This report does not constitute a rating action. Inflationary pressures and unfavorable weather conditions contributed to a weaker-than-anticipated third quarter. Drought conditions across Europe and the U.S. affected crop yields and demand for food cans. This, along with elevated raw material pricing, weighed significantly on operating performance. The company has looked to offset this pressure with several uncoated recycled paperboard (URB) price increases throughout the first three quarters, along with freight surcharge opportunities, which we expect will begin to flow through in the coming quarters. The company has lowered its full-year guidance to reflect ongoing cost inflation and muted demand trends. Additionally, the company recorded a noncash goodwill impairment charge of $829 million during the quarter, reflecting softness within its
