Tredegar TG
Tredegar reports net loss of $2.82 million
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001628280-26-071343
- Net loss: $2.82 million for the three months ended Sep 30, 2026
- Diluted EPS: -$0.08 for the three months ended Sep 30, 2026
- Cash and equivalents: $16.32 million at Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
11 changes since the June 2026 10-Q
Compared with the 10-Q 0001628280-26-054593, filed Aug 7, 2026.
EPS down 147% from Jun 30
−$0.08, was $0.17.
From the filings
Before
$0.17Now
−$0.08Net income down 147% from Jun 30
−$2.8M, was $6M.
From the filings
Before
$6MNow
−$2.8MCash down 5% from Jun 30
$16.3M, was $17.2M.
From the filings
Before
$17.2MNow
$16.3MConsolidated gross profit (sales minus cost of goods sold and freight) as a percentage of sales (gross…
Adds "7.2%"; drops "13.0%".
From the filings
Before
Consolidated gross profit (sales minus cost of goods sold and freight) as a percentage of sales (gross profit margin) was 13.0% in the first six months of 2026 compared to 13.9% in the first six months of 2025. The gross profit margin in Aluminum Extrusions remained consistent with the prior period. The gross profit margin in High Performance Films decreased due to a lower Surface Protection contribution margin associated with lower volume, unfavorable mix, and the pass-through lag associated with higher resin costs, partially offset by favorable productivity and cost improvements.Now
Consolidated gross profit (sales minus cost of goods sold and freight) as a percentage of sales (gross profit margin) was 7.2% in the third quarter of 2026 compared to 16.0% in the third quarter of 2025. The gross profit margin in Aluminum Extrusions decreased primarily due to higher labor rates, unfavorable labor productivity, higher maintenance expense and higher freight expense, partially offset by favorable pricing and mix and favorable manufacturing costs primarily associated with casting capabilities due to scrap spreads and higher scrap utilization. The gross profit margin in High Performance Films decreased primarily due to a lower surface protection films contribution margin associated with unfavorable volume and mix and the pass-through lag associated with higher resin costs, partially offset by cost improvements.Interest expense was $0.5 million in the third quarter of 2026 in comparison to $0.8 million in the third…
Adds "third"; drops "second".
From the filings
Before
Interest expense was $0.5 million in the second quarter of 2026 in comparison to $1.8 million in the second quarter of 2025. The decrease in interest expense was primarily due to the write-off of deferred financing fees related to Amendment No. 5 to the Company's Second Amended and Restated Credit Agreement of $0.8 million during the second quarter of 2025, lower weighted average total debt outstanding and lower interest rates.Now
Interest expense was $0.5 million in the third quarter of 2026 in comparison to $0.8 million in the third quarter of 2025. The decrease in interest expense was primarily due to lower weighted average total debt outstanding and lower interest rates.Net sales in the third quarter of 2026 increas ed 9.1% ve rsus the third quarter of 2025 primarily due to…
Adds "third"; drops "second".
From the filings
Before
Net sales in the second quarter of 2026 increas ed 24.1% ve rsus the second quarter of 2025 primarily due to the pass-through of higher metal costs, partially offset by lower volume. Sales volume in the second quarter of 2026 decrease d 5.8% ver sus the second quarter of 2025 and increa sed 8.8% versus the first quarter of 2026. Bonnell Aluminum experienced a 16% decline in nonresidential building and construction volume, driven by higher costs, including significantly higher metal costs, and ongoing economic uncertainty. Nonresidential building and construction volume represented approximately 48% of total volume and remains Bonnell Aluminum's most significant end-use market. Within the specialty market, consumer durables volume, representing 8% of total volume, decreased 18% due to consumer cautionary spending on discretionary purchases. Also within the specialty market, TSLOTS TM shipments, representing approximately 11% of total volume, increased 45%, supported by increased demand for data‑containment and data‑center infrastructure. Automotive and transportation volume declined 16%, reflecting continued cost pressures on manufacturers and lower sales compared with the prior year period, which benefited from tariff-related pull-forward demand in the second quarter of 2025. Automotive and transportation represents approximately 7% of total volume.Now
Net sales in the third quarter of 2026 increas ed 9.1% ve rsus the third quarter of 2025 primarily due to the pass-through of higher metal costs, partially offset by lower volume. Sales volume in the third quarter of 2026 decrease d 11.6% ver sus the third quarter of 2025 and decrea sed 4.7% versus the second quarter of 2026. The Architecture Billings Index (ABI), a key leading indicator for nonresidential building and construction volume, has demonstrated a decline in billings (i.e., an index below 50) during 2026, including a recent sharp decrease in September of 2026. Nonresidential building and construction volume, which represented approximately 51% of total volume, decreased 14% driven by higher pricing, including significantly higher metal costs, and ongoing economic uncertainty. Within the specialty market, consumer durables volume decreased 22% due to cautionary consumer spending on discretionary purchases. Automotive and transportation volume declined 17%, reflecting continued economic uncertainty, higher input costs and trade related pressures affecting manufacturers, compared to the prior-year period, which benefited from customer orders placed in advance of higher tariffs. Partially offsetting the declines, within the specialty market, TSLOTS TM shipments increased 48%, supported by growing demand for modular aluminum framing systems.• A foreign currency transaction loss of $0.1 million in the third quarter of 2026 and in the third quarter…
Adds "$0.1"; drops "$0.3".
From the filings
Before
• A foreign currency transaction loss of $0.3 million in the second quarter of 2026 versus no gain or loss in the second quarter of 2025.Now
• A foreign currency transaction loss of $0.1 million in the third quarter of 2026 and in the third quarter of 2025.The memory chip market pressures may continue to affect customer's production levels and High Performance…
New paragraph in MD&A.
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Now
The memory chip market pressures may continue to affect customer's production levels and High Performance Films' product mix through the remainder of 2026. Despite significant quarterly volatility since the first quarter of 2022, EBITDA from ongoing operations has normalized to approximately $5.0 million per quarter.◦ Accounts payable in High Performance Films remained consistent with the prior year period.
Adds "payable"; drops "and other receivables".
From the filings
Before
◦ Accounts and other receivables in High Performance Films increased $1.8 million primarily due to higher sales volume. DSO was approximately 26.0 days for the 12 months ended June 30, 2026 and 25.4 days for the 12 months ended December 31, 2025.Now
◦ Accounts payable in High Performance Films remained consistent with the prior year period. DPO was approximately 38.7 days for the 12 months ended September 30, 2026 and 40.6 days for the 12 months ended December 31, 2025. The decrease in DPO was primarily related to unfavorable terms with respect to large resin suppliers.In October 2025, High Performance Films' business location in Guangzhou, China, Guangzhou Tredegar Film…
Adds "During"; drops "loan was to mature on October 20,".
