The Company's updated fiscal 2023 annual guidance is as follows: The Company is raising its Adjusted EBITDA guidance by $100 million, to $1.9 billion at the midpoint of the range, and updating other guidance metrics as a result. Net Interest Expense was $58 million in the first quarter of 2023, higher when compared to $42 million reported in the first quarter of 2022 due to higher interest rates.Ĭapital expenditures for the first quarter of 2023 were $196 million, lower when compared to $223 million in the first quarter of 2022.įirst quarter 2023 Income Tax Expense was $64 million, up from $46 million in the first quarter of 2022. The Company's first quarter 2023 Net Leverage Ratio was 3.1x Adjusted EBITDA compared to 3.2x at the end of 2022.Īt March 31, 2023, the Company had available liquidity of $1,237 million, including the undrawn availability under its global revolving credit facilities. The Company returned $59 million in total capital to stockholders, including $31 million in dividend payments and $28 million via share repurchases, in the first quarter of 2023. Total Net Debt (Total Debt, net of Cash and Cash Equivalents) increased $302 million during the first quarter of 2023 to $5,435 million compared to the fourth quarter of 2022. Total Debt (Long-Term, Short-Term and Current Portion) increased $265 million during the first quarter of 2023 to $5,548 million compared to the fourth quarter of 2022. This was partially offset by $2 million in unfavorable volume/mix, $54 million of commodity input cost inflation, $40 million in labor, benefits and other inflation and $16 million of foreign exchange impact. When comparing against the prior year quarter, Adjusted EBITDA in the first quarter of 2023 was positively impacted by $236 million in pricing and $10 million in net performance. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $484 million in the first quarter of 2023 versus $350 million in the first quarter of 2022. The $193 million increase was driven by $236 million of positive pricing, partially offset by $4 million of unfavorable volume/mix and $39 million of foreign exchange impact.ĮBITDA for the first quarter of 2023 was $469 million, $134 million higher than the first quarter of 2022. Net Sales increased 9% to $2,438 million in the first quarter of 2023, compared to $2,245 million in the prior year period. As such, we are raising our 2023 Adjusted EBITDA guidance and remain on track to achieve our enhanced Vision 2025 financial goals." "Confidence in the stability of our business, coupled with our team's unwavering focus on innovation and delivering quality and service to customers, is providing a path to an improved outlook for the full year. We are pleased to announce that Chick-fil-A is launching our new, highly insulated, double-wall fiber-based cups as a potential long-term solution for their beverage program. "Brands and manufacturers recognize the consumer preference for more sustainable packaging and are making investments to meet that demand. We also began construction on the recently announced state-of-the-art mill in Waco, Texas to further advance our leadership in fiber-based consumer packaging. During the quarter our newest coated recycled paperboard machine in Kalamazoo exceeded quality, yield and financial expectations. "Significant investments in our business continue to result in quality and production cost advantages. We drove continued net organic sales growth and positioned the business to further capitalize on the growing consumer preference for renewable and recyclable, fiber-based packaging. Michael Doss, the Company's President and CEO said, "During the first quarter, our global team continued to advance our proven strategy of running a different race to deliver strong results for our customers and our shareholders. This compares to first quarter 2022 Adjusted Net Income of $149 million, or $0.48 per diluted share. When adjusting for special charges and amortization of purchased intangibles, Adjusted Net Income for the first quarter of 2023 was $237 million, or $0.77 per diluted share. The first quarters of 20 were impacted by a net $14 million and a net $25 million of special charges, respectively. This compares to first quarter 2022 Net Income of $107 million, or $0.35 per share, based upon 309.7 million weighted average diluted shares. Net Income for first quarter 2023 was $207 million, or $0.67 per share, based upon 309.7 million weighted average diluted shares.
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