Tredegar Corp. reports Q1 2021 financial results
First quarter 2021 net income from continuing operations was $9.6 million compared to net loss from continuing operations of $20.7 million in Q1 2020 at Richmond, VA-based Tredegar Corp.
John Steitz, Tredegar president/CEO, says, “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 Ccmpany’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 it 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. Tredegar 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.