From the filings
Before
In October 2025, High Performance Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd. ("Guangzhou Tredegar"), entered into a 3.5 million Chinese Yuan, which is equivalent to $0.5 million as of December 31, 2025, unsecured revolving loan with the Industrial and Commercial Bank of China. The loan was to mature on October 20, 2026. The interest rate was the one-year loan prime rate published by the National Interbank Funding Center for the working day immediately preceding the drawdown date, minus 0.55%. As of October 20, 2025, the National Interbank Funding Center rate was 3.00%. The financial covenants required that the total amount of Guangzhou Tredegar's current liabilities could not exceed 50% of the total amount of current assets and the short-term financing amount could not exceed 50% of GuangzhouNow
In October 2025, High Performance Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd. ("Guangzhou Tredegar"), entered into a 3.5 million Chinese Yuan, which is equivalent to $0.5 million as of December 31, 2025, unsecured revolving loan with the Industrial and Commercial Bank of China. During the second quarter of 2026, Guangzhou Tredegar fully repaid all outstanding borrowings under the unsecured revolving loan. As of September 30, 2026, there were no borrowings outstanding under the unsecured revolving loan, which matured on October 20, 2026.As of September 30, 2026, the Company was in compliance with all debt covenants.
New paragraph in MD&A.
From the filings
Now
As of September 30, 2026, the Company was in compliance with all debt covenants.
Show the redline
Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
22 unchanged paragraphs
The number of shares of Common Stock, no par value, outstanding as of July 31, October 30, 2026: 34,944,164 34,818,961
2 unchanged paragraphs
Financial statements 175 changes
3 unchanged paragraphs
June September 30, December 31,
Cash and cash equivalents $ 17,179 16,322 $ 6,729
Accounts and other receivables, net 97,451 96,853 81,811
1 unchanged paragraph
Inventories 88,081 64,962
Inventories 78,016 64,962
Prepaid expenses and other 7,278 8,821 15,525
Total current assets 209,989 200,012 169,074
Property, plant and equipment, at cost 521,181 523,480 509,430
Less: accumulated depreciation ( 386,069 390,961 ) ( 376,455 )
Net property, plant and equipment 135,112 132,519 132,975
Right-of-use leased assets 14,419 14,033 12,764
Identifiable intangible assets, net 4,689 4,249 5,568
1 unchanged paragraph
Total assets $ 412,925 $ 371,372
Deferred income taxes 24,501 25,657 26,277
Other assets 1,769 1,728 2,268
Total assets $ 400,644 $ 371,372
2 unchanged paragraphs
Accounts payable $ 94,455 $ 75,754
Accrued expenses 23,857 25,411
Accounts payable $ 85,746 $ 75,754
Accrued expenses 21,089 25,411
Lease liability, short-term 2,585 2,602 2,263
1 unchanged paragraph
Total liabilities 184,359 154,818
Income taxes payable 232 181 455
Total current liabilities 121,129 109,618 104,381
Lease liability, long-term 12,103 11,602 10,960
ABL revolving facility 46,000 49,000 34,550
Pension and other postretirement benefit obligations, net 1,279 1,265 1,196
Other non-current liabilities 3,848 3,745 3,731
Total liabilities 175,230 154,818
1 unchanged paragraph
Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,925,717 34,800,024 shares at June September 30, 2026 and 34,737,534 shares at December 31, 2025)
Common stock held in trust for savings restoration plan ( 118,542 shares at June September 30, 2026 and December 31, 2025)
1 unchanged paragraph
Retained earnings 158,566 146,888
Foreign currency translation adjustment 6,241 6,481 5,566
Gain (loss) on derivative financial instruments 513 ( 18 ) 1,071
Pension and other postretirement benefit adjustments ( 276 270 ) ( 215 )
Retained earnings 155,745 146,888
Total shareholders' equity 228,566 225,414 216,554
Total liabilities and shareholders' equity $ 412,925 400,644 $ 371,372
4 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
1 unchanged paragraph
Sales $ 216,236 $ 179,116 $ 402,725 $ 343,853
Other income (expense), net 40 1,385 83 1,376
Cost of goods sold 180,784 148,535 338,280 284,178
Freight 6,472 6,153 11,971 11,720
Selling, general and administrative 20,125 20,557 36,541 41,217
Research and development 178 193 355 357
Interest expense 465 1,785 824 2,798
Total 208,498 177,689 388,928 341,169
Income tax expense (benefit) 1,731 984 2,763 1,560
Net income (loss) from continuing operations 6,047 1,828 11,117 2,500
Net income (loss) $ 6,017 $ 1,731 $ 11,678 $ 11,832
Sales $ 207,174 $ 194,942 $ 609,899 $ 538,796
Other income (expense), net 21 4 103 1,381
Cost of goods sold 186,216 157,209 524,496 441,387
Freight 6,128 6,589 18,099 18,309
Selling, general and administrative 16,289 20,225 52,829 61,443
Research and development 323 147 678 504
Amortization of identifiable intangibles 440 440 879 879 1,319 1,319
Pension and postretirement benefits 25 27 63 3 88 30
Interest expense 526 768 1,350 3,566
Asset impairments and costs associated with exit and disposal activities, net of adjustments 9 ( 1 ) 15 17 737 418 752 435
Total 210,684 185,823 599,611 526,993
Income (loss) from continuing operations before income taxes 7,778 2,812 13,880 4,060 ( 3,489 ) 9,123 10,391 13,184
Income tax expense (benefit) ( 663 ) 2,014 2,100 3,575
Net income (loss) from continuing operations ( 2,826 ) 7,109 8,291 9,609
Income (loss) from discontinued operations, net of tax ( 30 ) 5 ( 97 35 ) 561 9,332 566 9,297
Net income (loss) $ ( 2,821 ) $ 7,074 $ 8,857 $ 18,906
1 unchanged paragraph
Continuing operations $ 0.17 $ 0.05 $ 0.32 $ 0.07
Continuing operations $ ( 0.08 ) $ 0.20 $ 0.24 $ 0.28
1 unchanged paragraph
Basic earnings (loss) per share $ 0.17 $ 0.05 $ 0.34 $ 0.34
Continuing operations $ 0.17 $ 0.05 $ 0.32 $ 0.07
Basic earnings (loss) per share $ ( 0.08 ) $ 0.20 $ 0.26 $ 0.55
Continuing operations $ ( 0.08 ) $ 0.20 $ 0.24 $ 0.28
1 unchanged paragraph
Diluted earnings (loss) per share $ 0.17 $ 0.05 $ 0.34 $ 0.34
Diluted earnings (loss) per share $ ( 0.08 ) $ 0.20 $ 0.26 $ 0.55
1 unchanged paragraph
Basic 34,844 34,775 34,771 34,694
Diluted 34,844 34,775 34,771 34,694
Basic 34,721 34,773 34,754 34,721
Diluted 34,721 34,773 34,754 34,721
3 unchanged paragraphs
Net income (loss) $ 6,017 $ 1,731
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and 95 more changes in the filing
Note 1: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 6 changes
Tredegar Corporation is engaged, through its subsidiaries, in the manufacture of aluminum extrusions and polyethylene and polypropylene plastic films. Unless the context requires otherwise, all references herein to "Tredegar," "the Company," "we," "us" or "our" are to Tredegar Corporation and its consolidated subsidiaries. In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments necessary to state fairly, in all material respects, Tredegar's condensed consolidated financial position as of June September 30, 2026, the condensed consolidated results of operations for the three and six nine months ended June September 30, 2026 and 2025, the condensed consolidated cash flows for the six nine months ended June September 30, 2026 and 2025, and the condensed consolidated changes in shareholders' equity for the three and six nine months ended June September 30, 2026 and 2025, in accordance with U.S. generally accepted accounting principles ("GAAP"). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature.
