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Tredegar Tredegar Reports First Quarter 2021 Results May 7 , 2021 RICHMOND , Va .-- ( BUSINESS WIRE ) -- May 7 , 2021-- Tredegar Corporation ( NYSE : TG , also the " Company " or " Tredegar " ) today reported first quarter financial results for the period ended March 31 , 2021 . First quarter 2021 net income from continuing operations was $ 9.6 million ( $ 0.29 per diluted share ) compared to net loss from continuing operations of $ 20.7 million ( $ 0.62 per diluted share ) in the first quarter of 2020. Net income from ongoing operations , which excludes special items and discontinued operations , was $ 10.1 million ( $ 0.30 per diluted share ) in the first quarter of 2021 compared with $ 11.8 million ( $ 0.36 per diluted share ) in the first quarter of 2020. A reconciliation of net income ( loss ) from continuing operations , a financial measure calculated in accordance with U.S. generally accepted accounting principles ( " GAAP " ) , to net income from ongoing operations , a non - GAAP financial measure , for the three months ended March 31 , 2021 and 2020 , is provided in Note ( a ) of the Notes to the Financial Tables in this press release . First Quarter Financial Results Highlights • Earnings before interest , taxes , depreciation and amortization ( " EBITDA " ) from ongoing operations for Aluminum Extrusions of $ 13.3 million was $ 1.6 million higher than the first quarter of 2020 • EBITDA from ongoing operations for PE Films of $ 7.2 million was $ 5.2 million lower than the first quarter of 2020 • EBITDA from ongoing operations for Flexible Packaging Films of $ 9.6 million was $ 3.1 million higher than the first quarter of 2020 John Steitz , Tredegar's president and chief executive officer said , " Bonnell's current bookings and backlog are at record high levels . Our main challenge is overcoming a shortage in manufacturing personnel to meet production needs and customer demand . Our PE Films segment , which is mainly comprised of our Surface Protection business , performed as expected with its decline in financial performance due to a previously disclosed customer product transition . Terphane continues to deliver exceptional performance . " THE IMPACT OF COVID - 19 AND RELATED FINANCIAL CONSIDERATIONS Essential Business and Employee Considerations The Company's priorities during the coronavirus ( " COVID - 19 " ) pandemic continue to be to protect the health and safety of employees while keeping its manufacturing sites open due to the essential nature of many of its products . The Company has continued to manufacture the full range of products at its facilities . The Company's protocols to protect the health and well - being of its employees from COVID - 19 continue to develop as COVID - 19 informed work practices evolve and the Company responds to recommended and mandated actions of government and health authorities . In addition , to facilitate a return to fully functional operations , the Company has undertaken an education campaign to provide employees with the most accurate and up - to - date information available , particularly from the Centers for Disease Control ( " CDC " ) , the Office of the Surgeon General and state and local health departments . The Company believes that these efforts are encouraging employees to receive a vaccine when they are eligible . Bonnell Aluminum is experiencing higher than normal absenteeism and hiring difficulties , which it attributes to COVID - 19 - related factors . Bonnell Aluminum attempts to match its direct labor with demand and is facing difficulty maintaining sufficient labor to meet desired shipment levels . All three business units are successfully managing through supply chain disruptions , including raw material shortages in aluminum and plastic resin and transportation delays . Financial Considerations Approximately 62 % of Bonnell Aluminum's sales volume in 2020 was related to building and construction ( " B & C " ) markets ( non - residential B & C of 55 % and residential B & C of 7 % ) . Bonnell Aluminum continued to experience weakness in non - residential B & C during the first quarter of 2021 with related volume declining 15.1 % versus the first quarter of last year . The decline in non - residential B & C volume started in the fourth quarter of 2020 after the fulfillment of contracts that existed at the start of the COVID - 19 pandemic . In addition , a portion of the non - residential B & C volume decline was due to pandemic - related production inefficiencies , labor constraints and severe weather in the Southeastern United States . However , Bonnell Aluminum's performance to date during the COVID - 19 environment has exceeded the Company's expectations , with current bookings and backlog at record high levels . Demand has also remained strong during the COVID - 19 pandemic for the Company's flexible food packaging films produced by Terphane . The Surface Protection component of PE Films had record EBITDA from ongoing operations in 2020 but is now experiencing a decline in volume related to a previously disclosed customer product transition and the timing of customer orders . See the PE Films section below for further discussion . OPERATIONS REVIEW Aluminum Extrusions Aluminum Extrusions , which is also referred to as Bonnell Aluminum , produces high - quality , soft - alloy and medium - strength custom fabricated and finished aluminum extrusions primarily for the following markets : B & C , automotive , and specialty ( which consists of consumer durables , machinery and equipment , electrical and renewable energy , and distribution end - use products ) . A summary of results for Aluminum Extrusions is provided below :