Graphic Packaging Holding Company Reports Second Quarter 2023 Financial Results

Highlights:
*Net Sales were $2,392 million, an increase of 1% versus the prior year quarter.
*Net Income was $150 million, an increase of 127% versus the prior year quarter.
*Adjusted EBITDA was $453 million, an increase of 14% versus the prior year quarter.
*Earnings per Diluted Share were $0.49, an increase of 133% versus the prior year quarter.
*Adjusted Earnings per Diluted Share were $0.66, an increase of 10% versus the prior year quarter.
*Announcing definitive agreement to acquire Bell Incorporated, a well-capitalized U.S. packaging provider.
*Board of Directors approved $500 million increase to share repurchase authorization.

Michael Doss, the Company’s President and CEO said, “We grew Sales, Adjusted EBITDA and Adjusted EBITDA margins year over year in the second quarter while actively managing supply to meet demand in response to short-term inventory destocking by retailers and our customers. Importantly, our global team continued to advance key initiatives to drive sustained future organic growth and higher profitability through commercial execution, quality improvement and cost reduction. Our focus remains on delivering renewable and recyclable, fiber-based packaging solutions preferred by consumers.

“Consistent with that, we are pleased to announce a definitive agreement to acquire Bell Incorporated, a well-capitalized U.S. packaging provider, strategically expanding our network, customer breadth and category presence. The pending transaction will strengthen our integrated packaging network in the U.S., further solidifying our commitment to deliver service excellence in packaging. Our Board of Directors has also approved an incremental $500 million share repurchase authorization. These announcements demonstrate our balanced approach to capital allocation as we continue to deliver value for stakeholders.

“Finally, we are reiterating full year 2023 guidance. Our expectations for growth and cash generation enable the continued allocation of capital into initiatives that strengthen the business and support growth, while providing a path to return leverage to the low-end of our historical targeted range. Our execution and focus on innovation, along with favorable consumer trends, provide confidence in our ability to drive 100 to 200 basis points of net organic sales growth annually for years to come.”
more at: https://investors.graphicpkg.com/news/news-details/2023/Graphic-Packaging-Holding-Company-Reports-Second-Quarter-2023-Financial-Results-Reiterates-Full-Year-2023-Guidance/default.aspx

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