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BUSINESS SEGMENTS
 6 Months Ended
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 ExtrusionsPE FilmsTotal
Net Sales$148,367 $24,596 $172,963 
Reconciliation of revenue:
Add back freight6,153 
Sales as shown in the consolidated statements of income (loss)$179,116 
Less:
Variable costs$116,059 $11,688 $127,747 
Manufacturing fixed costs1
11,760 3,243 15,003 
Selling, general and administrative costs1
10,129 2,867 12,996 
Other2
1,136 87 1,223 
EBITDA from ongoing operations$9,283 $6,711 $15,994 
Reconciliation of profit (loss):
Depreciation and amortization5,323 
Plant shutdowns, asset impairments, restructurings and other56 
Interest income6 
Interest expense1,785 
Corporate expenses, net3
6,024 
Income (loss) from continuing operations before income tax2,812 
Income tax expense (benefit)984 
Net income (loss) from continuing operations1,828 
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 ExtrusionsPE FilmsTotal
Net Sales$119,413 $29,197 $148,610 
Reconciliation of revenue:
Add back freight5,330 
Sales as shown in the consolidated statements of income (loss)$153,940 
Less:
Variable costs$87,825 $13,183 $101,008 
Manufacturing fixed costs1
9,881 3,115 12,996 
Selling, general and administrative costs1
8,972 2,791 11,763 
Other2
(172)(25)(197)
EBITDA from ongoing operations$12,907 $10,133 $23,040 
Reconciliation of profit (loss):
Depreciation and amortization5,763 
Plant shutdowns, asset impairments, restructurings and other1,729 
Interest income5 
Interest expense1,139 
Gain on investment in kaleo, Inc.144 
Corporate expenses, net3
5,426 
Income (loss) from continuing operations before income tax9,132 
Income tax expense (benefit)(38)
Net income (loss) from continuing operations9,170 
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 ExtrusionsPE FilmsTotal
Net Sales$281,999 $50,134 $332,133 
Reconciliation of revenue:
Add back freight11,720 
Sales as shown in the consolidated statements of income (loss)$343,853 
Less:
Variable costs$219,582 $23,664 $243,246 
Manufacturing fixed costs1
22,973 6,702 29,675 
Selling, general and administrative costs1
19,541 5,459 25,000 
Other2
1,462 76 1,538 
EBITDA from ongoing operations$18,441 $14,233 $32,674 
Reconciliation of profit (loss):
Depreciation and amortization10,799 
Plant shutdowns, asset impairments, restructurings and other1,224 
Interest income11 
Interest expense2,798 
Corporate expenses, net3
13,804 
Income (loss) from continuing operations before income tax4,060 
Income tax expense (benefit)1,560 
Net income (loss) from continuing operations2,500 
Income (loss) from discontinued operations, net of tax9,332 
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 ExtrusionsPE FilmsTotal
Net Sales$233,636 $53,932 $287,568 
Reconciliation of revenue:
Add back freight10,344 
Sales as shown in the consolidated statements of income (loss)$297,912 
Less:
Variable costs$172,610 $25,228 $197,838 
Manufacturing fixed costs1
19,507 6,336 25,843 
Selling, general and administrative costs1
15,770 5,307 21,077 
Other2
302 24 326 
EBITDA from ongoing operations$25,447 $17,037 $42,484 
Reconciliation of profit (loss):
Depreciation and amortization11,633 
Plant shutdowns, asset impairments, restructurings and other3,400 
Interest income25 
Interest expense2,323 
Gain on investment in kaleo, Inc.144 
Corporate expenses, net3
11,177 
Income (loss) from continuing operations before income tax14,120 
Income tax expense (benefit)2,346 
Net income (loss) from continuing operations11,774 
Income (loss) from discontinued operations, net of tax306 
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, 2025December 31, 2024
Aluminum Extrusions$266,886 $247,205 
PE Films54,905 55,081 
Subtotal321,791 302,286 
General corporate39,999 46,883 
Cash and cash equivalents9,795 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)2025202420252024
Aluminum Extrusions$4,093 $4,446 $8,319 $8,988 
PE Films1,230 1,317 2,480 2,645 
Subtotal5,323 5,763 10,799 11,633 
General corporate49 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)2025202420252024
Aluminum Extrusions$2,386 $1,463 $4,757 $3,012 
PE Films295 216 882 610 
Subtotal2,681 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)2025202420252024
United States$158,293 $131,856 $302,648 $256,837 
Exports from the United States to:
Asia10,336 13,844 21,172 22,659 
Latin America1,011 1,348 2,590 2,659 
Canada2,997 1,458 5,170 5,122 
Europe30 — 37 25 
Operations outside the United States:
Asia296 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)2025202420252024
Aluminum Extrusions:
Nonresidential building & construction$81,625 $69,388 $149,223 $137,616 
Consumer durables12,751 8,559 24,418 16,230 
Automotive11,069 9,715 22,067 19,904 
Residential building & construction10,025 9,481 19,023 17,072 
Electrical12,522 6,927 27,863 12,534 
Machinery & equipment15,998 12,154 31,281 23,870 
Distribution4,377 3,189 8,124 6,410 
Subtotal148,367 119,413 281,999 233,636 
PE Films:
Surface protection films16,741 21,713 35,512 38,725 
Overwrap packaging7,855 7,484 14,622 15,207 
Subtotal24,596 29,197 50,134 53,932 
Total $172,963 $148,610 $332,133 $287,568