The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal second third quarter for 2026 and 2025 for this segment references 13-week periods ended June 28, September 27, 2026 and June 29, September 28, 2025, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusions' cash flows from operations during the intervening period from Aluminum Extrusions' fiscal quarter end and the Company's fiscal quarter end. As a result, the Company's prepaid and other current assets increased by $ 5.7 million as of December 31, 2025 since the Company made payments to the Aluminum Extrusions segment to fund its payroll during the intervening period between December 28, 2025 and December 31, 2025. There was no intercompany funding with Aluminum Extrusions between June 28, September 27, 2026 and June September 30, 2026.
The condensed consolidated financial statements as of December 31, 2025 that is included herein was were derived from the audited consolidated financial statements provided in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K") but does do not include all disclosures required by GAAP. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the 2025 Form 10-K.
The results of operations for the three and six nine months ended June September 30, 2026, are not necessarily indicative of the results to be expected for the full year.
4 unchanged paragraphs
In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06 to amend various paragraphs in the Accounting Standards Codification ("ASC") to primarily reflect the issuance of U.S. Securities and Exchange Commission ("SEC") Staff Bulletin Release No. 33-10532. ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is not permitted. The Company does not expect a material impact from the adoption of this standard on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU will require the Company to disclose specified information about certain costs and expenses in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
1 unchanged paragraph
Note 2: ACCOUNTS AND OTHER RECEIVABLES 8 changes
Customer receivables $ 94,108 $ 80,027
As of June September 30, 2026 and December 31, 2025, accounts and other receivables, net include the following:
(In thousands) June September 30, 2026 December 31, 2025
Customer receivables $ 93,796 $ 80,027
Other receivables 3,638 3,354 2,095
Total accounts and other receivables 97,746 97,150 82,122
Less: Allowance for credit losses ( 295 297 ) ( 311 )
Total accounts and other receivables, net $ 97,451 96,853 $ 81,811
Note 3: INVENTORIES 9 changes
1 unchanged paragraph
Finished goods $ 17,108 $ 17,578
Raw materials 38,508 20,365
Total $ 88,081 $ 64,962
(In thousands) June September 30, 2026 December 31, 2025
Finished goods $ 15,793 $ 17,578
Work-in-process 7,632 7,115 3,574
Raw materials 30,661 20,365
Stores, supplies and other 24,833 24,447 23,445
Total $ 78,016 $ 64,962
Note 4: PENSION AND OTHER POSTRETIREMENT BENEFITS 17 changes
1 unchanged paragraph
Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. Pension expense recognized for this plan was immaterial in the three and six nine months ended June September 30, 2026 and 2025.
2 unchanged paragraphs
The components of net periodic benefit cost for the pension and Other Post-Retirement Benefits reflected in the condensed consolidated statements of income for the three and six nine months ended June September 30, 2026 and 2025, are shown below:
1 unchanged paragraph
Three Months Ended June 30, Three Months Ended June 30,
Interest cost 20 20 — 68
Three Months Ended September 30, Three Months Ended September 30, (In thousands) 2026 2025 2026 2025
Service cost $ — $ — $ — $ 2 3
Interest cost 18 19 — 68
Amortization of prior service costs, (gains) losses and net transition asset 5 7 5 — ( 68 )
Net periodic benefit cost $ 25 $ 25 24 $ — $ 2 3
1 unchanged paragraph
Six Months Ended June 30, Six Months Ended June 30,
Interest cost 142 39 — 136
Nine Months Ended September 30, Nine Months Ended September 30, (In thousands) 2026 2025 2026 2025
Service cost $ — $ — $ — $ 4 7
Interest cost 158 58 — 204
Amortization of prior service costs, (gains) losses and net transition asset ( 79 70 ) 10 15 — ( 186 254 )
Net periodic benefit cost $ 63 88 $ 49 73 $ — $ ( 46 43 )
Pension and other postretirement liabilities were $ 1.5 million and $ 1.4 million at June both September 30, 2026 and December 31, 2025 respectively ($ 0.2 million included in "Accrued expenses" at June September 30, 2026 and December 31, 2025 with the remainder included in "Pension and other postretirement benefit obligations, net" in the condensed consolidated balance sheets).
Note 5: EARNINGS PER SHARE 5 changes
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2026 2025 2026 2025
Weighted average shares outstanding used to compute basic earnings per share 34,844 34,775 34,771 34,694 34,721 34,773 34,754 34,721
1 unchanged paragraph
Shares used to compute diluted earnings per share 34,844 34,775 34,771 34,694 34,721 34,773 34,754 34,721
Incremental shares attributable to stock options are computed under the treasury stock method using the average market price during the related period. If the Company had reported net income from continuing operations for the three months ended September 30, 2026, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options were and restricted stock would have been 1,072,073 . Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and 1,116,417 restricted stock were 1,101,636 for the three and six nine months ended June September 30, 2026. respectively. Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options were 1,245,367 1,205,105 and 1,285,628 1,258,787 for the three and six nine months ended June September 30, 2025, respectively.
Note 6: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 43 changes
The changes in accumulated other comprehensive income (loss) by component for the three months ended June September 30, 2026.
