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BUSINESS SEGMENTS | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and 2024:
| Three Months Ended June 30, 2025
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 148,367 |  |  | $ | 24,596 |  |  | $ | 172,963 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 6,153 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 179,116 |
Less: |  |  |  |  |
Variable costs | $ | 116,059 |  |  | $ | 11,688 |  |  | $ | 127,747 |
Manufacturing fixed costs 1 | 11,760 |  |  | 3,243 |  |  | 15,003 |
Selling, general and administrative costs 1 | 10,129 |  |  | 2,867 |  |  | 12,996 |
Other 2 | 1,136 |  |  | 87 |  |  | 1,223 |
EBITDA from ongoing operations | $ | 9,283 |  |  | $ | 6,711 |  |  | $ | 15,994 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 5,323 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 56 |
Interest income |  |  |  |  | 6 |
Interest expense |  |  |  |  | 1,785 |
Corporate expenses, net 3 |  |  |  |  | 6,024 |
Income (loss) from continuing operations before income tax |  |  |  |  | 2,812 |
Income tax expense (benefit) |  |  |  |  | 984 |
Net income (loss) from continuing operations |  |  |  |  | 1,828 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (97) |
Net income (loss) |  |  |  |  | $ | 1,731 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
| Three Months Ended June 30, 2024
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 119,413 |  |  | $ | 29,197 |  |  | $ | 148,610 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 5,330 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 153,940 |
Less: |  |  |  |  |
Variable costs | $ | 87,825 |  |  | $ | 13,183 |  |  | $ | 101,008 |
Manufacturing fixed costs 1 | 9,881 |  |  | 3,115 |  |  | 12,996 |
Selling, general and administrative costs 1 | 8,972 |  |  | 2,791 |  |  | 11,763 |
Other 2 | (172) |  |  | (25) |  |  | (197) |
EBITDA from ongoing operations | $ | 12,907 |  |  | $ | 10,133 |  |  | $ | 23,040 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 5,763 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 1,729 |
Interest income |  |  |  |  | 5 |
Interest expense |  |  |  |  | 1,139 |
Gain on investment in kaleo, Inc. |  |  |  |  | 144 |
Corporate expenses, net 3 |  |  |  |  | 5,426 |
Income (loss) from continuing operations before income tax |  |  |  |  | 9,132 |
Income tax expense (benefit) |  |  |  |  | (38) |
Net income (loss) from continuing operations |  |  |  |  | 9,170 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (378) |
Net income (loss) |  |  |  |  | $ | 8,792 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
The following tables present segment revenue, segment profit (loss), and significant expenses for the six months ended June 30, 2025 and 2024:
| Six Months Ended June 30, 2025
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 281,999 |  |  | $ | 50,134 |  |  | $ | 332,133 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 11,720 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 343,853 |
Less: |  |  |  |  |
Variable costs | $ | 219,582 |  |  | $ | 23,664 |  |  | $ | 243,246 |
Manufacturing fixed costs 1 | 22,973 |  |  | 6,702 |  |  | 29,675 |
Selling, general and administrative costs 1 | 19,541 |  |  | 5,459 |  |  | 25,000 |
Other 2 | 1,462 |  |  | 76 |  |  | 1,538 |
EBITDA from ongoing operations | $ | 18,441 |  |  | $ | 14,233 |  |  | $ | 32,674 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 10,799 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 1,224 |
Interest income |  |  |  |  | 11 |
Interest expense |  |  |  |  | 2,798 |
Corporate expenses, net 3 |  |  |  |  | 13,804 |
Income (loss) from continuing operations before income tax |  |  |  |  | 4,060 |
Income tax expense (benefit) |  |  |  |  | 1,560 |
Net income (loss) from continuing operations |  |  |  |  | 2,500 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | 9,332 |
Net income (loss) |  |  |  |  | $ | 11,832 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
| Six Months Ended June 30, 2024
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 233,636 |  |  | $ | 53,932 |  |  | $ | 287,568 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 10,344 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 297,912 |
Less: |  |  |  |  |
Variable costs | $ | 172,610 |  |  | $ | 25,228 |  |  | $ | 197,838 |
