Ranpak Holdings Corp. (NYSE: PACK) reported Q2 EPS of ($0.12), $0.07 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $66.1 million versus the consensus estimate of $63.19 million.

Omar Asali, Chairman and Chief Executive Officer, commented, “The Ranpak team delivered an outstanding performance in the second quarter and adapted well to a rapidly changing and challenging operating environment. Net revenue of $67.8 million increased 13.2% year over year on a constant currency basis compared to pro forma net revenue of $59.9 million in the second quarter of 2019 driven by strength in Europe / APAC as those economies re-opened and e-Commerce activity remained elevated. Adjusted EBITDA of $19.0 million increased 13.1% from $16.8 million pro forma Adjusted EBITDA in the prior year driven by higher sales and lower input costs, offset somewhat by increased investments in personnel relative to the second quarter of 2019.”

“We are proud of the fact we continue to be a reliable supplier to our customers and are utilizing new ways to remain engaged to ensure all of their needs are being met. I am very pleased with our results in the second quarter and believe we are well positioned to continue the momentum in the second half of the year and beyond to achieve our growth objectives. Similar to the Global Financial Crisis, I believe this environment has highlighted the quality of our model and unique combination of growth opportunities coupled with strong defensive characteristics in times of economic stress.”

“I would like to thank all of our employees, customers, distribution partners, and suppliers, whose focus and resolve have been critical to achieving Ranpak’s excellent performance throughout the ongoing coronavirus pandemic. Ranpak will continue its disciplined approach to health and safety measures to ensure the wellness of all of our employees and so we can continue to serve our customers uninterrupted.”

For earnings history and earnings-related data on Ranpak Holdings Corp. (PACK) click here.