Ranpak shares tear apart on quarterly loss, forecast cut

Pactiv Evergreen

06/05/2022 17:43

** Shares of Ranpak Holding  PACK.N  down as much as 22.73%
at $11.60 - a near one and a half-year low, impacted by trucker
shortages in Europe and higher costs
    ** The sustainable packaging co reports a qtrly loss
compared to a year-ago profit, on lower revenue, hurt by lower
sales in Europe and Asia  urn:newsml:reuters.com:*:nBw3Hxv4ma
    ** CEO Omar Asali, on impact of Ukraine war on European
operations, says "Demand for our products in the region has
remained solid but trucking reliability has been negatively
impacted due to fewer drivers being available"
    ** PACK also lowers its full-year revenue and adjusted
EBITDA forecast, believing headwinds in Europe from Q1 may
continue for longer   
    ** Up to last close, PACK had fallen 66.2% YTD, and peers
Pactiv Evergreen  PTVE.O  was down 6.3%, Sealed Air Corp  SEE.N 
had risen 9%, Graphic Packaging Holding Co  GPK.N  was up 26.5%
and International Flavors & Fragrances  IFF.N  down 5.5% YTD

 (Reporting by Nandhini Srinivasan)
 ((Nandhini.Srinivasan@thomsonreuters.com;))