Ranpak reports Q1 EPS (12c) vs (13c) last year

Reports Q1 revenue $101.2M, consensus $91.59M. Omar Asali, Chairman and Chief Executive Officer, commented, “I am pleased with how we started the year and how effectively we are navigating a dynamic environment. Automation delivered an exceptional performance and the momentum there continues to accelerate, with net revenue increasing 111% year over year on a constant currency basis and excluding warrants. PPS volumes grew 0.8% year over year, driven by growth in EMEA, which exceeded the expectations we shared on our fourth-quarter call and marks consolidated PPS volume growth in 10 of the past 11 quarters. As expected, North America faced a challenging comparison versus Q1 of last year where sales were up 33.5%, but we continued to see strong large enterprise e-commerce activity in North America, while the distribution channel in the region was below last year’s challenging comparison.”