Pactiv Evergreen Shares Gain 8% Following Q3 Results

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares rose more than 8% on Tuesday following the company’s reported Q3 results, with net revenues coming in at $1.609 billion, up 15% year-over-year.

EBITDA of $187 million came in ahead of the Street estimate of $173 million. The outperformance continues to be driven by price and mix as the company drives value over volumes. Understandably, this is weighing on volumes, which were down 8% in the quarter. Though, the company noted that its end market demand was relatively stable with most of the volume declines driven by its strategy.