10/31/2024 | Press release | Distributed by Public on 10/31/2024 10:54
Item 7.01. Regulation FD.
Today, Ranpak Holdings Corp. (the "Company") announced its results for the three- and nine-months periods ended September 30, 2024 and held its quarterly earnings call. Due to a technical error, the first few minutes of the broadcast may have been inaudible to certain listeners who joined the call remotely. The Company has reproduced below the statements from the Company's Chairman and Chief Executive Officer from that portion of the call, which should be read together with the earnings release to which they relate and with the Company's other SEC filings, including the Company's Form 10-Q for period ended September 30, 2024:
"We are pleased to share that our third quarter delivered double digit top-line growth and Adj EBITDA hence driving our fifth quarter in a row of higher volumes. Our financial results reflect that many of our key strategic initiatives are beginning to come to fruition and are accelerating the momentum we have been building over the past year. The continued improved performance in the quarter was driven by North American strategic account activity and solid performance in our Europe/APAC reporting unit. Overall we believe our strategy is playing out and we continue to make further progress in a number of key areas. While we are pleased with the performance of our strategic initiatives in North America, the general environment remains somewhat timid globally with an uneven environment in Europe and APAC.
North American sales increased 15.3% in the quarter on a constant currency basis vs last year driven by strategic account led void-fill activity as well as growth in Automation. We are seeing many of the larger e-Commerce companies doing better while other smaller businesses are still struggling to get back on track. Housing related activity remains weak given high mortgage rates, suppressing a lot of the discretionary goods purchases that typically go along with moving and new home builds. Industrial activity remains slower as well will which has impacted cushioning."
Note Regarding Forward-Looking Statements
This filing contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not historical facts are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this filing include, for example, statements about our expectations around the future performance of the business, including our forward-looking guidance.
The forward-looking statements contained in this filing are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (i) our inability to secure a sufficient supply of paper to meet our production requirements; (ii) the impact of rising prices on production inputs,