Tredegar Reports Fourth-Quarter and Full Year 2024 Results

RICHMOND, Va.--(BUSINESS WIRE)--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.”