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BUSINESS SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended September 30, 2025 and 2024:
| Three Months Ended September 30, 2025
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 162,470 |  |  | $ | 25,883 |  |  | $ | 188,353 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 6,589 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 194,942 |
Less: |  |  |  |  |
Variable costs | $ | 124,462 |  |  | $ | 11,922 |  |  | $ | 136,384 |
Manufacturing fixed costs 1 | 11,906 |  |  | 3,785 |  |  | 15,691 |
Selling, general and administrative costs 1 | 8,948 |  |  | 2,961 |  |  | 11,909 |
Other 2 | 346 |  |  | (6) |  |  | 340 |
EBITDA from ongoing operations | $ | 16,808 |  |  | $ | 7,221 |  |  | $ | 24,029 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 5,414 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 915 |
Interest income |  |  |  |  | 6 |
Interest expense |  |  |  |  | 768 |
Corporate expenses, net 3 |  |  |  |  | 7,815 |
Income (loss) from continuing operations before income tax |  |  |  |  | 9,123 |
Income tax expense (benefit) |  |  |  |  | 2,014 |
Net income (loss) from continuing operations |  |  |  |  | 7,109 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (35) |
Net income (loss) |  |  |  |  | $ | 7,074 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
| Three Months Ended September 30, 2024
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 115,717 |  |  | $ | 24,879 |  |  | $ | 140,596 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 5,468 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 146,064 |
Less: |  |  |  |  |
Variable costs | $ | 90,397 |  |  | $ | 12,294 |  |  | $ | 102,691 |
Manufacturing fixed costs 1 | 10,218 |  |  | 3,496 |  |  | 13,714 |
Selling, general and administrative costs 1 | 8,549 |  |  | 3,173 |  |  | 11,722 |
Other 2 | 376 |  |  | 40 |  |  | 416 |
EBITDA from ongoing operations | $ | 6,177 |  |  | $ | 5,876 |  |  | $ | 12,053 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 5,703 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 2,170 |
Interest income |  |  |  |  | 5 |
Interest expense |  |  |  |  | 1,192 |
Gain on investment in kaleo, Inc. |  |  |  |  | — |
Corporate expenses, net 3 |  |  |  |  | 5,554 |
Income (loss) from continuing operations before income tax |  |  |  |  | (2,561) |
Income tax expense (benefit) |  |  |  |  | 828 |
Net income (loss) from continuing operations |  |  |  |  | (3,389) |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (557) |
Net income (loss) |  |  |  |  | $ | (3,946) |
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 nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30, 2025
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 444,470 |  |  | $ | 76,017 |  |  | $ | 520,487 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 18,309 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 538,796 |
Less: |  |  |  |  |
Variable costs | $ | 344,043 |  |  | $ | 35,586 |  |  | $ | 379,629 |
Manufacturing fixed costs 1 | 34,879 |  |  | 10,487 |  |  | 45,366 |
Selling, general and administrative costs 1 | 28,489 |  |  | 8,420 |  |  | 36,909 |
Other 2 | 1,808 |  |  | 70 |  |  | 1,878 |
EBITDA from ongoing operations | $ | 35,251 |  |  | $ | 21,454 |  |  | $ | 56,705 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 16,214 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 2,138 |
Interest income |  |  |  |  | 16 |
Interest expense |  |  |  |  | 3,566 |
Corporate expenses, net 3 |  |  |  |  | 21,619 |
Income (loss) from continuing operations before income tax |  |  |  |  | 13,184 |
Income tax expense (benefit) |  |  |  |  | 3,575 |
Net income (loss) from continuing operations |  |  |  |  | 9,609 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | 9,297 |
Net income (loss) |  |  |  |  | $ | 18,906 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
| Nine Months Ended September 30, 2024
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 349,353 |  |  | $ | 78,811 |  |  | $ | 428,164 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 15,812 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 443,976 |
Less: |  |  |  |  |
Variable costs | $ | 263,007 |  |  | $ | 37,522 |  |  | $ | 300,529 |
Manufacturing fixed costs 1 | 29,726 |  |  | 9,832 |  |  | 39,558 |
Selling, general and administrative costs 1 | 24,319 |  |  | 8,480 |  |  | 32,799 |
Other 2 | 677 |  |  | 64 |  |  | 741 |
EBITDA from ongoing operations | $ | 31,624 |  |  | $ | 22,913 |  |  | $ | 54,537 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 17,336 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | 5,570 |
Interest income |  |  |  |  | 30 |
Interest expense |  |  |  |  | 3,515 |
Gain on investment in kaleo, Inc. |  |  |  |  | 144 |
Corporate expenses, net 3 |  |  |  |  | 16,730 |
Income (loss) from continuing operations before income tax |  |  |  |  | 11,560 |
Income tax expense (benefit) |  |  |  |  | 3,175 |
Net income (loss) from continuing operations |  |  |  |  | 8,385 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (251) |
Net income (loss) |  |  |  |  | $ | 8,134 |
1. Excludes related depreciation and amortization. 2. Includes segment allocated employee compensation benefit expenses. 3. Includes corporate depreciation and amortization.
