"Whilst challenges around Covid-19 remain, we go into the last quarter of the year with financial flexibility and a stronger balance sheet, and we continue to drive improvement across our business through our strategic investment programme."
Net revenue came to US$1.195 billion for the third quarter compared to US$1.306b in the prior year period.
The revenue decline was primarily driven by lower volume largely due to the unfavorable impact from the Covid-19 pandemic, as well as lower pricing, mainly due to lower raw material costs passed through to customers, it said.
For the nine months to September, revenue was US$3.514b compared to US$3.888b in the prior year period.
The performance of Pactiv Evergreen's share price has been mixed since the company listed on Nasdaq in September.
The stock first fell to US$10.93 from its US$14 initial public offer price, which was well below the expected IPO range of US$18 to US$21 a share.
But Pactiv Evergreen has since rebounded, last trading at US$13.94.