1 unchanged paragraph
Balance at April 1, 2026 $ 5,894 $ 1,922 $ ( 281 ) $ 7,535
Other comprehensive income (loss) 347 1,170 — 1,517
Balance at July 1, 2026 $ 6,241 $ 513 $ ( 276 ) $ 6,478
Other comprehensive income (loss) 240 126 — 366
Income tax (expense) benefit — ( 261 28 ) — ( 261 28 )
Other comprehensive income (loss), net of tax 347 909 240 98 — 1,256 338
Reclassification adjustment to net income (loss) — ( 2,985 810 ) 6 7 ( 2,979 803 )
Income tax (expense) benefit — 667 181 ( 1 ) 666 180
Reclassification adjustment to net income (loss), net of tax — ( 2,318 629 ) 5 6 ( 2,313 623 )
Other comprehensive income (loss), net of tax 347 240 ( 1,409 531 ) 5 6 ( 1,057 285 )
Balance at June September 30, 2026
The changes in accumulated other comprehensive income (loss) by component for the six nine months ended June September 30, 2026.
2 unchanged paragraphs
Other comprehensive income (loss) 675 1,550 — 2,225
Other comprehensive income (loss) 915 1,677 — 2,592
Income tax (expense) benefit — ( 346 375 ) — ( 346 375 )
Other comprehensive income (loss), net of tax 675 ( 558 ) ( 61 915 1,302 — 56 2,217
Reclassification adjustment to net income (loss) — ( 2,269 3,079 ) ( 79 70 ) ( 2,348 3,149 )
Income tax (expense) benefit — 507 18 525 688 15 703
Reclassification adjustment to net income (loss), net of tax — ( 1,762 2,391 ) ( 61 55 ) ( 1,823 2,446 )
Other comprehensive income (loss), net of tax 675 1,204 915 ( 1,879 1,089 ) ( 55 ) ( 229 )
Balance at June September 30, 2026
The changes in accumulated other comprehensive income (loss) by component for the three months ended June September 30, 2025.
1 unchanged paragraph
Balance at April 1, 2025 $ 5,132 $ 70 $ 737 $ 5,939
Balance at July 1, 2025 $ 5,180 $ 666 $ 688 $ 6,534
Other comprehensive income (loss) 48 754 154 829 — 802 983
Income tax (expense) benefit — ( 168 185 ) — ( 168 185 )
Other comprehensive income (loss), net of tax 48 586 154 644 — 634 798
Reclassification adjustment to net income (loss) — 13 ( 613 ) ( 63 ) ( 50 676 )
Income tax (expense) benefit — ( 3 ) 137 14 11 151
Reclassification adjustment to net income (loss), net of tax — 10 ( 476 ) ( 49 ) ( 39 525 )
Other comprehensive income (loss), net of tax 48 596 154 168 ( 49 ) 595 273
Balance at June September 30, 2025
The changes in accumulated other comprehensive income (loss) by component for the six nine months ended June September 30, 2025.
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Other comprehensive income (loss) 75 372 — 447
Other comprehensive income (loss) 229 1,201 — 1,430
Income tax (expense) benefit — ( 85 270 ) — ( 85 270 )
Other comprehensive income (loss), net of tax 75 287 229 931 — 362 1,160
Reclassification adjustment to net income (loss) — 129 ( 176 484 ) ( 47 239 ) ( 723 )
Income tax (expense) benefit — ( 18 ) 38 20 119 52 171
Reclassification adjustment to net income (loss), net of tax — 111 ( 138 365 ) ( 27 187 ) ( 552 )
Other comprehensive income (loss), net of tax 75 398 229 566 ( 138 187 ) 335 608
Balance at June September 30, 2025
1 unchanged paragraph
Note 7: DERIVATIVES 18 changes
1 unchanged paragraph
In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with a small subset of its customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments have durations generally no longer than 12 months. The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $ 15.0 27.5 million ( 6.2 11.0 million pounds of aluminum) at June September 30, 2026 and $ 10.0 million ( 5.2 million pounds of aluminum) at December 31, 2025.
The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of June September 30, 2026 and December 31, 2025:
June September 30, 2026 December 31, 2025
3 unchanged paragraphs
Aluminum futures contracts
Prepaid expenses and other $ 1,305 480 $ 1,392
2 unchanged paragraphs
Accrued expenses ( 567 ) ( 4 )
Accrued expenses ( 341 ) ( 4 )
Aluminum futures contracts Other non-current liabilities ( 79 162 ) ( 9 )
Net asset (liability) $ 661 ( 23 ) $ 1,379
1 unchanged paragraph
The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six nine month periods ended June September 30, 2026 and 2025 is summarized in the table below:
1 unchanged paragraph
Three Months Ended June September 30,
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Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 1,170 126 $ 750 829
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Six Months Ended June 30,
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 2,985 810 $ ( 13 ) 612
Nine Months Ended September 30,
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Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 1,550 1,677 $ 711 1,540
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Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 2,269 3,079 $ ( 31 ) 581
As of June September 30, 2026, the Company expects $ 0.6 million an immaterial amount of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three and six nine month periods ended June September 30, 2026 and 2025, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.
Note 8: INCOME TAXES 1 change
Tredegar recorded tax expense (benefit) of $ 2.8 2.1 million on pre-tax income (loss) from continuing operations of $ 13.9 10.4 million in the first six nine months of 2026. The effective tax rate in the first six nine months of 2026 was 19.9 20.2 % and 38.4 27.1 % in the first six nine months of 2025. The effective tax rate for the first six nine months of 2026 varied from the statutory rate of 21% due to research and development tax credits while the effective tax rate for the first six nine months of 2025 varied from the statutory rate due to a mix of lower pre-tax income and higher nondeductible discrete items as a percentage of pre-tax income.
