Graphic Packaging Holding Company Reports Strong First Quarter 2023 Financial Results

Q1 2023 Highlights:
*Net Sales were $2,438 million, an increase of 9% versus the prior year quarter.
*Net Organic Sales increased 1% versus the prior year quarter.
*Net Income was $207 million, an increase of 93% versus the prior year quarter.
*Adjusted EBITDA was $484 million, an increase of 38% versus the prior year quarter.
*Earnings per Diluted Share were $0.67, an increase of 91% versus the prior year quarter.
*Adjusted Earnings per Diluted Share were $0.77, an increase of 60% versus the prior year quarter.
*Net leverage was 3.1x versus 3.2x at year-end 2022.
*Full-year 2023 Adjusted EBITDA guidance increased by $100 million to $1.9 billion at the midpoint of the guidance range.

Michael Doss, the Company’s President and CEO said, “During the first quarter, our global team continued to advance our proven strategy of running a different race to deliver strong results for our customers and our shareholders. We drove continued net organic sales growth and positioned the business to further capitalize on the growing consumer preference for renewable and recyclable, fiber-based packaging.

“Significant investments in our business continue to result in quality and production cost advantages. During the quarter our newest coated recycled paperboard machine in Kalamazoo exceeded quality, yield and financial expectations. We also began construction on the recently announced state-of-the-art mill in Waco, Texas to further advance our leadership in fiber-based consumer packaging.

“Brands and manufacturers recognize the consumer preference for more sustainable packaging and are making investments to meet that demand. We are pleased to announce that Chick-fil-A is launching our new, highly insulated, double-wall fiber-based cups as a potential long-term solution for their beverage program.

“Confidence in the stability of our business, coupled with our team’s unwavering focus on innovation and delivering quality and service to customers, is providing a path to an improved outlook for the full year. As such, we are raising our 2023 Adjusted EBITDA guidance and remain on track to achieve our enhanced Vision 2025 financial goals.”
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