Graphic Packaging Holding Company Reports Strong First Quarter 2022 Results

Q1 2022 Highlights
*Net Sales were $2,245 million versus $1,649 million in the prior year quarter.
*Net Organic Sales increased 3% versus the prior year quarter driven by increased demand for innovative fiber-based packaging solutions and expansion into new market segments and geographies.
*Net Income was $107 million versus $54 million in the prior year quarter.
*Integration of recently expanded European platform continued; on track to deliver $40 million of synergies over three years.
*New K2 Coated Recycled Paperboard (CRB) machine in Kalamazoo, Michigan began operating and the ramp in production is meeting expectations; on track to achieve $50 million in incremental EBITDA in 2022 and $130 million in incremental EBITDA over three years.
*Global liquidity was $1,078 million at quarter end.

Graphic Packaging Holding Company (NYSE: GPK), (the “Company”), a leading provider of sustainable fiber-based packaging solutions to food, beverage, foodservice, and other consumer products companies, today reported Net Income for first quarter 2022 of $107 million, or $0.35 per share, based upon 309.7 million weighted average diluted shares. This compares to first quarter 2021 Net Income of $54 million, or $0.19 per share, based upon 277.2 million weighted average diluted shares.

Michael Doss, the Company’s President and CEO said, “During the first quarter we achieved important milestones on the journey to realize our enhanced Vision 2025 goals. While executing another solid quarter with 3% net organic sales growth, we continued to integrate our recently expanded European platform and began operating the new K2 CRB machine in Kalamazoo, Michigan. In addition, we successfully implemented pricing actions to offset an unprecedented inflationary environment. Importantly, the successful execution of our transformational CRB optimization project will drive benefits for the Company, our employees, and our customers for decades to come as we produce the highest quality, lowest cost CRB in North America. Our business is expanding into new market segments and geographies, and we are executing at a high level as a global team.”

Doss added, “While we continue to strengthen capabilities and expand innovative offerings for customers, we are also optimizing our global production network, driving efficiencies and best-in-class customer service. Progress toward our Vision 2025 will be on full display this year as many of the critical initiatives we have put in motion over the last three years positively impact our financial results. We remain fully committed to achieving strong growth and profitability as reflected in our financial guidance for 2022 and are on track to accomplish the long-term goals established with our enhanced Vision 2025.”
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