Protective Segment Volume Growth
Protective materials grew for the first time since 2021, with a 1% year-over-year increase in Q3, driven by strength in industrial portfolio, Instapak, AUTOBAG, and specialty foam.
Foodservice Growth
Foodservice volumes were up 4% year-over-year, outperforming the market across all regions, driven by Liquibox's fluids and liquids portfolio and new products like FlexPrep and Zero Prep.
Strong Adjusted EBITDA and Earnings
Q3 adjusted EBITDA was $287 million, up 4%, with a margin of 21.3%, up 80 basis points. Adjusted earnings per share was $0.87, up 10%.
Improved Liquidity and Debt Management
Total liquidity was $1.3 billion, and the company closed on the refinancing of its 5-year revolving credit facility.
Protective Segment Competitive Wins
The company landed multiple 7-figure wins at national accounts in the Protective segment, indicating successful execution of the go-to-market strategy.