Company: MATV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001000623-25-000024
Chunk: 31

Company: Mativ Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 31
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 1% decrease) and unfavorable currency translation (an approximately 1% decrease). 

SAS segment net sales of $297.2 million during the three months ended March 31, 2025 decreased $0.3 million, or 0.1%, compared to the prior year period, reflecting sales associated with closed facilities in the prior year (an approximately 5% decrease) and unfavorable currency translation (an approximately 1% decrease), mostly offset by higher volume/mix (an approximately 5% increase) and higher selling prices (an approximately 1% increase).

Gross Profit

The following table presents gross profit (in millions):

 Three Months EndedMarch 31, Percent ChangePercent of Net Sales20252024Change20252024Net sales$484.8 $500.2 $(15.4)(3.1)%100.0 %100.0 %Cost of products sold412.2 416.2 (4.0)(1.0)%85.0 %83.2 %Gross profit$72.6 $84.0 $(11.4)(13.6)%15.0 %16.8 %

Gross profit of $72.6 million during the three months ended March 31, 2025 decreased $11.4 million, or 13.6%, compared to the prior year period. The change in gross profit reflected higher manufacturing and distribution costs, unfavorable relative net selling price versus input cost performance, and lower volume/mix in our FAM segment. The Company monitors and continues to adjust staffing levels of manufacturing labor relative to volumes.

29

Nonmanufacturing Expenses

The following table presents nonmanufacturing expenses (in millions):

 Three Months EndedMarch 31, Percent ChangePercent of Net Sales20252024Change20252024Selling and general expense$63.3 $61.6 $1.7 2.8 %13.1 %12.3 %Research and development expense6.3 6.0 0.3 5.0 %1.3 %1.2 %Intangible asset amortization expense15.4 15.8 (0.4)(2.5)%3.2 %3.2 %Nonmanufacturing expenses$85.0 $83.4 $1.6 1.9 %17.5 %16.7 %