Company: MATV
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001000623-25-000009
Chunk: 75

Company: Mativ Holdings, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 75
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 million, or 0.1%, compared to prior year primarily driven by lower selling prices (-0.6%), partially offset by higher volume (2.3%) net of closed and divested facilities (-2.0%). 

The decrease in net loss in 2024 compared to 2023 was primarily due to the $401.0 million goodwill impairment recorded in the prior period. For more information on the goodwill impairment, refer to Note 10. Goodwill of the Notes to Consolidated Financial Statements. The Company incurred restructuring and other impairment charges of 

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$38.1 million and $22.6 million, in 2024 and 2023, respectively, primarily related to exiting certain product categories and site closures. 

RESULTS OF OPERATIONS

Years Ended December 31,202420232022 (1)(in millions, except per share amounts)Net sales$1,981.1 $2,026.0 $1,636.9 Cost of products sold1,617.0 1,670.2 1,330.9 Gross profit364.1 355.8 306.0 Selling and general expense233.8 263.9 254.9 Research and development expense23.0 21.2 18.8 Intangible asset amortization expense62.9 61.0 53.4 Total nonmanufacturing expenses319.7 346.1 327.1 Goodwill impairment expense— 401.0 — Restructuring and other impairment expense38.1 22.6 19.1 Operating profit (loss)6.3 (413.9)(40.2)Interest expense74.7 62.2 57.3 Loss on debt extinguishment7.3 — — Other income (expense), net(3.2)(4.8)1.0 Loss from continuing operations before income taxes(78.9)(480.9)(96.5)Income tax expense (benefit)(30.2)26.8 (27.6)Net loss from continuing operations(48.7)(507.7)(68.9)Income from discontinued operations, net of tax— 198.2 62.3 Net loss$(48.7)$(309.5)$(6.6)Net income (loss) per share from continuing operationsBasic$(0.90)$(9.