) EBIT (b) 5,403 3,333 23,635 20,049 Plant shutdowns, asset impairments, restructurings and other (c) (360 ) (1,736 ) (5,346 ) (3,557 ) Goodwill impairment (13,271 ) — (13,271 ) — PE Films: Ongoing operations: EBITDA (b) $ 7,573 $ 4,516 $ 30,486 $ 11,217 Depreciation & amortization (1,256 ) (1,216 ) (5,200 ) (6,522 ) EBIT (b) 6,317 3,300 25,286 4,695 Plant shutdowns, asset impairments, restructurings and other (c) 165 (408 ) (420 ) (4,972 ) Goodwill impairment (g) — — — (34,891 ) Total (1,746 ) 4,489 29,884 (18,676 ) Interest income 5 403 36 514 Interest expense 1,149 2,193 4,664 6,316 Gain on investment in kaleo, Inc. (d) — — 144 262 Stock option-based compensation costs — — — 231 Pension settlement loss — 66,679 — 92,291 Corporate expenses, net (c) 7,789 8,148 24,520 33,727 Income (loss) from continuing operations before income taxes (10,679 ) (72,128 ) 880 (150,465 ) Income tax expense (benefit) (3,340 ) (38,071 ) (165 ) (51,300 ) Net income (loss) from continuing operations (7,339 ) (34,057 ) 1,045 (99,165 ) Income (loss) from discontinued operations, net of tax (65,359 ) (1,534 ) (65,610 ) (6,740 ) Net income (loss) $ (72,698 ) $ (35,591 ) $ (64,565 ) $ (105,905 ) Tredegar Corporation Condensed Consolidated Balance Sheets (In Thousands) (Unaudited) December 31, 2024 December 31, 2023 Assets Cash & cash equivalents $ 7,062 $ 9,660 Restricted cash — 3,391 Accounts & other receivables, net 64,817 55,615 Income taxes recoverable — 1,182 Inventories 51,381 49,654 Prepaid expenses & other 16,567 8,817 Current assets of discontinued operations — 48,358 Total current assets 139,827 176,677 Property, plant & equipment, net 137,032 151,157 Right-of-use leased assets 14,635 11,100 Identifiable intangible assets, net 7,326 9,105 Goodwill 22,446 35,717 Deferred income taxes 32,517 23,155 Other assets 2,448 3,442 Non-current assets of discontinued operations 126 36,108 Total assets $ 356,357 $ 446,461 Liabilities and Shareholders' Equity Accounts payable $ 64,704 $ 69,328 Accrued expenses 22,168 18,606 Lease liability, short-term 2,453 1,903 Short-term debt 1,322 — ABL revolving facility (i) — 126,322 Income taxes payable 320 183 Current liabilities of discontinued operations 741 32,762 Total current liabilities 91,708 249,104 Lease liability, long-term 12,993 10,396 ABL revolving facility (i) 60,600 — Pension and other postretirement benefit obligations, net 5,914 6,643 Deferred income taxes 69 — Other non-current liabilities 4,105 3,862 Non-current assets of discontinued operations — 20,803 Shareholders' equity 180,968 155,653 Total liabilities and shareholders' equity $ 356,357 $ 446,461 Tredegar Corporation Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net income (loss) $ (64,565 ) $ (105,905 ) Adjustments for noncash items: Depreciation 23,681 25,786 Amortization of intangibles 1,856 1,897 Reduction of right-of-use assets 2,259 2,220 Goodwill impairment 13,271 34,891 Deferred income taxes (8,202 ) (56,098 ) Accrued pension and postretirement benefits 217 10,844 Pension settlement loss — 92,291 Stock-based compensation expense 2,498 1,978 Loss on sale of divested business 74,877 — Gain on investment in kaléo (144 ) (262 ) Impairment of Richmond, Virginia Technical Center assets — 3,454 Changes in assets and liabilities: Accounts and other receivables (14,785 ) 17,400 Inventories (6,911 ) 47,607 Income taxes recoverable/payable 137 (406 ) Prepaid expenses and other (7,174 ) 1,204 Accounts payable and accrued expenses 10,009 (25,165 ) Lease liability (2,749 ) (2,299 ) Pension and postretirement benefit plan contributions (587 ) (28,269 ) Other, net 1,820 2,827 Net cash provided by (used in) operating activities 25,508 23,995 Cash flows from investing activities: Capital expenditures (14,347 ) (26,446 ) Proceeds on sale of investment in kaléo 144 262 Net proceeds on sale of divested business (net of $20 million debt principal assumed by buyer) 54,631 — Proceeds from the sale of assets 83 — Net cash provided by (used in) investing activities 40,511 (26,184 ) Cash flows from financing activities: Borrowings 615,201 116,134 Debt principal payments (679,590 ) (107,713 ) Dividends paid — (8,884 ) Debt financing fees (587 ) (4,021 ) Net cash provided by (used in) financing activities (64,976 ) (4,484 ) Effect of exchange rate changes on cash (7,436 ) 896 Increase (decrease) in cash, cash equivalents and restricted cash (6,393 ) (5,777 ) Cash, cash equivalents and restricted cash at beginning of period 13,455 19,232 Cash, cash equivalents and restricted cash at end of period $ 7,062 $ 13,455 Notes to the Financial Tables (Unaudited) (a) Tredegar's presentation of net income (loss) and diluted earnings (loss) per share from ongoing operations are non-GAAP financial measures that exclude the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan prior to termination and other items (which includes gains and losses for an investment accounted for under the fair value method) which have been presented separately and removed from net income (loss) from continuing operations and diluted earnings (loss) per share as reported under GAAP. Net income (loss) and diluted earnings (loss) per share from ongoing operations are key financial and analytical measures used by management to gauge the operating performance of Tredegar's ongoing operations. They are not intended to represent the stand-alone results for Tredegar's ongoing operations under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or earnings (loss) per share as defined by GAAP. They exclude items that management believes do not relate to Tredegar's ongoing operations. A reconciliation to net income (loss) and diluted earnings (loss) per share from ongoing operations for the three months and the years ended December 31, 2024 and 2023 is shown below: Three Months Ended December 31, Year Ended December 31, (In millions, except per share data) 2024 2023 2024 2023 Net income (loss) from continuing operations as reported under GAAP 1 $ (7.3 ) $ (34.1 ) $ 1.0 $ (99.2 ) After-tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings (0.1 ) 0.3 0.4 4.0 (Gains) losses from sale of assets and other: Gain associated with the investment in kaléo — — (0.1 ) (0.2 ) Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane (2.5 ) — (0.7 ) — Tax expense (benefit) from adjustments to deferred income tax liabilities under new U.S. tax regulations related to foreign tax credits — (0.2 ) — 1.3 Group annuity contract premium expense 2 — 1.6 (0.2 ) 1.6 Other 1.5 1.8 6.4 4.1 Net periodic benefit cost for the frozen defined benefit pension plan prior to termination 2 — 0.7 — 8.4 Pension settlement loss 2 — 31.0 — 51.0 Goodwill impairment 3,4 10.4 — 10.4 27.0 Net income (loss) from ongoing operations 1 $ 2.0 $ 1.1 $ 17.2 $ (2.0 ) Earnings (loss) from continuing operations per share as reported under GAAP (diluted) $ (0.21 ) $ (1.00 ) $ 0.03 $ (2.91 ) After-tax effects per diluted share of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings — 0.01 0.01 0.12 (Gains) losses from sale of assets and other: Gain associated with the investment in kaléo — — — (0.01 ) Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane (0.07 ) — (0.02 ) — Tax expense (benefit) from adjustments to deferred income tax liabilities under new U.S. tax regulations related to foreign tax credits — (0.01 ) — 0.04 Group annuity contract premium expense 2 — 0.05 — 0.05 Other 0.04 0.06 0.18 0.12 Net periodic benefit cost for the frozen defined benefit pension plan prior to termination 2 — 0.02 — 0.25 Pension settlement loss 2 — 0.90 — 1.48 Goodwill impairment 3,4 0.30 — 0.30 0.79 Earnings (loss) per share from ongoing operations (diluted) $ 0.06 $ 0.03 $ 0.50 $ (0.07 ) 1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) are shown in Note (e). 2. For more information, see Note (h). 3. For more information, see the 'Goodwill Impairment at Bonnell' section above. 