Mativ Q3 GAAP loss $464M; $401M goodwill impairment; dividend cut to $0.10

Mativ Holdings, Inc.

2023-Q3 EPS reported -$8.57 revenue$1,573,700,000

Sales fell 9.7% to $498.2M; GAAP EPS loss of $(8.50) included $7.30/share goodwill impairment.
Adjusted EPS $0.21; adjusted EBITDA $55.4M, down 20% YoY on weak volume.
ATM segment sales -7.6% YoY; FBS segment sales -16.7% YoY; healthcare grew double-digits.
Quarterly dividend reduced from $0.40 to $0.10 per share; $5.5M paid in Q3.
Net debt $1.654B; liquidity ~$414M; proceeds from EP sale to reduce debt by >1/3.

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 three months ended September 30, 2023 results: revenue $498.2 million, EPS $(8.50).

Period: the three months ended September 30, 2023
Revenue: $498.2 million
EPS: $(8.50)
Result: reported results

Exact text from the filing

Mativ Third Quarter 2023 Highlights (Continuing Operations) • Sales decreased 9.7% to $498.2 million, reflecting lower volume partly offset by higher selling prices and currency translation • GAAP loss was $464.3 million, GAAP EPS was $(8.50).

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Source: SEC EDGAR

accession 0001000623-23-000055

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