Ranpak Holdings Corp. (NYSE: PACK) reported Q3 EPS of ($0.08), $0.07 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $76.8 million versus the consensus estimate of $70.27 million.

• Business continuity not impacted by ongoing COVID-19 pandemic; all facilities operational
• Packaging System placement up 10.6% year over year to approximately 113,100 machines
• Net revenue increased 11.1% year over year and 8.1% year over year on a constant currency basis
• Net loss of $6.1 million compared to net loss of $1.6 million and Adjusted EBITDA of $23.7 million (which represents approximately a 31.1% margin) is up 7.7%, or $1.7 million year over year

Omar Asali, Chairman and Chief Executive Officer, commented, “The Ranpak team delivered another quarter of excellent performance and solid execution. I continue to be impressed with how well the team adapts to the dynamic conditions and remains focused on satisfying the needs of our customers while maintaining a safe operating environment. Net revenue of $76.1 million increased 8.1% year over year on a constant currency basis compared to pro forma net revenue of $70.4 million in the third quarter of 2019 driven by strength in Europe / APAC as those economies re-opened and e-Commerce activity remained elevated. Adjusted EBITDA of $23.7 million increased 7.7% from $22.0 million pro forma Adjusted EBITDA in the prior year driven by higher sales and lower input costs, offset somewhat by increased investments in expansion initiatives.”

“Our third quarter results reflect the strength of our model and alignment with structural growth tailwinds such as e-Commerce, Sustainability and Automation. Our global footprint and diverse product offering served us well as we were able to meaningfully grow our business year over year and position ourselves well for the future. I am pleased with our results as well as our activity level around new product innovation. Despite the uncertain conditions of the past year, we have advanced a number of key projects that we expect will further enhance Ranpak’s position as the leader in environmentally friendly protective packaging. We continue to execute on our initiatives and remain very optimistic about our opportunities to deliver growth and to create long-term shareholder value.”

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