Manufacturing fixed costs 1 | 19,507 |  |  | 6,336 |  |  | 25,843 |
Selling, general and administrative costs 1 | 15,770 |  |  | 5,307 |  |  | 21,077 |
Other 2 | 302 |  |  | 24 |  |  | 326 |
EBITDA from ongoing operations | $ | 25,447 |  |  | $ | 17,037 |  |  | $ | 42,484 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 11,633 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 3,400 |
Interest income |  |  |  |  | 25 |
Interest expense |  |  |  |  | 2,323 |
Gain on investment in kaleo, Inc. |  |  |  |  | 144 |
Corporate expenses, net 3 |  |  |  |  | 11,177 |
Income (loss) from continuing operations before income tax |  |  |  |  | 14,120 |
Income tax expense (benefit) |  |  |  |  | 2,346 |
Net income (loss) from continuing operations |  |  |  |  | 11,774 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | 306 |
Net income (loss) |  |  |  |  | $ | 12,080 |
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 June 30, 2025 and December 31, 2024:
(In thousands) | June 30, 2025 |  | December 31, 2024
Aluminum Extrusions | $ | 266,886 |  |  | $ | 247,205 |
PE Films | 54,905 |  |  | 55,081 |
Subtotal | 321,791 |  |  | 302,286 |
General corporate | 39,999 |  |  | 46,883 |
Cash and cash equivalents | 9,795 |  |  | 7,062 |
Discontinued operations | — |  |  | 126 |
Total | $ | 371,585 |  |  | $ | 356,357 |
The following table presents depreciation and amortization for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions | $ | 4,093 |  |  | $ | 4,446 |  |  | $ | 8,319 |  |  | $ | 8,988 |
PE Films | 1,230 |  |  | 1,317 |  |  | 2,480 |  |  | 2,645 |
Subtotal | 5,323 |  |  | 5,763 |  |  | 10,799 |  |  | 11,633 |
General corporate | 49 |  |  | 94 |  |  | 98 |  |  | 189 |
Discontinued operations | — |  |  | 732 |  |  | — |  |  | 1,483 |
Total | $ | 5,372 |  |  | $ | 6,589 |  |  | $ | 10,897 |  |  | $ | 13,305 |
The following table presents capital expenditures for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions | $ | 2,386 |  |  | $ | 1,463 |  |  | $ | 4,757 |  |  | $ | 3,012 |
PE Films | 295 |  |  | 216 |  |  | 882 |  |  | 610 |
Subtotal | 2,681 |  |  | 1,679 |  |  | 5,639 |  |  | 3,622 |
Discontinued operations | — |  |  | 642 |  |  | — |  |  | 1,160 |
Total | $ | 2,681 |  |  | $ | 2,321 |  |  | $ | 5,639 |  |  | $ | 4,782 |
The following tables disaggregate the Company’s revenue by geographic area and product group for the three and six months ended June 30, 2025 and 2024:
Net Sales by Geographic Area (a)
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 158,293 |  |  | $ | 131,856 |  |  | $ | 302,648 |  |  | $ | 256,837 |
Exports from the United States to: |  |  |  |  |  |  |
Asia | 10,336 |  |  | 13,844 |  |  | 21,172 |  |  | 22,659 |
Latin America | 1,011 |  |  | 1,348 |  |  | 2,590 |  |  | 2,659 |
Canada | 2,997 |  |  | 1,458 |  |  | 5,170 |  |  | 5,122 |
Europe | 30 |  |  | — |  |  | 37 |  |  | 25 |
Operations outside the United States: |  |  |  |  |  |  |
Asia | 296 |  |  | 104 |  |  | 516 |  |  | 266 |
Total | $ | 172,963 |  |  | $ | 148,610 |  |  | $ | 332,133 |  |  | $ | 287,568 |
(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 $6.3 million and $6.7 million in the second quarter of 2025 and 2024, respectively, and $12.9 million and $12.8 million in the first six months of 2025 and 2024, respectively.
Net Sales by Product Group
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction | $ | 81,625 |  |  | $ | 69,388 |  |  | $ | 149,223 |  |  | $ | 137,616 |
Consumer durables | 12,751 |  |  | 8,559 |  |  | 24,418 |  |  | 16,230 |
Automotive | 11,069 |  |  | 9,715 |  |  | 22,067 |  |  | 19,904 |
Residential building & construction | 10,025 |  |  | 9,481 |  |  | 19,023 |  |  | 17,072 |
Electrical | 12,522 |  |  | 6,927 |  |  | 27,863 |  |  | 12,534 |
Machinery & equipment | 15,998 |  |  | 12,154 |  |  | 31,281 |  |  | 23,870 |
Distribution | 4,377 |  |  | 3,189 |  |  | 8,124 |  |  | 6,410 |
Subtotal | 148,367 |  |  | 119,413 |  |  | 281,999 |  |  | 233,636 |
PE Films: |  |  |  |  |  |  |
Surface protection films | 16,741 |  |  | 21,713 |  |  | 35,512 |  |  | 38,725 |
Overwrap packaging | 7,855 |  |  | 7,484 |  |  | 14,622 |  |  | 15,207 |
Subtotal | 24,596 |  |  | 29,197 |  |  | 50,134 |  |  | 53,932 |
Total | $ | 172,963 |  |  | $ | 148,610 |  |  | $ | 332,133 |  |  | $ | 287,568 |

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