US-based food and beverage packaging firm Pactiv Evergreen has registered $1.49bn in revenue for the first quarter (Q1) of the fiscal year 2022 (FY22), a 28% increase from $1.16bn a year earlier.
The revenue was driven by a 26% growth due to price and mix and a 9% rise due to acquisitions.
For the three months to 31 March, Pactiv Evergreen’s net income from continuing operations reached $43m, against a net loss of $11m in Q1 2021.
This was driven by higher gross profit and gain from the company’s sale of its stake in Naturepak.
Pactiv Evergreen’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations were $182m in Q1, compared with $77m in the prior-year period.
For FY22, the company has kept its adjusted full-year EBITDA guidance unchanged at $705m.
Pactiv Evergreen president and CEO Michael King said: “Following a strong finish to 2021, we had a solid start to 2022, with the first quarter of 2022 achieving 28% revenue growth in the quarter.
“As expected, we faced headwinds, including volatility in raw material markets, as well as pockets of labour constraints.
“Our volumes were down 5% in the quarter, primarily due to labour challenges and the previously announced exit from our coated groundwood business.
“We remain cautious and prepared as high levels of inflationary pressure and volatility remain in the market.
“We are optimistic and confident in the ability of our world-class team to adapt as needed and execute our key strategic initiatives to help increase productivity, improve service and exceed our valued customers’ expectations.”
In January this year, Pactiv Evergreen agreed to sell its carton packaging and filling machinery businesses in China, Korea and Taiwan, known as Evergreen Asia, to SIG for around $335m.