Magnera Corp. Files 10-Q for Q4 2024
Ticker: MAGN · Form: 10-Q · Filed: Feb 6, 2025 · CIK: 41719
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Magnera Corp (MTR) filed its 10-Q for 12/28/24. Check financials.
AI Summary
Magnera Corp. filed its 10-Q for the period ending December 28, 2024. The company, formerly Glatfelter Corp., is based in Charlotte, NC, and operates in the paper mills industry. The filing covers financial information for the quarter and year-to-date periods, with specific details on financial statements and accounting policies.
Why It Matters
This 10-Q filing provides investors and analysts with a detailed look at Magnera Corp.'s financial performance and position as of the end of the 2024 calendar year.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 20241228 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
- 20250206 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Magnera Corp. (company) — Filer of the 10-Q
- Glatfelter Corp. (company) — Former name of Magnera Corp.
- 20241228 (date) — End of reporting period
- 20250206 (date) — Filing date
- Charlotte, NC (location) — Company address
FAQ
What is the primary business of Magnera Corp.?
Magnera Corp. is classified under the SIC code 2621, indicating operations in Paper Mills.
When did Magnera Corp. change its name from Glatfelter Corp.?
The name change from Glatfelter Corp. to Magnera Corp. occurred on September 30, 2020.
What is the fiscal year end for Magnera Corp.?
Magnera Corp.'s fiscal year ends on September 30.
Where is Magnera Corp. headquartered?
Magnera Corp.'s business and mailing address is 9335 Harris Corners Pkwy, Suite 300, Charlotte, NC 28269.
What SEC Act does this filing fall under?
This 10-Q filing is made under the Securities Exchange Act of 1934.
Filing Stats: 4,673 words · 19 min read · ~16 pages · Grade level 18.5 · Accepted 2025-02-06 16:58:21
Filing Documents
- magn-20241228.htm (10-Q) — 542KB
- ex311-122824.htm (EX-31.1) — 8KB
- ex312-122824.htm (EX-31.2) — 9KB
- ex321-122824.htm (EX-32.1) — 5KB
- ex322-122824.htm (EX-32.2) — 5KB
- magn-20241228_g1.jpg (GRAPHIC) — 66KB
- 0000041719-25-000016.txt ( ) — 4264KB
- magn-20241228.xsd (EX-101.SCH) — 33KB
- magn-20241228_cal.xml (EX-101.CAL) — 54KB
- magn-20241228_def.xml (EX-101.DEF) — 154KB
- magn-20241228_lab.xml (EX-101.LAB) — 447KB
- magn-20241228_pre.xml (EX-101.PRE) — 306KB
- magn-20241228_htm.xml (XML) — 442KB
- Financial Information
Part I - Financial Information Page Item 1
Financial Statements
Financial Statements 2 Consolidated and Combined Statements of Opera tions and Consol idated and Combined Statements of Comprehensive Income (Loss) 2 Consolidated and Combined Balance Sheets 3 Consolidated and Combined Statements of Cash Flows 4 Consolidated and Combined Statements of Changes in Stockholders' Equity 5 Notes to Consolidated and Combined Financial Statements 6 Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3
Quantitative and Qualitative Disclosures About Market Risks
Quantitative and Qualitative Disclosures About Market Risks 16 Item 4
Controls and Procedures
Controls and Procedures 16
– Other Information
Part II – Other Information 17
Legal Proceedings
Item 1 Legal Proceedings 17
Risk Factors
Item 1A Risk Factors 17 Item 6 Exhibits 18 Signature 20 Form 10-Q
– Financial Information
Part I – Financial Information
– Financial Statements
Item 1 – Financial Statements Magnera Corporation Consolidated and Combined Statements of Operations (Unaudited) Quarterly Period Ended (in millions of dollars, except per share amounts) December 28, 2024 December 30, 2023 Net sales $ 702 $ 519 Costs and expenses: Cost of goods sold 631 477 Selling, general and administrative 44 28 Amortization of intangibles 14 12 Transaction and other activities 32 10 Corporate expense allocation 3 4 Operating income (loss) ( 22 ) ( 12 ) Other expense (income), net 21 ( 2 ) Interest expense 26 — Income (loss) before income taxes ( 69 ) ( 10 ) Income tax benefit ( 9 ) ( 2 ) Net income (loss) $ ( 60 ) $ ( 8 ) Net income (loss) per share: Basic and Diluted ( 1.69 ) ( 0.25 ) Consolidated and Combined Statements of Comprehensive Income (Loss) (Unaudited) Quarterly Period Ended (in millions of dollars) December 28, 2024 December 30, 2023 Net income (loss) $ ( 60 ) $ ( 8 ) Other comprehensive income, net of tax: Currency translation gain (loss) ( 71 ) 39 Other comprehensive income (loss) ( 71 ) 39 Comprehensive income (loss) $ ( 131 ) $ 31 See notes to consolidated and combined financial statements. - 2 - Magnera Corporation Consolidated and Combined Balance Sheets (in millions of dollars) December 28, 2024 September 28, 2024 Assets (Unaudited) Current assets: Cash and cash equivalents $ 215 $ 230 Accounts receivable 475 359 Finished goods 303 156 Raw materials 205 103 Prepaid expenses and other current assets 140 38 Total current assets 1,338 886 Noncurrent assets: Property, plant and equipment 1,532 949 Goodwill and intangible assets 876 850 Right-of-use assets 74 49 Other assets 173 73 Total assets $ 3,993 $ 2,807 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 333 $ 295 Accrued expenses 205 162 Current portion of long-term debt 8 — Total current liabilities 546 457 Noncurrent liabilities: Long-term debt 1,988 — Deferred
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements (Unaudited) (tables in millions of dollars, except per share data) 1. Basis of Presentation On November 4, 2024 (the "Closing Date"), Treasure Holdco, Inc. ("Treasure"), which was a wholly owned subsidiary of Berry Global Group, Inc. ("Berry"), completed its merger (the "Transaction") with the Glatfelter Corporation ("GLT") which concurrently changed its name to Magnera Corporation ("the Company," "we," or "Magnera"). As a result, pre-Transaction Treasure shareholders received shares of Magnera representing 90 % of the combined company and GLT shareholders retained 10 %. The Company's shares trade on the New York Stock Exchange under the trading symbol MAGN. The accompanying unaudited Consolidated and Combined Financial Statements of Magnera Corporation have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated. For further information, refer to the Company's Form 8-K/A filed on January 31, 2024 with the SEC. The pre-Transaction combined financial results of operations, financial position, and cash flows have been prepared on a carve-out basis which include assumptions underlying the preparation that management believes are reasonable