Mativ Holdings, Inc. (NYSE:MATV) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET

Company Participants

Julie Schertell - Chief Executive Officer
Greg Weitzel - Chief Financial Officer
Chris Kuepper - Director of Investor Relations

Conference Call Participants

Daniel Harriman - Sidoti
Jonathan Tanwanteng - CJS Securities

Operator

Welcome to the Mativ Third Quarter 2024 Earnings Conference Call. On the call today from Mativ are Julie Schertell, Chief Executive Officer; Greg Weitzel, Chief Financial Officer; and Chris Kuepper, Director, Investor Relations.

Today's call is being recorded and will be available for replay later this afternoon. [Operator Instructions] It is now my pleasure to turn the call over to Mr. Chris Kuepper. Sir, you may begin.

Chris Kuepper

Good morning, everyone, and thank you for joining us for Mativ's third quarter 2024 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail in our Securities and Exchange Commission filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

Some financial measures discussed during this call are non-GAAP financial measures. Reconciliations of these measures to the closest GAAP measures are included in the appendix of the earnings release. Unless stated otherwise, financial and operational metric comparisons are to the prior year period and relate to continuing operations.

The earnings release issued yesterday afternoon is available on our website at ir.mativ.com. With that, I'll turn the call over to Julie.

Julie Schertell

Thanks, Chris. Good morning, everyone, and thank you for joining our call. We appreciate the opportunity to share our third quarter results with you, outline a number of initiatives we've undertaken to drive continued improved performance and provide an outlook on the remaining quarter of 2024.

Sales were up 1% organically and essentially flat year-over-year on a reported basis. Volume improvements in most of our product categories were partially offset by lower demand in film, which was impacted by ongoing challenges in the automotive and construction end markets, as well as lower productivity in one of our largest film plants.

I'll provide more color on this in a moment. For the total Mativ, from a bottom-line perspective, I'm pleased to report that Q3 results showed meaningful adjusted EBITDA improvement, up 10% year-over-year and adjusted EBITDA margin up 110 basis points year-over-year. Primary drivers were increased volume in filtration and our overall SAS segment as well as lower manufacturing costs.