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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and EBITDA from ongoing operations by segment for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net Sales |  |  |  |  |  |  |
Aluminum Extrusions | $ | 119,413 |  |  | $ | 121,827 |  |  | $ | 233,636 |  |  | $ | 255,197 |
PE Films | 29,197 |  |  | 15,918 |  |  | 53,932 |  |  | 36,099 |
Flexible Packaging Films | 34,543 |  |  | 33,223 |  |  | 64,655 |  |  | 64,750 |
Total net sales | 183,153 |  |  | 170,968 |  |  | 352,223 |  |  | 356,046 |
Add back freight | 7,082 |  |  | 7,199 |  |  | 13,748 |  |  | 13,243 |
Sales as shown in the condensed consolidated statements of income (loss) | $ | 190,235 |  |  | $ | 178,167 |  |  | $ | 365,971 |  |  | $ | 369,289 |
EBITDA from Ongoing Operations |  |  |  |  |  |  |
Aluminum Extrusions: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | $ | 12,907 |  |  | $ | 10,217 |  |  | $ | 25,447 |  |  | $ | 24,855 |
Depreciation & amortization | (4,446) |  |  | (4,158) |  |  | (8,988) |  |  | (8,569) |
EBIT | 8,461 |  |  | 6,059 |  |  | 16,459 |  |  | 16,286 |
Plant shutdowns, asset impairments, restructurings and other | (1,649) |  |  | 155 |  |  | (2,816) |  |  | (339) |
PE Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | 10,133 |  |  | 814 |  |  | 17,037 |  |  | 2,663 |
Depreciation & amortization | (1,317) |  |  | (1,552) |  |  | (2,645) |  |  | (3,195) |
EBIT | 8,816 |  |  | (738) |  |  | 14,392 |  |  | (532) |
Plant shutdowns, asset impairments, restructurings and other | (80) |  |  | — |  |  | (584) |  |  | 2 |
Goodwill impairment | — |  |  | (15,413) |  |  | — |  |  | (15,413) |
Flexible Packaging Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | 3,204 |  |  | 249 |  |  | 5,167 |  |  | 1,599 |
Depreciation & amortization | (732) |  |  | (711) |  |  | (1,483) |  |  | (1,411) |
EBIT | 2,472 |  |  | (462) |  |  | 3,684 |  |  | 188 |
Plant shutdowns, asset impairments, restructurings and other | — |  |  | (1) |  |  | — |  |  | (79) |
Total | 18,020 |  |  | (10,400) |  |  | 31,135 |  |  | 113 |
Interest income | 7 |  |  | 30 |  |  | 28 |  |  | 74 |
Interest expense | 3,379 |  |  | 2,374 |  |  | 6,834 |  |  | 4,686 |
Gain on investment in kaleo, Inc. | 144 |  |  | — |  |  | 144 |  |  | 262 |
Stock option-based compensation costs | — |  |  | — |  |  | — |  |  | 231 |
Corporate expenses, net | 4,032 |  |  | 9,509 |  |  | 9,768 |  |  | 18,466 |
Income (loss) before income taxes | 10,760 |  |  | (22,253) |  |  | 14,705 |  |  | (22,934) |
Income tax expense (benefit) | 1,968 |  |  | (3,331) |  |  | 2,625 |  |  | (3,000) |
Net income (loss) | $ | 8,792 |  |  | $ | (18,922) |  |  | $ | 12,080 |  |  | $ | (19,934) |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at June 30, 2024 and December 31, 2023:
(In thousands) | June 30, 2024 |  | December 31, 2023
Aluminum Extrusions | $ | 269,068 |  |  | $ | 255,756 |
PE Films | 59,541 |  |  | 56,536 |
Flexible Packaging Films | 80,650 |  |  | 84,062 |
Subtotal | 409,259 |  |  | 396,354 |
General corporate | 32,484 |  |  | 36,652 |
Cash, cash equivalents and restricted cash | 8,669 |  |  | 13,455 |
Total | $ | 450,412 |  |  | $ | 446,461 |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate the Company’s revenue by geographic area and product group for the three and six months ended June 30, 2024 and 2023:
Net Sales by Geographic Area (a)
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 141,681 |  |  | $ | 133,417 |  |  | $ | 274,308 |  |  | $ | 284,027 |
Exports from the United States to: |  |  |  |  |  |  |
Asia | 13,834 |  |  | 5,477 |  |  | 22,659 |  |  | 11,209 |
Latin America | 1,395 |  |  | 1,817 |  |  | 2,726 |  |  | 3,676 |
Canada | 2,483 |  |  | 4,955 |  |  | 7,022 |  |  | 9,239 |
Europe | 393 |  |  | 272 |  |  | 648 |  |  | 1,132 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 23,263 |  |  | 24,975 |  |  | 44,594 |  |  | 46,603 |
Asia | 104 |  |  | 55 |  |  | 266 |  |  | 160 |
Total | $ | 183,153 |  |  | $ | 170,968 |  |  | $ | 352,223 |  |  | $ | 356,046 |
(a) Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films.
The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market, but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $6.7 million and $3.4 million in the second quarter of 2024 and 2023, respectively, and $12.8 million and $6.8 million in the first six months of 2024 and 2023, respectively.
Net Sales by Product Group
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction | $ | 67,267 |  |  | $ | 65,784 |  |  | $ | 133,615 |  |  | $ | 144,413 |
Consumer durables | 8,922 |  |  | 11,714 |  |  | 16,906 |  |  | 22,061 |
Automotive | 10,127 |  |  | 11,769 |  |  | 20,733 |  |  | 23,891 |
Residential building & construction | 9,883 |  |  | 10,056 |  |  | 17,785 |  |  | 21,659 |
Electrical | 7,221 |  |  | 6,078 |  |  | 13,057 |  |  | 14,207 |
Machinery & equipment | 12,669 |  |  | 11,082 |  |  | 24,864 |  |  | 21,806 |
Distribution | 3,324 |  |  | 5,344 |  |  | 6,676 |  |  | 7,160 |
Subtotal | 119,413 |  |  | 121,827 |  |  | 233,636 |  |  | 255,197 |
PE Films: |  |  |  |  |  |  |
Surface protection films | 21,713 |  |  | 8,643 |  |  | 38,725 |  |  | 21,497 |
Overwrap packaging | 7,484 |  |  | 7,275 |  |  | 15,207 |  |  | 14,602 |
Subtotal | 29,197 |  |  | 15,918 |  |  | 53,932 |  |  | 36,099 |
Flexible Packaging Films | 34,543 |  |  | 33,223 |  |  | 64,655 |  |  | 64,750 |
Total | $ | 183,153 |  |  | $ | 170,968 |  |  | $ | 352,223 |  |  | $ | 356,046 |

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