Note 9: BUSINESS SEGMENTS 154 changes
4 unchanged paragraphs
The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended June September 30, 2026 and 2025:
Three Months Ended June September 30, 2026
1 unchanged paragraph
Net Sales $ 184,129 $ 25,635 $ 209,764
Net Sales $ 177,270 $ 23,776 $ 201,046
1 unchanged paragraph
Variable costs $ 146,596 $ 13,385 $ 159,981
Add back freight 6,472 6,128
Sales as shown in the consolidated statements of income (loss) $ 216,236 207,174
Variable costs $ 152,323 $ 12,457 $ 164,780
2 unchanged paragraphs
EBITDA from ongoing operations $ 14,510 $ 5,780 $ 20,290
EBITDA from ongoing operations $ 2,536 $ 4,648 $ 7,184
1 unchanged paragraph
Interest expense 465
Depreciation and amortization 5,396 5,264
Plant shutdowns, asset impairments, restructurings and other 366 1,196
Interest expense, net 503
1 unchanged paragraph
Income (loss) from continuing operations before income tax 7,778 ( 3,489 )
Income tax expense (benefit) 1,731 ( 663 )
Net income (loss) from continuing operations 6,047 ( 2,826 )
Income (loss) from discontinued operations, net of tax ( 30 ) 5
Net income (loss) $ 6,017 ( 2,821 )
3 unchanged paragraphs
Three Months Ended June September 30, 2025
1 unchanged paragraph
Net Sales $ 148,367 $ 24,596 $ 172,963
Net Sales $ 162,470 $ 25,883 $ 188,353
1 unchanged paragraph
Variable costs $ 116,059 $ 11,688 $ 127,747
Add back freight 6,153 6,589
Sales as shown in the consolidated statements of income (loss) $ 179,116 194,942
Variable costs $ 124,462 $ 11,922 $ 136,384
2 unchanged paragraphs
EBITDA from ongoing operations $ 9,283 $ 6,711 $ 15,994
EBITDA from ongoing operations $ 16,808 $ 7,221 $ 24,029
1 unchanged paragraph
Interest expense 1,785
Depreciation and amortization 5,323 5,414
Plant shutdowns, asset impairments, restructurings and other 56 915
Interest expense, net 762
1 unchanged paragraph
Income (loss) from continuing operations before income tax 2,812 9,123
Income tax expense (benefit) 984 2,014
Net income (loss) from continuing operations 1,828 7,109
Income (loss) from discontinued operations, net of tax ( 97 35 )
Net income (loss) $ 1,731 7,074
3 unchanged paragraphs
Six Months Ended June 30, 2026
The following tables present segment revenue, segment profit (loss), and significant expenses for the six nine months ended June September 30, 2026 and 2025:
Nine Months Ended September 30, 2026
1 unchanged paragraph
Net Sales $ 343,586 $ 47,168 $ 390,754
Net Sales $ 520,856 $ 70,944 $ 591,800
1 unchanged paragraph
Variable costs $ 273,929 $ 23,807 $ 297,736
Add back freight 11,971 18,099
Sales as shown in the consolidated statements of income (loss) $ 402,725 609,899
Variable costs $ 426,252 $ 36,264 $ 462,516
2 unchanged paragraphs
EBITDA from ongoing operations $ 26,192 $ 10,854 $ 37,046
EBITDA from ongoing operations $ 28,729 $ 15,502 $ 44,231
1 unchanged paragraph
Interest expense 824
Depreciation and amortization 10,644 15,908
Plant shutdowns, asset impairments, restructurings and other 588 1,784
Interest expense, net 1,298
1 unchanged paragraph
Income (loss) from continuing operations before income tax 13,880 10,391
Income tax expense (benefit) 2,763 2,100
Net income (loss) from continuing operations 11,117 8,291
Income (loss) from discontinued operations, net of tax 561 566
Net income (loss) $ 11,678 8,857
3 unchanged paragraphs
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
1 unchanged paragraph
Net Sales $ 281,999 $ 50,134 $ 332,133
Net Sales $ 444,470 $ 76,017 $ 520,487
1 unchanged paragraph
Variable costs $ 219,582 $ 23,664 $ 243,246
Add back freight 11,720 18,309
Sales as shown in the consolidated statements of income (loss) $ 343,853 538,796
Variable costs $ 344,043 $ 35,586 $ 379,629
2 unchanged paragraphs
EBITDA from ongoing operations $ 18,441 $ 14,233 $ 32,674
EBITDA from ongoing operations $ 35,251 $ 21,454 $ 56,705
1 unchanged paragraph
Interest expense 2,798
Depreciation and amortization 10,799 16,214
Plant shutdowns, asset impairments, restructurings and other 1,224 2,138
Interest expense, net 3,550
1 unchanged paragraph
Income (loss) from continuing operations before income tax 4,060 13,184
Income tax expense (benefit) 1,560 3,575
Net income (loss) from continuing operations 2,500 9,609
Income (loss) from discontinued operations, net of tax 9,332 9,297
Net income (loss) $ 11,832 18,906
3 unchanged paragraphs
Aluminum Extrusions $ 308,993 $ 269,802
Subtotal 363,683 322,800
General corporate 32,063 41,843
Total $ 412,925 $ 371,372
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
and 74 more changes in the filing
Note 10: DISCONTINUED OPERATIONS 13 changes
4 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Selling, general and administrative $ 38 $ 97 $ 35 $ 325
The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and six nine months ended June September 30, 2026 and 2025:
Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2026 2025 2026 2025
Selling, general and administrative $ ( 5 ) $ 35 $ 30 $ 360
1 unchanged paragraph
Total 38 97 ( 530 ) ( 9,332 )
Total ( 5 ) 35 ( 535 ) ( 9,297 )
Income (loss) from discontinued operations before income tax ( 38 ) ( 97 ) 530 9,332 ( 8 ) — ( 31 5 ( 35 ) 535 9,297
Income tax expense (benefit) 1
Income (loss) from discontinued operations, net of tax $ ( 30 ) 5 $ ( 97 35 ) $ 561 566 $ 9,332 9,297
1. An inconsequential income tax expense (benefit) was recognized during the three and six nine months ended June September 30, 2025, primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.
1 unchanged paragraph
Six Months Ended June 30,
Nine Months Ended September 30,
6 unchanged paragraphs
MD&A 262 changes
18 unchanged paragraphs
• noncompliance with any of the financial and other restrictive covenants in the ABL Facility (defined below);
7 unchanged paragraphs
Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the building & construction ("B&C"), automotive and specialty end-use markets in the United States through its Aluminum Extrusions segment (with exports comprising less than 5% of total sales volume) and surface protection films for high-technology applications in the global electronics industry through its High Performance Films segment. With approximately 1,800 1,700 employees, the Company operates manufacturing facilities in the U.S. and China.
3 unchanged paragraphs
Second Third quarter 2026 net income (loss) from continuing operations was $6.0 $(2.8) million ($0.17 ($(0.08) per diluted share) compared to $1.8 $7.1 million ($0.05 ($0.20 per diluted share) in the second third quarter of 2025.
Second Third Quarter Financial Results Highlights
• EBITDA from ongoing operations for Aluminum Extrusions was $14.5 $2.5 million in the second third quarter of 2026 versus $9.3 $16.8 million in the second third quarter of 2025 and versus $11.7 $14.5 million in the first second quarter of 2026.
