Mativ Q4 2023 sales down 13.7% to $452.3M; adjusted EPS $0.23, full year GAAP loss $9.33/share

Mativ Holdings, Inc.

2023-FY EPS reported -$5.69 revenue$2,026,000,000

Q4 net sales $452.3M (-13.7% YoY); GAAP net loss $13.6M; adjusted EBITDA $50.0M (-20% YoY); adjusted EPS $0.23.
Full year 2023 GAAP loss $507.7M ($9.33/share) including $413.9M operating loss from goodwill impairment, integration, and restructuring.
Full year adjusted EBITDA $213.4M; adjusted EPS $0.80; comparable sales down 9% and adjusted EBITDA down 17%.
Net debt reduced to $984M, down $605M YoY; dividend cut to $0.10/quarter; new restructuring targets $40M cost savings by 2027.
EP divestiture closed Nov 2023 with $176.3M gain; Merger synergies achieved ahead of plan.

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