4. For more information, see Note (g). (b) EBITDA (earnings before interest, taxes, depreciation and amortization) from ongoing operations is the key segment profitability metric used by the Company's chief operating decision maker ('CODM') to assess segment financial performance. The Company uses sales less freight ('net sales') as its measure of revenues from external customers at the segment level. For more business segment information, see Note 12. Business Segments to the Consolidated Financial Statements included in Item 15 of the Form 10-K. EBIT (earnings before interest and taxes) from ongoing operations is a non-GAAP financial measure included in the accompanying tables and the reconciliation of segment financial information to consolidated results for the Company in the net sales and EBITDA from ongoing operations by segment statements. It is not intended to represent the stand-alone results for Tredegar's ongoing operations under GAAP and should not be considered as an alternative to net income (loss) as defined by GAAP. The Company believes that EBIT is a widely understood and utilized metric that is meaningful to certain investors and that including this financial metric in the reconciliation of management's performance metric, EBITDA from ongoing operations, provides useful information to those investors that primarily utilize EBIT to analyze the Company's core operations. (c) Gains and losses associated with plant shutdowns, asset impairments, restructurings and other items for the three months and the years ended December 31, 2024 and 2023 detailed below are shown in the statements of net sales and EBITDA from ongoing operations by segment and are included in 'Asset impairments and costs associated with exit and disposal activities, net of adjustments' in the condensed consolidated statements of income, unless otherwise noted. Three Months Ended December 31, 2024 Year Ended December 31, 2024 (In millions) Pre-Tax Net of Tax Pre-Tax Net of Tax Aluminum Extrusions: (Gains) losses associated with plant shutdowns, asset impairments and restructurings: Production equipment asset impairment $ 0.2 $ 0.1 $ 0.2 $ 0.1 (Gains) losses from sale of assets, investment writedowns and other items: Consulting expenses for ERP/MES project 1 0.5 0.3 2.6 1.9 Storm damage to the Newnan, Georgia plant 1 (0.7 ) (0.5 ) (0.4 ) (0.3 ) Legal fees associated with the Aluminum Extruders Trade Case and other matters 1 0.3 0.2 1.2 0.9 Resolution of customer quality complaint 4 (0.1 ) — 0.7 0.6 Goodwill impairment 7 13.3 10.4 13.3 10.4 Total for Aluminum Extrusions $ 13.5 $ 10.5 $ 17.6 $ 13.6 PE Films: (Gains) losses associated with plant shutdowns, asset impairments and restructurings: Richmond, Virginia Technical Center closure expenses, including severance 5 $ (0.1 ) $ (0.1 ) $ 0.2 $ 0.1 Richmond, Virginia Technical Center lease modification 5 (0.1 ) (0.1 ) 0.2 0.2 Total for PE Films $ (0.2 ) $ (0.2 ) $ 0.4 $ 0.3 Corporate: (Gain) losses from sale of assets, investment writedowns and other items: Professional fees associated with business development activities 1 $ 0.3 $ 0.3 $ 0.6 $ 0.7 Professional fees associated with remediation activities related to internal control over financial reporting 1 0.2 0.1 1.8 1.3 Professional fees associated with the transition to the ABL Facility 1 0.1 0.1 0.4 0.3 Deferred and discretionary incentive payments made subsequent to the sale of Terphane 2 1.3 1.0 1.3 1.0 Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane 3 — (2.5 ) — (0.7 ) Group annuity contract premium adjustment 2,6 (0.1 ) — (0.3 ) (0.2 ) Total for Corporate $ 1.8 $ (1.0 ) $ 3.8 $ 2.4 1. Included in 'Selling, R&D and general expenses' in the condensed consolidated statements of income. 2. Included in 'Other income (expense), net' in the condensed consolidated statements of income. 3. Included in 'Income tax expense (benefit)' in the condensed consolidated statements of income. 4. Included in 'Sales' in the condensed consolidated statements of income. 5. For more information, see Note (k) 6. For more information, see Note (h). 