The following is a summary of the Mativ Holdings, Inc. (MATV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mativ reported Q1 sales of $500 million, an increase of over 10% from Q4 but a 9% decrease year-over-year.

• The company's adjusted EBITDA for Q1 was $46 million.

• High cost inventory and unfavorable sales mix impacted the company's financials.

• Mativ expects improvements in its adjusted EBITDA across 2024.

• The company carries a net debt of $1.03 billion with available liquidity standing at $409 million.

Business Progress:

• Mativ underwent organizational restructuring for streamlined operations, resulting in two new business segments: Filtration and Advanced Materials (FAM), and the Sustainable and Adhesive Solutions (SAS).

• The company was awarded new recurring business for its proprietary UV reflective film.

• Mativ expects to reduce non-operating expenses by $20 million by the end of the year due to restructuring.

• The company anticipates a 30% sequential improvement in Q2 EBITDA due to volume recovery and cost reduction initiatives.

• Mativ reported slight profit increases and newly acquired businesses across various categories.

• The company plans to shift focus towards higher growth categories such as advanced films.

• The new streamlined structure and reduced operating costs are expected to drive higher sales and EBITDA for the company.

More details: Mativ IR

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