Ranpak Holdings Corp. (NYSE: PACK) reported Q1 EPS of ($0.05), $0.03 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $63.4 million versus the consensus estimate of $65.12 million.

Omar Asali, Chief Executive Officer, commented, “Since the outbreak of COVID-19 Ranpak has taken decisive actions to promote the safety of our employees and customers, proactively managed our global supply chain to ensure a steady supply of our essential systems, and positioned our company to help support those in need. I am incredibly proud of all the ways our employees are responding to this crisis, all while staying focused on serving customers who count on Ranpak.”

“Considered an essential provider of goods across all of our operating areas, all Ranpak facilities have remained operational to date. Our teams have managed the business exceptionally well across the globe as we first encountered COVID-19 in Asia, then Europe, and most recently in North America. A combination of increased e-Commerce demand for our products and strong execution by our teams across the globe, offset by weakness in the industrial segment is reflected in our first quarter top-line results which were down 4.6% on a constant currency basis against a tough comparison in the first quarter of 2019 which benefited from buy-ins ahead of price increases as well as Brexit. Pro forma Adjusted EBITDA declined 8.1% to $18.1 million versus the prior year driven by lower sales and increased investments in the company relative to the first quarter of 2019. We continue to position ourselves for the future through additional hiring of personnel, digital footprint enhancement, and developing new products which will further solidify Ranpak’s status as the leading provider of paper-based systems for global supply chains. Our cash and liquidity position is strong, with $20.2 million of cash on hand at quarter end and full access to our $45 million undrawn revolver, and we continue to generate cash in the business, giving our operations the full flexibility needed.”

“In summary, our business fundamentals, liquidity, and financial health are strong. When the environment stabilizes and more industries re-open, we believe Ranpak will emerge in an improved position. We are encouraged by what we see coming out of Asia, as that region has bounced back nicely as many economies in that area of the world begin to re-open. Given the unknowns in the world, we are withdrawing our guidance and, as always, we are prudently managing our business in the near-term while maintaining focus on the long-term health and potential of our company.”

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