7. For more information, see the 'Goodwill Impairment at Bonnell' section above. Three Months Ended December 31, 2023 Year Ended December 31, 2023 (In millions) Pre-Tax Net of Tax Pre-Tax Net of Tax Aluminum Extrusions: (Gains) losses associated with plant shutdowns, asset impairments and restructurings: Other restructuring costs - severance $ — $ — $ 0.1 $ 0.1 (Gains) losses from sale of assets, investment writedowns and other items: Consulting expenses for ERP/MES project 1 0.6 0.5 1.8 1.4 Storm damage to the Newnan, Georgia plant 1 — — 0.5 0.4 Legal fees associated with the Aluminum Extruders Trade Case 1 0.5 0.4 0.5 0.4 Total for Aluminum Extrusions $ 1.1 $ 0.9 $ 2.9 $ 2.3 PE Films: (Gains) losses associated with plant shutdowns, asset impairments and restructurings: Impairment of Richmond, Virginia Technical Center assets 4 $ 0.1 $ 0.1 $ 3.5 $ 2.7 Richmond, Virginia Technical Center closure expenses, including severance 4 0.1 0.1 1.3 1.0 Richmond, Virginia Technical Center accelerated depreciation 4 0.3 0.2 0.3 0.2 Richmond, Virginia Technical Center lease modification 4 (0.1 ) (0.1 ) (0.1 ) (0.1 ) Goodwill impairment 5 — — 34.9 27.0 Total for PE Films $ 0.4 $ 0.3 $ 39.9 $ 30.8 Corporate: (Gain) losses from sale of assets, investment writedowns and other items: Professional fees associated with business development activities 1 $ 0.3 $ 0.3 $ 0.2 $ 0.2 Professional fees associated with remediation activities related to internal control over financial reporting 1 0.8 0.6 2.0 1.6 Write-down of investment in Harbinger Capital Partners Special Situations Fund 2 — — 0.2 0.1 Tax expense from adjustment to deferred income tax liabilities under new U.S. tax regulations related to foreign tax credits 3 — (0.2 ) — 1.3 Group annuity contract premium expense 2,6 2.0 1.6 2.0 1.6 Net periodic benefit cost for the frozen defined benefit pension plan prior to termination 6 0.9 0.7 10.8 8.4 Pension settlement loss 6 66.7 31.0 92.3 51.0 Total for Corporate $ 70.7 $ 34.0 $ 107.5 $ 64.2 1. Included in 'Selling, R&D and general expenses' in the condensed consolidated statements of income. 2. Included in 'Other income (expense), net' in the condensed consolidated statements of income. 3. Included in 'Income tax expense (benefit)' in the condensed consolidated statements of income. 4. For more information, see Note (k). 5. For more information, see Note (g). 6. For more information, see Note (h). (d) On December 27, 2021, the Company completed the sale of its investment interests in kaleo, Inc. and received closing cash proceeds of $47.1 million. In April 2024 and January 2023, additional cash consideration of $0.1 million and $0.3 million, respectively, was received related to customary post-closing adjustments, which is reported in 'Other income (expense), net' in the condensed consolidated statements of income. (e) For discussion on Tredegar's presentation of net income (loss) from ongoing operations, please refer to Note (a) above. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from ongoing operations for the three months and the years ended December 31, 2024 and 2023 and are shown below in order to show the impact on the effective tax rate: (In millions) Pre-Tax Taxes Expense (Benefit) After-Tax Effective Tax Rate Three Months Ended December 31, 2024 (a) (b) (b)/(a) Net income (loss) from continuing operations as reported under GAAP $ (10.7 ) $ (3.4 ) $ (7.3 ) 31.8 % (Gains) losses associated with plant shutdowns, asset impairments and restructurings — 0.1 (0.1 ) (Gains) losses from sale of assets and other 1.8 2.8 (1.0 ) Goodwill impairment 13.3 2.9 10.4 Net income (loss) from ongoing operations $ 4.4 $ 2.4 $ 2.0 56.0 % Three Months Ended December 31, 2023 Net income (loss) from continuing operations as reported under GAAP $ (72.1 ) $ (38.0 ) $ (34.1 ) 52.7 % (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.4 0.1 0.3 (Gains) losses from sale of assets and other 4.2 1.0 3.2 Net periodic benefit cost for the frozen defined benefit pension plan in process of termination 0.9 0.2 0.7 Pension settlement loss 66.7 35.7 