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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS 9. BUSINESS SEGMENTS
The Company's business segments are Aluminum Extrusions and PE Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films produces surface protection films, polyethylene overwrap films and films for other markets.
The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance.
EBITDA from ongoing operations used by the CODM excludes certain non-recurring items, such as restructuring costs, asset impairments and other items, which are reported separately. The CODM uses EBITDA from ongoing operations to evaluate the operating performance of Tredegar’s ongoing operations, monitor budget versus actual results, establish management’s compensation and allocate resources. EBITDA from ongoing operations is the primary measure of segment performance and is consistent with how the business is managed internally, in addition to being a key financial and analytic metric for borrowing capacity and estimated enterprise value.
The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM.
The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31, 2025
(In thousands)Aluminum ExtrusionsPE FilmsTotal
Net Sales$133,635 $25,537 $159,172 
Reconciliation of revenue:
Add back freight5,566 
Sales as shown in the consolidated statements of income (loss)$164,738 
Less:
Variable costs$103,523 $11,977 $115,500 
Manufacturing fixed costs1
11,214 3,459 14,673 
Selling, general and administrative costs1
9,412 2,592 12,004 
Other2
326 (11)315 
EBITDA from ongoing operations$9,160 $7,520 $16,680 
Reconciliation of profit (loss):
Depreciation and amortization5,475 
Plant shutdowns, asset impairments, restructurings and other1,167 
Interest income5 
Interest expense1,013 
Corporate expenses, net3
7,782 
Income (loss) from continuing operations before income tax1,248 
Income tax expense (benefit)577 
Net income (loss) from continuing operations671 
Income (loss) from discontinued operations, net of tax9,430 
Net income (loss)$10,101 
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
Three Months Ended March 31, 2024
(In thousands)Aluminum ExtrusionsPE FilmsTotal
Net Sales$114,222 $24,735 $138,957 
Reconciliation of revenue:
Add back freight5,015 
Sales as shown in the consolidated statements of income (loss)$143,972 
Less:
Variable costs$84,786 $12,024 $96,810 
Manufacturing fixed costs1
9,625 3,243 12,868 
Selling, general and administrative costs1
6,798 2,516 9,314 
Other2
473 48 521 
EBITDA from ongoing operations$12,540 $6,904 $19,444 
Reconciliation of profit (loss):
Depreciation and amortization5,871 
Plant shutdowns, asset impairments, restructurings and other1,671 
Interest income20 
Interest expense1,184 
Corporate expenses, net3
5,750 
Income (loss) from continuing operations before income tax4,988 
Income tax expense (benefit)2,384 
Net income (loss) from continuing operations2,604 
Income (loss) from discontinued operations, net of tax684 
Net income (loss)$3,288 
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
The following table presents identifiable assets by segment at March 31, 2025 and December 31, 2024:
(In thousands)March 31, 2025December 31, 2024
Aluminum Extrusions$272,161 $247,205 
PE Films56,231 55,081 
Subtotal328,392 302,286 
General corporate42,168 46,883 
Cash and cash equivalents3,657 7,062 
Discontinued operations— 126 
Total$374,217 $356,357 
The following table presents depreciation and amortization for the three months ended March 31, 2025 and 2024:
 Three Months Ended March 31,
(In thousands)20252024
Aluminum Extrusions$4,225 $4,542 
PE Films1,250 1,329 
Subtotal5,475 5,871 
General corporate51 94 
Discontinued operations— 751 
Total$5,526 $6,716 
The following table presents capital expenditures for the three months ended March 31, 2025 and 2024:
 Three Months Ended March 31,
(In thousands)20252024
Aluminum Extrusions$2,370 $1,550 
PE Films587 394 
Subtotal2,957 1,944 
Discontinued operations— 517 
Total$2,957 $2,461 
The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2025 and 2024:
Net Sales by Geographic Area (a)
Three Months Ended March 31,
(In thousands)20252024
United States$144,357 $124,981 
Exports from the United States to:
Asia10,836 8,814 
Latin America1,579 1,311 
Canada2,173 3,664 
Europe7 25 
Operations outside the United States:
Asia220 162 
Total$159,172 $138,957 
(a) Export sales relate mostly to PE 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 $6.6 million and $6.1 million in the first quarter of 2025 and 2024, respectively.

Net Sales by Product Group
Three Months Ended March 31,
(In thousands)20252024
Aluminum Extrusions:
Nonresidential building & construction$67,601 $68,228 
Consumer durables11,667 7,670 
Automotive10,998 10,189 
Residential building & construction8,998 7,591 
Electrical15,341 5,607 
Machinery & equipment15,283 11,716 
Distribution3,747 3,221 
Subtotal133,635 114,222 
PE Films:
Surface protection films18,770 17,011 
Overwrap packaging6,767 7,724 
Subtotal25,537 24,735 
Total $159,172 $138,957