Published on 21 Feb 2024 on GuruFocus.com via Yahoo Finance
Mativ Holdings Inc (MATV) Reports Mixed 2023 Financial Results Amidst Strategic Shifts
Full Year Sales: Increased by 24% to $2,026.0 million, reflecting the full benefit of the merger.Adjusted EBITDA: Decreased by 17% on a comparable basis to $213.4 million for the full year.Net Loss: GAAP net loss from continuing operations was $507.7 million for the full year, including significant expenses related to goodwill impairment, integration, and restructuring.Debt Reduction: Reduced debt by over 35%, with net debt down $605 million year over year.Divestiture: Completed the sale of the Engineered Papers business, with a gain on sale of $176.3 million.Dividend & Share Repurchases: Quarterly dividend modified to $0.10 per share, with $8.0 million used for share repurchases in 2023.
Warning! GuruFocus has detected 9 Warning Signs with MATV.
On February 21, 2024, Mativ Holdings Inc (NYSE:MATV) released its 8-K filing, detailing the financial results for the fourth quarter and full year ended December 31, 2023. The company, a diversified producer of premium specialty papers and resin-based products, operates in two segments: Advanced Materials and Structures (ATM), and Engineered Papers (now discontinued).