31.0 Net income (loss) from ongoing operations $ 0.1 $ (1.0 ) $ 1.1 NM* Year Ended December 31, 2024 Net income (loss) from continuing operations as reported under GAAP $ 0.9 $ (0.1 ) $ 1.0 (18.8 )% (Gains) losses associated with plant shutdowns, asset impairments and restructurings 0.6 0.2 0.4 (Gains) losses from sale of assets and other 7.8 2.4 5.4 Goodwill impairment 13.3 2.9 10.4 Net income (loss) from ongoing operations $ 22.6 $ 5.4 $ 17.2 23.8 % Year Ended December 31, 2023 Net income (loss) continuing operations as reported under GAAP $ (150.5 ) $ (51.3 ) $ (99.2 ) 34.1 % (Gains) losses associated with plant shutdowns, asset impairments and restructurings 5.1 1.1 4.0 (Gains) losses from sale of assets and other 6.9 0.1 6.8 Net periodic benefit cost for the frozen defined benefit pension plan in process of termination 10.8 2.4 8.4 Pension settlement loss 92.3 41.3 51.0 Goodwill impairment 34.9 7.9 27.0 Net income (loss) from ongoing operations $ (0.5 ) $ 1.5 $ (2.0 ) NM* * Not meaningful ('NM') (f) Net debt is calculated as follows: (In millions) December 31, December 31, 2024 2023 Short-term debt $ 1.3 $ — ABL revolving facility (i) 60.6 126.3 Total debt 61.9 126.3 Less: Cash and cash equivalents 7.1 9.7 Less: Restricted cash — 3.4 Net debt $ 54.8 $ 113.2 As of December 31, 2023, receipts that have not yet been applied to the ABL Facility are classified as restricted cash in the accompanying condensed consolidated balance sheets. Net debt is not intended to represent total debt as defined by GAAP. Net debt is utilized by management in evaluating the Company's financial leverage and equity valuation, and management believes that investors also may find net debt to be helpful for the same purposes. Net leverage ratio is a non-GAAP financial measure. It is not intended to represent the stand-alone results for Tredegar under GAAP and should not be considered as an alternative to net income (loss) and total debt as defined by GAAP. Net leverage ratio is utilized by management in evaluating the Company's financial leverage, and management believes that investors also may find the net leverage ratio to be helpful for the same purposes. In addition, earnings before interest, taxes, depreciation and amortization as defined in the ABL Facility ('Credit EBITDA') is provided below. As of or for Twelve Months Ended December 31, 2024 (1) As of or for Twelve Months Ended December 31, 2023 (1) ($ in millions) Net debt $ 54.8 $ 113.2 Credit EBITDA (2) $ 51.1 $ 30.4 Net leverage ratio 1.1 3.7 1. Actual Credit EBITDA amounts are for the twelve months ended December 31, 2024, and actual net debt amounts are as of December 31, 2024. 2. See Note (l) for more information. (g) During 2023, uncertainty about the timing of a recovery in the consumer electronics market persisted, and manufacturers in the supply chain for consumer electronics continued to experience reduced capacity utilization and inventory corrections. In light of the limited visibility on the timing of a recovery and the expected adverse future impact to the Surface Protection business, coupled with a cautious outlook on new product development opportunities, the Company performed a Step 1 goodwill impairment analysis, as of June 30, 2023 and September 30, 2023, of the Surface Protection component of PE Films. The analyses concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $34.9 million ($27.0 million after deferred income tax benefits) was recognized during 2023. As of December 1, 2023, the Company's reporting units with goodwill were Surface Protection in PE Films and Futura in Aluminum Extrusions. Both of these reporting units have separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities). The Company's Step 0 analysis of these reporting units concluded that it is more likely than not that the fair value of each reporting unit was greater than its carrying value. Therefore, the Step 1 quantitative goodwill impairment tests for these reporting units were not necessary. The Surface