Tredegar Q4 GAAP net income jumps to $21.4M; ongoing ops net income falls to $6.2M

TREDEGAR CORP

Q4 GAAP net income $21.4M ($0.63 diluted) vs $6.5M ($0.19) YoY; ongoing ops net income $6.2M ($0.18) vs $9.7M ($0.29).
Full year 2021 GAAP net income $57.9M ($1.72) vs net loss $16.8M ($0.51) in 2020.
Segment EBITDA from ongoing ops: Aluminum Extrusions $10.9M (down $2.8M), PE Films $6.7M (down $4.5M), Flexible Packaging $6.4M (down $1.7M).
Debt net of cash declined ~$80M in 2021; received $47.1M from sale of kaléo investment.
Approved $28M capex for new ERP/MES systems expected to generate $9M annual benefits once fully implemented.

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