Mativ’s sales of $500.2 million in the first quarter of 2024 increased 10.6% sequentially versus Q4 2023, and decreased 8.9% versus the prior year, reflecting sequential volume recovery.

Filtration & Advanced Materials (FAM) segment sales, comprised primarily of filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, were $202.7 million, up 11% sequentially versus Q4 2023, and down 8% versus the prior year period. Lower volume across the segment reflects customer caution in the current uncertain economic environment.

CEO Julie Schertell comments, “As expected, we saw meaningful sequential improvement in volume in Q1. And while EBITDA was slightly lower than Q4, the sequential decrease was primarily due to higher cost inventories, which do not repeat. Volume recovery is continuing into Q2, and we continue to believe that we will deliver meaningfully improved EBITDA year-over-year for the remainder of 2024.

“Earlier this year, we initiated an organizational restructuring initiative that will reduce our corporate costs and create a more streamlined business reporting structure. This enables a more agile organization, and we expect will reduce non-operating costs by up to $20 million annually as we exit 2024. These decisions, coupled with actions we took in 2023 to divest Engineered Papers, consolidate our footprint, and invest in new assets in filtration and release liners support future top line growth and increase our operating leverage as volume continues to recover.

“Less than two years after the merger, Mativ is a more agile and effective enterprise that engineers innovative solutions that connect, protect, and purify our world. We are relentless in our pursuit to reduce complexity and prioritize our efforts toward those activities that create the most value for our customers. As we continue to see improving demand, we remain confident that our decisions and actions over the past year will deliver incremental value to our customers and shareholders.”