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Tredegar Tredegar Reports Second Quarter 2021 Results August 6 , 2021 RICHMOND , Va .-- ( BUSINESS WIRE ) -- Aug . 6 , 2021-- Tredegar Corporation ( NYSE : TG , also the " Company " or " Tredegar " ) today reported second quarter financial results for the period ended June 30 , 2021 . Second quarter 2021 net income from continuing operations was $ 20.7 million ( $ 0.61 per diluted share ) compared to net income from continuing operations of $ 14.3 million ( $ 0.43 per diluted share ) in the second quarter of 2020. Net income from ongoing operations , which excludes special items and discontinued operations , was $ 16.1 million ( $ 0.48 per diluted share ) in the second quarter of 2021 compared with $ 16.0 million ( $ 0.48 per diluted share ) in the second 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 and six months ended June 30 , 2021 and 2020 , is provided in Note ( a ) of the Notes to the Financial Tables in this press release . Second Quarter Financial Results Highlight • Earnings before interest , taxes , depreciation and amortization ( " EBITDA " ) from ongoing operations for Aluminum Extrusions of $ 19.7 million was $ 6.4 million higher than the second quarter of 2020 • EBITDA from ongoing operations for PE Films of $ 9.0 million was $ 6.5 million lower than the second quarter of 2020 • EBITDA from ongoing operations for Flexible Packaging Films of $ 8.3 million was $ 1.8 million higher than the second quarter of 2020 John Steitz , Tredegar's president and chief executive officer , said , " Bonnell's performance in the second quarter improved considerably over last year with current bookings and backlog at record levels . Labor shortages at manufacturing facilities continue to be an issue . As anticipated and previously disclosed , operating results in PE Films suffered from a significant customer product transition . Terphane's profitability increased due to improvement in costs and product mix despite volume declines from temporary resin supply issues and customer inventory corrections . " Mr. Steitz further stated , " Debt net of cash , which fell below $ 100 million as of June 30 , declined by $ 22 million during the second quarter as a result of strong cash generation . " 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 evolve with COVID - 19 informed work practices and as 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 , relating to the benefits of the COVID - 19 vaccines and other safeguards that may be taken to try to prevent a COVID - 19 outbreak in the workplace . The Company believes that these efforts are encouraging some employees to get vaccinated . In the meantime , the Company continues to take other precautions , such as providing hand sanitizer throughout facilities , extra cleaning for high touch areas , mandating that employees experiencing symptoms ( including fully vaccinated employees ) remain at home and coordinate their return with Human Resources , and ensuring ventilation systems are properly working . Bonnell Aluminum continues to experience 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 of the Company's business units are managing through supply chain disruptions , including raw material cost increases , shortages in aluminum and plastic resin and transportation delays . To offset growing cost pressures , Bonnell Aluminum implemented its second selling price increase in 2021 , which became effective on April 26 , 2021. In response to unprecedented cost increases and supply issues for polyethylene and polypropylene resin , Tredegar Surface Protection implemented a quarterly resin cost pass - through mechanism , effective July 1 , 2021 , for all products and customers not previously covered by such arrangements . 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 % ) . Non - residential B & C volume started to decline in the fourth quarter of 2020 after the fulfillment of contracts that existed at the start of the COVID - 19 pandemic . Bonnell Aluminum continued to experience weakness in non - residential B & C during the second quarter of 2021 with related volume declining 10.2 % versus the second quarter of last year . In addition , a portion of the non - residential B & C volume decline was due to pandemic - related production inefficiencies and labor constraints . However , B & C - related sales volume declines were more than offset by increases in other markets , resulting in an overall increase in volume for the second quarter and first six months of 2021 of 11.9 % and 2.5 % , respectively . Moreover , 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 been strong during the COVID - 19 pandemic for the Company's flexible food packaging films produced by Terphane ; however , temporary