FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
NEW YORK - Magnera Corporation (NYSE:MAGN) reported second quarter earnings and revenue that fell short of analyst expectations on Wednesday, while also lowering its full-year guidance.
The specialty materials company’s shares edged 0.73% lower in premarket trading following the results.
For the fiscal second quarter ended March 29, Magnera posted adjusted earnings per share of -$1.15, missing the consensus estimate of $0.05 by a wide margin. Revenue came in at $824 million, below analyst projections of $878 million.
The company cited ongoing global economic uncertainty as impacting results. CEO Curt Begle noted Magnera is "prepared to take the appropriate operational and cost measures that align with short-term market realities" amid tariff-driven demand concerns.
Compared to the same quarter last year, net sales increased 48% to $824 million, primarily due to the merger with Glatfelter . However, on a comparable basis excluding merger impacts, sales declined 4% YoY.
Looking ahead, Magnera lowered its full-year comparable adjusted EBITDA guidance to a range of $360-$380 million. The company reaffirmed its post-merger adjusted free cash flow outlook of $75-$95 million for fiscal 2025.
"Our portfolio is primarily made up of products that people use every day, however we are prepared to take the appropriate operational and cost measures that align with short-term market realities," Begle stated.
Magnera will host a conference call at 10:00 AM ET to discuss the quarterly results in more detail.
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