• EBITDA from ongoing operations for High Performance Films was $5.8 $4.6 million in the second third quarter of 2026 versus $6.7 $7.2 million in the second third quarter of 2025 and versus $5.1 $5.8 million in the first second quarter of 2026.
1 unchanged paragraph
Second Third Quarter of 2026 Compared with the Second Third Quarter of 2025 Results
The following table presents a bridge of consolidated net income (loss) from continuing operations from the second third quarter of 2025 to the second third quarter of 2026 with management's related discussion and analysis below the table.
Net income (loss) from continuing operations for the three months ended June September 30, 2025
Income tax expense (benefit) 984 2,014
Income (loss) from continuing operations before income taxes for the three months ended June September 30, 2025
1 unchanged paragraph
Other income (expense), net (1,345) 17
1 unchanged paragraph
Interest expense 1,320
Pre-tax gains and losses associated with plant shutdowns, asset impairments, restructurings and other items for the second quarters of 2026 and 2025 detailed below are shown in the reconciliation of net sales and EBITDA from ongoing operations by segment in the table in the Segment Operations Review section below and are included in "Asset impairments and costs associated with exit and disposal activities, net of adjustments" in the condensed consolidated statements of income, unless otherwise noted.
Three Months Ended June 30,
(In millions) 2026 2025
Aluminum Extrusions:
(Gains) losses from sale of assets, investment writedowns and other items:
Consulting expenses for ERP/MES project 1
Storm damage to the Newnan, Georgia plant 1
Legal fees associated with the Aluminum Extruders Trade Case and other matters 1
Total for Aluminum Extrusions $ 0.3 $ —
(Gains) losses from sale of assets, investment writedowns and other items:
Professional fees associated with business development activities 1
Professional fees associated with the transition to the ABL Facility 1
Proceeds on the sale of corporate-owned land 2
Total for Corporate $ 0.2 $ —
1. Included in "Selling, general and administrative expenses" in the condensed consolidated statements of income.
2. Included in "Other income (expense), net" in the condensed consolidated statements of income.
Cost of goods sold (32,249) (29,007)
Selling, general and administrative 432 3,936
Interest expense 242
Income (loss) from continuing operations before income taxes for the three months ended June September 30, 2026 (3,489)
Income tax expense (benefit) 1,731 (663)
Net income (loss) from continuing operations for the three months ended June September 30, 2026
Sales in the second third quarter of 2026 increased by $37.1 $12.2 million compared with the second third quarter of 2025. Net sales (sales less freight) in Aluminum Extrusions increased $35.8 $14.8 million, primarily due to the pass-through of higher metal costs, partially offset by lower volume. Net sales in High Performance Films increased $1.0 decreased $2.1 million, primarily due to an increase a decrease in sales volume in surface protection films, and unfavorable mix, partially offset by unfavorable mix in favorable pricing for surface protection films. For more information on net sales and volume, see the Segment Operations Review below.
Consolidated gross profit (sales minus cost of goods sold and freight) as a percentage of sales (gross profit margin) was 13.4% 7.2% in the second third quarter of 2026 compared to 13.6% 16.0% in the second third quarter of 2025. The gross profit margin in Aluminum Extrusions remained consistent decreased primarily due to higher labor rates, unfavorable labor productivity, higher maintenance expense and higher freight expense, partially offset by favorable pricing and mix and favorable manufacturing costs primarily associated with the prior period. casting capabilities due to scrap spreads and higher scrap utilization. The gross profit margin in High Performance Films decreased primarily due to a lower advanced packaging surface protection films contribution margin associated with unfavorable volume and mix and the pass-through lag associated with higher resin costs, partially offset by cost improvements.
As a percentage of sales, selling, general and administrative ("SG&A") and research and development ("R&D") expenses were 9.4% 8.0% in the second third quarter of 2026 compared with 11.6% 10.5% in the second third quarter of 2025. Second Third quarter sales increased 20.7% 6.3% while SG&A decreased 2.1% 19.5% compared to the prior period. Lower SG&A spending was primarily due to lower professional fees associated with business development activities ($1.1 ($1.2 million), and lower stock-based compensation ($0.4 ($1.0 million) partially offset by higher and lower employee compensation ($0.8 ($0.9 million).
Interest expense was $0.5 million in the second third quarter of 2026 in comparison to $1.8 $0.8 million in the second third quarter of 2025. The decrease in interest expense was primarily due to the write-off of deferred financing fees related to Amendment No. 5 to the Company's Second Amended and Restated Credit Agreement of $0.8 million during the second quarter of 2025, lower weighted average total debt outstanding and lower interest rates.
The effective tax rate from continuing operations in the second third quarter of 2026 was 22.3% 19.0% compared to 35.0% 22.1% in the second third quarter of 2025. The effective tax rate for the second third quarter of 2026 was consistent with varied from the U.S. statutory rate of 21% due to research and development tax credits while the effective tax rate for the second third quarter of 2025 varied from was consistent with the statutory rate due to a mix of lower pre-tax income and higher nondeductible discrete items as a percentage of pre-tax income. 21%.
1 unchanged paragraph
Three Months Ended June September 30,
2 unchanged paragraphs
Average total outstanding debt balance $ 45.5 48.1 $ 61.2 59.0
Average interest rate 5.6 5.9 % 6.7 6.5 %
First Six Nine Months of 2026 Compared with the First Six Nine Months of 2025 Results
The following table presents a bridge of consolidated net income (loss) from continuing operations from the first six nine months of 2025 to the first six nine months of 2026 with management's related discussion and analysis below the table.
Net income (loss) from continuing operations for the six nine months ended June September 30, 2025
Income tax expense (benefit) 1,560 3,575
Income (loss) from continuing operations before income taxes for the six nine months ended June September 30, 2025
1 unchanged paragraph
Other income (expense), net (1,293) (1,278)
1 unchanged paragraph
Interest expense 1,974
Pre-tax gains and losses associated with plant shutdowns, asset impairments, restructurings and other items for the first six months of 2026 and 2025 detailed below are shown in the reconciliation of net sales and EBITDA from ongoing operations by segment in the table in the Segment Operations Review section below and are included in "Asset impairments and costs associated with exit and disposal activities, net of adjustments" in the condensed consolidated statements of income, unless otherwise noted.