Schedule of Identifiable Assets | The following table presents identifiable assets by segment at September 30, 2025 and December 31, 2024:
(In thousands) | September 30, 2025 |  | December 31, 2024
Aluminum Extrusions | $ | 269,664 |  |  | $ | 247,205 |
PE Films | 54,694 |  |  | 55,081 |
Subtotal | 324,358 |  |  | 302,286 |
General corporate | 41,157 |  |  | 46,883 |
Cash and cash equivalents | 13,291 |  |  | 7,062 |
Discontinued operations | — |  |  | 126 |
Total | $ | 378,806 |  |  | $ | 356,357 |
Schedule of Depreciation and Amortization, Capital Expenditures | The following table presents depreciation and amortization for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions | $ | 4,190 |  |  | $ | 4,404 |  |  | $ | 12,509 |  |  | $ | 13,392 |
PE Films | 1,224 |  |  | 1,299 |  |  | 3,705 |  |  | 3,944 |
Subtotal | 5,414 |  |  | 5,703 |  |  | 16,214 |  |  | 17,336 |
General corporate | 48 |  |  | 66 |  |  | 146 |  |  | 255 |
Discontinued operations | — |  |  | 708 |  |  | — |  |  | 2,191 |
Total | $ | 5,462 |  |  | $ | 6,477 |  |  | $ | 16,360 |  |  | $ | 19,782 |
The following table presents capital expenditures for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions | $ | 3,079 |  |  | $ | 1,449 |  |  | $ | 7,835 |  |  | $ | 4,461 |
PE Films | 529 |  |  | 517 |  |  | 1,411 |  |  | 1,127 |
Subtotal | 3,608 |  |  | 1,966 |  |  | 9,246 |  |  | 5,588 |
Discontinued operations | — |  |  | 948 |  |  | — |  |  | 2,108 |
Total | $ | 3,608 |  |  | $ | 2,914 |  |  | $ | 9,246 |  |  | $ | 7,696 |
Schedule of Net Sales by Geographic Area | The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2025 and 2024:
Net Sales by Geographic Area (a)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 171,063 |  |  | $ | 124,800 |  |  | $ | 473,712 |  |  | $ | 381,637 |
Exports from the United States to: |  |  |  |  |  |  |
Asia | 11,482 |  |  | 11,728 |  |  | 32,654 |  |  | 34,387 |
Latin America | 2,026 |  |  | 1,462 |  |  | 4,616 |  |  | 4,121 |
Canada | 3,416 |  |  | 2,282 |  |  | 8,586 |  |  | 7,404 |
Europe | — |  |  | 35 |  |  | 37 |  |  | 60 |
Operations outside the United States: |  |  |  |  |  |  |
Asia | 366 |  |  | 289 |  |  | 882 |  |  | 555 |
Total | $ | 188,353 |  |  | $ | 140,596 |  |  | $ | 520,487 |  |  | $ | 428,164 |
(a) Export sales relate mostly to PE Films.
Schedule of Net Sales by Product Group |
Net Sales by Product Group
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction | $ | 87,388 |  |  | $ | 63,362 |  |  | $ | 236,612 |  |  | $ | 200,978 |
Consumer durables | 13,297 |  |  | 8,210 |  |  | 37,715 |  |  | 24,440 |
Automotive | 10,832 |  |  | 10,583 |  |  | 32,899 |  |  | 30,487 |
Residential building & construction | 11,516 |  |  | 9,368 |  |  | 30,539 |  |  | 26,440 |
Electrical | 14,429 |  |  | 8,541 |  |  | 42,292 |  |  | 21,075 |
Machinery & equipment | 17,662 |  |  | 12,564 |  |  | 48,943 |  |  | 36,434 |
Distribution | 7,346 |  |  | 3,089 |  |  | 15,470 |  |  | 9,499 |
Subtotal | 162,470 |  |  | 115,717 |  |  | 444,470 |  |  | 349,353 |
PE Films: |  |  |  |  |  |  |
Surface protection films | 19,163 |  |  | 17,516 |  |  | 54,675 |  |  | 56,241 |
Overwrap packaging | 6,720 |  |  | 7,363 |  |  | 21,342 |  |  | 22,570 |
Subtotal | 25,883 |  |  | 24,879 |  |  | 76,017 |  |  | 78,811 |
Total | $ | 188,353 |  |  | $ | 140,596 |  |  | $ | 520,487 |  |  | $ | 428,164 |

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