Mativ Q2 adj EPS $0.51; proposes sale of Engineered Papers for $620M; cuts dividend to $0.10

Mativ Holdings, Inc.

2023-Q2 EPS reported -$0.23 revenue$1,347,300,000

Sales $668.3M (+56.7% incl merger); organic sales -8%; GAAP loss $4.5M ($0.08/sh); adj EPS $0.51; adj EBITDA $87.4M.
Proposed sale of Engineered Papers for $620M (6.5x TTM EBITDA); net proceeds ~$575M to cut net debt 35%; close expected 4Q23.
Quarterly dividend reduced to $0.10 from $0.40; new $30M share repurchase program authorized.
Net debt $1,640M; leverage 4.2x; total liquidity $442M; 2Q23 operating cash flow positive $40.2M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Mativ Holdings, Inc. reported the quarter ended June 30, 2023 results: revenue $668.3 million, net income GAAP loss was $4.5 million, EPS GAAP EPS was $(0.08).

Period: the quarter ended June 30, 2023
Revenue: $668.3 million
Net income: GAAP loss was $4.5 million
EPS: GAAP EPS was $(0.08)
Result: reported results

Exact text from the filing

prior to the close of the merger. December 22, 2022 8-K includes reconciliations of periods prior to the merger. Mativ Second Quarter 2023 Highlights • Sales increased 56.7% to $668.3 million, reflecting the benefit of the merger; 8% organic sales decline with negative volume/mix offsetting price increases • GAAP loss was $4.5 million, GAAP EPS was $(0.08), which all

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Source: SEC EDGAR

accession 0001000623-23-000052

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