Six Months Ended June 30,
(In millions) 2026 2025
Aluminum Extrusions:
(Gains) losses from sale of assets, investment writedowns and other items:
Consulting expenses for ERP/MES project 1
Storm damage to the Newnan, Georgia plant 1
Legal fees associated with the Aluminum Extruders Trade Case and other matters 1
Aluminum premium charge as a result of unplanned maintenance interruptions 2
Total for Aluminum Extrusions $ 0.5 $ 1.0
(Gains) losses from sale of assets, investment writedowns and other items:
Professional fees associated with business development activities 1
Professional fees associated with remediation activities related to internal control over financial reporting 1
Group annuity contract premium adjustment 3
Professional fees associated with the transition to the ABL Facility 1
Proceeds on the sale of corporate-owned land 3
Total for Corporate $ (0.1) $ 2.8
1. Included in "Selling, general and administrative expenses" in the condensed consolidated statements of income.
2. Included in "Cost of Goods Sold" in the condensed consolidated statements of income.
3. Included in "Other income (expense), net" in the condensed consolidated statements of income.
Cost of goods sold (54,102) (83,109)
Selling, general and administrative 4,676 8,614
Interest expense 2,216
Income (loss) from continuing operations before income taxes for the six nine months ended June September 30, 2026
Income tax expense (benefit) 2,763 2,100
Net income (loss) from continuing operations for the six nine months ended June September 30, 2026
Sales in the first six nine months of 2026 increased by $58.9 $71.1 million compared with the first six nine months of 2025. Net sales (sales less freight) in Aluminum Extrusions increased $61.6 $76.4 million, primarily due to the pass-through of higher metal costs, partially offset by lower volume. Net sales in High Performance Films decreased $3.0 $5.1 million, primarily due to lower volume and unfavorable mix in surface protection films. For more information on net sales and volume, see the Segment Operations Review below.
Consolidated gross profit (sales minus cost of goods sold and freight) as a percentage of sales (gross profit margin) was 13.0% 11.0% in the first six nine months of 2026 compared to 13.9% 14.7% in the first six nine months of 2025. The gross profit margin in Aluminum Extrusions remained consistent decreased primarily due to higher labor rates, unfavorable labor productivity, and higher maintenance and supply expense, die expense, and freight, partially offset by favorable mix and favorable manufacturing costs primarily associated with the prior period. casting capabilities due to scrap spreads and higher scrap utilization. The gross profit margin in High Performance Films decreased due to a lower Surface Protection contribution margin associated with lower volume, unfavorable pricing and mix, and the pass-through lag associated with higher resin costs, partially offset by favorable productivity and cost improvements.
As a percentage of sales, SG&A and R&D expenses were 9.2% 8.8% in the first six nine months of 2026 compared with 12.1% 11.5% in the first six nine months of 2025. Sales increased 17.1% 13.2% while SG&A decreased 11.3% 14.0% compared to the prior period. Lower SG&A spending was primarily due to lower professional fees associated with business development activities ($4.1 ($5.9 million), and lower stock-based compensation ($1.8 million) and lower employee compensation ($0.7 million).
Interest expense was $0.8 $1.4 million in the first six nine months of 2026 in comparison to $2.8 $3.6 million in the first six nine months of 2025. The decrease was primarily due to the write-off of deferred financing fees related to the amendment No. 5 to the Second Amended and Restated our credit agreement ("ABL Facility") of $0.8 million during the first six nine months of 2025, lower weighted average total debt outstanding and lower interest rates during the first nine months of 2026.
1 unchanged paragraph
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11 unchanged paragraphs
5 unchanged paragraphs
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5 unchanged paragraphs
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3 unchanged paragraphs
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and 182 more changes in the filing
Market risk 1 change
11 unchanged paragraphs
High Performance Films is generally able to match the currency of its sales and costs for its product lines. Tredegar estimates that the change in the value of foreign currencies relative to the U.S. Dollar for High Performance Films had an unfavorable impact to EBITDA from ongoing operations of $0.3 $0.1 million and $0.6 $0.7 million for the second third quarter of 2026 and the first six nine months of 2026 compared to the same periods of 2025, respectively.
2 unchanged paragraphs
Controls and procedures 3 changes
1 unchanged paragraph
In connection with the preparation of this Form 10-Q, pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company carried out an evaluation with the participation of its management, including its Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined under Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of June September 30, 2026.
Based on this evaluation of our disclosure controls and procedures as of June September 30, 2026, the Company's Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective.
1 unchanged paragraph
There has been no change in the Company's internal control over financial reporting during the quarter ended June September 30, 2026, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).
Other information 1 change
1 unchanged paragraph
During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Exhibits 10 changes
10.1* Executive Separation Agreement, dated May 4, 2026, by and between Tredegar Corporation and Dr. Arijit (Bapi) DasGupta.
10.2* Executive Separation Agreement, dated May 4, 2026, by and between Tredegar Corporation and Frasier W. Brickhouse II.
1 unchanged paragraph
31.2 Certification of Vice President and , Chief Financial Officer a nd Treasurer of Tredegar Corporation, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
1 unchanged paragraph
32.2 Certification of Vice President, and Chief Financial Officer and Treasurer of Tredegar Corporation, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 Inline XBRL Instance Document and Related Items.
4 unchanged paragraphs
Date: August 7, November 6, 2026 /s/ Arijit (Bapi) DasGupta
3 unchanged paragraphs
Date: August 7, 2026 /s/ Frasier W. Brickhouse, II
Frasier W. Brickhouse, II
Date: November 6, 2026 /s/ Cindy Yao
2 unchanged paragraphs
Date: August 7, November 6, 2026 /s/ Paul Goldschmiedt
2 unchanged paragraphs
Unchanged: Notes to the financial statements, Risk factors
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- Its total assets were $400,644 thousand as of September 30, 2026.
- In its 10-Q for the quarter ended September 30, 2026, Tredegar Corporation reported a net loss of $2.8 million.
- Its cash and cash equivalents were $16,322 thousand as of September 30, 2026.
- Tredegar Corporation's balance sheet as of September 30, 2026, shows total liabilities of $175,230 thousand.
- Its shareholders' equity was $225,414 thousand.
- The company's total current assets were $200,012 thousand as of that date.
- In its 10-Q for the quarter ended September 30, 2026, Tredegar Corporation reported a net income of $8,857 thousand for the nine months ended September 30, 2026.
- The company's comprehensive income for the same period was $8,628 thousand.
8 of 8 claims matched the filing text.
From the filing
Item 1. Financial Statements.
