Pactiv Evergreen Shares Drop 13% Despite Solid Q4 Results 
<p><a href='https://financialmodelingprep.com/financial-summary/PTVE'>Pactiv Evergreen Inc. (NASDAQ:PTVE)</a> shares dropped more than 13% on Tuesday despite strong quarterly results in a challenging backdrop and an outlook that was relatively in line. Q4 revenues came in at $1.476 billion, down 3% year-over-year. Adjusted EBITDA was $167 million, which was 5% above the Street estimate.</p>
<p>The outlook for 2023 was relatively in line on a like-for-like basis as well. Further, the company announced a major restructuring of its Beverage Merchandising segment with the closure of its Canton mill that represents 5.5% of domestic solid bleached sulfate (SBS) capacity, while it explores strategic options for its Pine Bluff mill. </p>
<p>The main negative that may be the reason for a stock sell-off is the lack of deleveraging due to the large cash restructuring costs with leverage at 4.6x, while benefits from the program are limited given the offset from earnings loss associated with the Canton closure. </p>

NASDAQ:PTVE