Protection and Futura reporting units had goodwill in the amounts of $22.4 million and $13.3 million, respectively, at December 31, 2023. (h) During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the condensed consolidated results of operation of $25.6 million. The remeasurement of the pension benefit obligation and plan assets was triggered by $64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost. On November 3, 2023, the pension plan termination and settlement process was completed, and the Company's relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. This completed the pension plan termination process that began in February 2022. As a result of the routine administrative process to transition the pension plan, the Company recognized a $2.0 million charge to adjust the initial purchase price of the nonparticipating single premium group annuity contract. (i) The ABL Facility has customary representations and warranties including, as a condition to each borrowing, that all such representations and warranties are true and correct in all material respects (including a representation that no Material Adverse Effect (as defined in the ABL Facility) has occurred since December 31, 2022). In the event that the Company cannot certify that all conditions to the borrowing have been met, the lenders can restrict the Company's future borrowings under the ABL Facility. As of November 1, 2024, the Company is no longer in a Cash Dominion Period. Because a Cash Dominion Period was in effect as of December 31, 2023 and the Company is required to represent that no Material Adverse Effect has occurred as a condition to borrowing, the outstanding debt under the ABL Facility (all contractual payments due on June 30, 2026) was classified as a current liability in the consolidated balance sheets as of December 31, 2023. In accordance with the ABL Facility, the lenders have been provided with the Company's financial statements, covenant compliance certificates and projections to facilitate their ongoing assessment of the Company. Accordingly, the Company believes the likelihood that lenders would exercise the subjective acceleration clause whereby prohibiting future borrowings is remote. As of December 31, 2024, the Company was in compliance with all debt covenants. (j) Tredegar's presentation of Consolidated EBITDA from ongoing operations is a non-GAAP financial measure that excludes the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan and other items (which includes gains and losses for an investment accounted for under the fair value method). Consolidated EBITDA from ongoing operations also excludes depreciation & amortization, stock option-based compensation costs, interest and income taxes. Consolidated EBITDA is a key financial and analytical measure used by management to gauge the operating performance of Tredegar's ongoing operations. It is not intended to represent the stand-alone results for Tredegar's ongoing operations under GAAP and should not be considered as an alternative to net income (loss) or earnings (loss) per share as defined by GAAP. It excludes items that management believes do not relate to Tredegar's ongoing operations. A reconciliation of Consolidated EBITDA from ongoing operations for the three months and the years ended December 31, 2024 and 2023 is shown below: Three Months Ended December 31, Year Ended December 31, ($ in millions) 2024 2023 2024 2023 Net income (loss) from continuing operations as reported under GAAP 1 $ (7.3 ) $ (34.1 ) $ 1.0 $ (99.2 ) After-tax effects of: (Gains) losses associated with plant shutdowns, asset impairments and restructurings (0.1 ) 0.3 0.4 4.0 Gain associated with the investment in kaléo — — (0.1 ) (0.2 ) (Gains) losses from sale of assets and other 1.5 1.8 6.4 4.1 Tax expense (benefit) from adjustments to deferred income tax liabilities under new U.S. tax regulations related to foreign tax credits — (0.2 ) — 1.3 Group annuity contract premium expense 2 — 1.6 (0.2 ) 1.6 Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane (2.5 ) — (0.7 ) — Net periodic benefit cost for the frozen defined benefit pension plan prior to termination 2 — 0.7 — 8.4 Pension settlement loss 2 — 31.0 — 51.0 Goodwill impairment 10.4 — 10.4 27.0 Net income (loss) from ongoing operations 1 2.0 1.1 17.2 (2.0 ) Depreciation and amortization 5.6 6.0 23.2 24.8 Stock option-based compensation costs — — — 0.2 Interest expense 1.1 2.2 4.7 6.3 Interest income — (0.4 ) — (0.5 ) Income taxes from ongoing operations 1 2.4 (1.0 ) 5.4 1.5 Consolidated EBITDA from ongoing operations $ 11.1 $ 7.9 $ 50.5 $ 30.3 1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from continuing operations are shown in Note (e). 2. For more information, see Note (h). (k) In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Future research & development activities for PE Films will be performed at the production facility in Pottsville, PA. PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. All activities ceased at the PE Films technical center in Richmond, VA as of the end of the first quarter of 2024. (l) The computation of Credit EBITDA, as defined in the ABL Facility, is presented below. Computations of Credit EBITDA (as defined in the ABL Facility) as of and for the Twelve Months Ended December 31, 2024 * Computations of Credit EBITDA for the twelve months ended December 31, 2024 (in thousands): Net income (loss) $ (64,565 ) Plus: After-tax losses related to discontinued operations 65,610 Total income tax expense for continuing operations — Interest expense 4,664 Depreciation and amortization expense for continuing operations 23,225 All non-cash losses and expenses, plus cash losses and expenses not to exceed $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings (cash-related of $8,590) 22,321 Charges related to stock option grants and awards accounted for under the fair value-based method — Losses related to the application of the equity method of accounting — Losses related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting — Fees, costs and expenses incurred in connection with the amendment process 459 Terphane sale transaction costs in an amount not to exceed $10,000 — Minus: After-tax income related to discontinued operations — Total income tax benefits for continuing operations (165 ) Interest income (36 ) All non-cash gains and income, plus cash gains and income in excess of $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings — Income related to changes in estimates for stock option grants and awards accounted for under the fair value-based method — Income related to the application of the equity method of accounting — Income related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting (144 ) Plus cash dividends declared on investments in an amount not to exceed $10,000 for such period — Plus or minus, as applicable, pro forma EBITDA adjustments associated with acquisitions and asset dispositions — Plus or minus, as applicable, pro forma EBITDA adjustments to pension expense associated with the early payment of pension obligations (258 ) Credit EBITDA $ 51,111 Fixed charge coverage ratio**: Credit EBITDA $ 51,111 Unfinanced capital expenditures $ 11,858 Fixed charges $ 5,034 Fixed charge coverage ratio 7.80 * Credit EBITDA is not intended to represent net income (loss) or cash flow from operations as defined by GAAP and should not be considered as an alternative to either net income (loss) or to cash flow. ** Fixed Charge Coverage Ratio is computed as the ratio of (a) Credit EBITDA minus Unfinanced Capital Expenditures to (b) Fixed Charges. View source version on CONTACT: Tredegar Corporation Neill Bellamy, 804-330-1211 KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING TECHNOLOGY MANUFACTURING CONSTRUCTION & PROPERTY SEMICONDUCTOR OTHER TECHNOLOGY OTHER MANUFACTURING SOFTWARE HARDWARE OTHER CONSTRUCTION & PROPERTY CHEMICALS/PLASTICS SOURCE: Tredegar Corporation Copyright Business Wire 2025. PUB: 03/12/2025 08:15 AM/DISC: 03/12/2025 08:14 AM
