Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Ranpak Holdings Corp. (NYSE: PACK) reported better-than-expected fourth-quarter revenue results on Monday.
Ranpak Hldgs posted GAAP loss of 11 cents per share, compared to market expectations for a loss of 3 cents per share. The company’s sales came in at $90.400 million versus estimates of $87.042 million, according to data from Benzinga Pro.
Omar Asali, Chairman and Chief Executive Officer, commented, “We are pleased with our fourth quarter results as Ranpak finished the year on a positive note and built on the volume improvement momentum which began in the third quarter of 2023. Net revenue for the quarter increased 10.3% year over year on a constant currency basis to $93.9 million, driven by growth in both North America and Europe/APAC. We saw continued general improvement in the operating environment in Europe in the quarter and a more pronounced e-Commerce holiday season uptick in North America. Volumes overall increased 10% compared to the prior year and finished positive for the year after a slower start. In addition to our improved top-line performance, we experienced our most profitable quarter of the year as better volumes and more favorable input costs drove an Adjusted EBITDA increase of 89.1% to $24.4 million on a constant currency basis.”
Ranpak Holdings said it sees 2024 net revenue growth in the area of 6% to 12% and AEBITDA growth of 5% to 16% on constant currency basis.
Ranpak Hldgs shares jumped 42.8% to trade at $6.24 on Tuesday.
These analysts made changes to their price targets on Ranpak Holdings after the company reported quarterly results.
- Baird raised the price target on Ranpak Holdings from $5 to $7. Baird analyst Ghansham Panjabi maintained an Outperform rating.
- TD Cowen increased the price target on Ranpak Holdings from $8 to $11. TD Cowen analyst Tara Bancroft maintained a Market Perform rating.
Now Read This: Bitcoin Surpasses $72,000 Following Inflation Data; Toncoin Emerges As Top Gainer
Latest Ratings for PACK
| Aug 2021 | Goldman Sachs | Initiates Coverage On | Neutral | |
| Aug 2021 | Baird | Initiates Coverage On | Outperform | |
| Apr 2021 | Berenberg | Initiates Coverage On | Buy |
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.