Tredegar Corporation
Condensed Consolidated Balance Sheets
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents3 | $16,3223 | $6,729 |
| Accounts and other receivables, net | 96,853 | 81,811 |
| Income taxes recoverable | — | 47 |
| Inventories | 78,016 | 64,962 |
| Prepaid expenses and other | 8,821 | 15,525 |
| Total current assets6 | 200,0126 | 169,074 |
| Property, plant and equipment, at cost | 523,480 | 509,430 |
| Less: accumulated depreciation | (390,961) | (376,455) |
| Net property, plant and equipment | 132,519 | 132,975 |
| Right-of-use leased assets | 14,033 | 12,764 |
| Identifiable intangible assets, net | 4,249 | 5,568 |
| Goodwill | 22,446 | 22,446 |
| Deferred income taxes | 25,657 | 26,277 |
| Other assets | 1,728 | 2,268 |
| Total assets1 | $400,6441 | $371,372 |
| Liabilities and Shareholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | $85,746 | $75,754 |
| Accrued expenses | 21,089 | 25,411 |
| Lease liability, short-term | 2,602 | 2,263 |
| Short-term debt | — | 498 |
| Income taxes payable | 181 | 455 |
| Total current liabilities | 109,618 | 104,381 |
| Lease liability, long-term | 11,602 | 10,960 |
| ABL revolving facility | 49,000 | 34,550 |
| Pension and other postretirement benefit obligations, net | 1,265 | 1,196 |
| Other non-current liabilities | 3,745 | 3,731 |
| Total liabilities4 | 175,2304 | 154,818 |
| Shareholders' equity: | ||
| Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,800,024 shares at September 30, 2026 and 34,737,534 shares at December 31, 2025) | 65,709 | 65,477 |
| Common stock held in trust for savings restoration plan (118,542 shares at September 30, 2026 and December 31, 2025) | (2,233) | (2,233) |
| Accumulated other comprehensive income (loss): | ||
| Foreign currency translation adjustment | 6,481 | 5,566 |
| Gain (loss) on derivative financial instruments | (18) | 1,071 |
| Pension and other postretirement benefit adjustments | (270) | (215) |
| Retained earnings | 155,745 | 146,888 |
| Total shareholders' equity5 | 225,4145 | 216,554 |
| Total liabilities and shareholders' equity | $400,644 | $371,372 |
See accompanying notes to the condensed consolidated financial statements.
Tredegar Corporation
Condensed Consolidated Statements of Income (Loss)
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Revenues and other items:
Sales $ 207,174 $ 194,942 $ 609,899 $ 538,796
Other income (expense), net 21 4 103 1,381
207,195 194,946 610,002 540,177
Costs and expenses:
| Cost of goods sold | 186,216 | 157,209 | 524,496 | 441,387 |
|---|---|---|---|---|
| Freight | 6,128 | 6,589 | 18,099 | 18,309 |
| Selling, general and administrative | 16,289 | 20,225 | 52,829 | 61,443 |
| Research and development | 323 | 147 | 678 | 504 |
| Amortization of identifiable intangibles | 440 | 440 | 1,319 | 1,319 |
| Pension and postretirement benefits | 25 | 27 | 88 | 30 |
| Interest expense | 526 | 768 | 1,350 | 3,566 |
| Asset impairments and costs associated with exit and disposal activities, net of adjustments | 737 | 418 | 752 | 435 |
| Total | 210,684 | 185,823 | 599,611 | 526,993 |
| Income (loss) from continuing operations before income taxes | (3,489) | 9,123 | 10,391 | 13,184 |
| Income tax expense (benefit) | (663) | 2,014 | 2,100 | 3,575 |
| Net income (loss) from continuing operations | (2,826) | 7,109 | 8,291 | 9,609 |
| Income (loss) from discontinued operations, net of tax | 5 | (35) | 566 | 9,297 |
| Net income (loss)2 | $(2,821)2 | $7,074 | $8,857 | $18,906 |
| Earnings (loss) per share: | ||||
| Basic: | ||||
| Continuing operations | $(0.08) | $0.20 | $0.24 | $0.28 |
| Discontinued operations | — | — | 0.02 | 0.27 |
| Basic earnings (loss) per share | $(0.08) | $0.20 | $0.26 | $0.55 |
| Diluted: | ||||
| Continuing operations | $(0.08) | $0.20 | $0.24 | $0.28 |
| Discontinued operations | — | — | 0.02 | 0.27 |
| Diluted earnings (loss) per share | $(0.08) | $0.20 | $0.26 | $0.55 |
| Shares used to compute earnings (loss) per share: | ||||
| Basic | 34,721 | 34,773 | 34,754 | 34,721 |
| Diluted | 34,721 | 34,773 | 34,754 | 34,721 |
See accompanying notes to the condensed consolidated financial statements.
Tredegar Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
| Three Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Net income (loss) | $(2,821) | $7,074 |
| Other comprehensive income (loss): | ||
| Unrealized foreign currency translation adjustment ($0 tax in 2026 and 2025) | 240 | 154 |
| Derivative financial instruments adjustment (net of tax benefit of $152 in 2026 and net of tax expense of $48 in 2025) | (531) | 168 |
| Amortization of prior service costs and net gains or losses (net of tax expense of $1 in 2026 and net of tax benefit of $14 in 2025) | 6 | (49) |
| Other comprehensive income (loss) | (285) | 273 |
| Comprehensive income (loss) | $(3,106) | $7,347 |
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Net income (loss)7 | $8,8577 | $18,906 |
| Other comprehensive income (loss): | ||
| Unrealized foreign currency translation adjustment ($0 tax in 2026 and 2025) | 915 | 229 |
| Derivative financial instruments adjustment (net of tax benefit of $313 in 2026 and net of tax expense of $151 in 2025) | (1,089) | 566 |
| Amortization of prior service costs and net gains or losses (net of tax benefit of $15 in 2026 and net of tax benefit of $52 in 2025) | (55) | (187) |
| Other comprehensive income (loss) | (229) | 608 |
| Comprehensive income (loss)8 | $8,6288 | $19,514 |
See accompanying notes to the condensed consolidated financial statements.
Tredegar Corporation
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $8,857 | $18,906 |
| Adjustments for noncash items: | ||
| Depreciation | 14,731 | 15,041 |
| Amortization of identifiable intangibles | 1,319 | 1,319 |
| Reduction of right-of-use leased assets | 1,661 | 1,584 |
| Deferred income taxes | 952 | 2,873 |
| Accrued pension and post-retirement benefits | 88 | 134 |
| Stock-based compensation expense | 95 | 1,759 |
| Production equipment asset disposal | 517 | — |
| Gain on the sale of assets | — | (1,497) |
| Gain on the sale of divested business | (565) | (9,657) |
| Changes in assets and liabilities: | ||
| Accounts and other receivables | (15,039) | (23,113) |
| Inventories | (13,030) | (10,615) |
| Income taxes recoverable/payable | (227) | (111) |
| Prepaid expenses and other | 5,341 | 5,909 |
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