Ranpak Holdings reports Q4 revenue $90.4M, two estimates $87.04M

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. Overall, we continued to claw back our targeted gross margin throughout the year and are encouraged by the volume improvement we began to see in the second half of the year. The fourth quarter shows the power of the model when a sufficient amount of volumes are flowing through the complex and we are committed to building on our finish to the year to have a much improved 2024.”