Filing Flows › Magnera (MAGN) › Q1 FY24
Magnera (MAGN) Q1 FY24 earnings results (first quarter fiscal 2024)
10-K filed Feb 28, 2024
Magnera (MAGN) reported revenue of $335M for the first quarter fiscal 2024 (Q1 FY24), -10% from a year earlier and -71% from the quarter before. Operating margin was 1.3%, net loss $8.7M (2.6% of revenue).
Magnera, Q1 FY24: revenue $335M (-10% year over year), operating margin 1.3%, net loss $8.7M, operating cash flow $16.3M. The chart follows the revenue to costs, profit and cash.
| Q1 FY24 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $335M | -71% | -10% |
| Operating profit | $4.4M | — | — |
| Net earnings | −$8.7M | — | — |
| Operating cash flow | $16.3M | -94% | -31% |
| Free cash flow | $7.8M | -97% | -51% |
What changed
Revenue was $334.9M in Q1 FY24, down 10% year over year and down 71% from the previous quarter.
Gross margin was 9.2%, down 2.1 points from a year earlier. Operating profit was $4.4M, a 1.3% margin (up 7.5 points year over year). Operating expenses fell 59% while revenue fell 10%. The quarter ended with a net loss of $8.7M, narrower than the previous quarter's $19.9M loss. Net interest and other expense of $19.5M was the main reason.
Operating cash flow was $16.3M (down 31% year over year). Non-cash charges added back $15.9M of depreciation and amortization and $592K of share-based compensation. Working capital and other items added $8.6M. Capital expenditures of $8.5M left free cash flow of $7.8M.
Questions
What was Magnera's revenue in the first quarter fiscal 2024?
Magnera (MAGN) reported revenue of $335M for the first quarter fiscal 2024 (Q1 FY24), -10% from a year earlier and -71% from the quarter before.
Was Magnera profitable in the first quarter fiscal 2024?
Operating profit was $4.4M (1.3% of revenue) and net loss $8.7M.
Source: Magnera 10-K on SEC EDGAR.