Graphic Packaging Holding Company Reports Third Quarter 2022 Results

Q3 2022 Highlights
*Net Sales were $2,451 million versus $1,782 million in the prior year quarter.
*Net Organic Sales increased 5% in the quarter and 4% year-to-date driven by global demand for sustainable, innovative fiber-based consumer packaging solutions.
*Net Income was $193 million versus $73 million in the prior year quarter.
*Global liquidity was $1.4 billion at quarter end.
*Repurchased $15 million of common stock during the quarter; returned $38 million in total to stockholders in share repurchases and dividends.
*Board of Directors voted to increase the quarterly dividend 33% to $0.10 per share of common stock effective with the first dividend distribution in 2023.
*In October, published 2021 environmental, social and governance (ESG) report reaffirming organization-wide focus on continuous improvement and highlighting the milestones achieved during the year advancing the Company’s Vision 2025 ESG goals.

Graphic Packaging Holding Company (NYSE: GPK), (the “Company”), a leading provider of sustainable, fiber-based consumer packaging solutions to food, beverage, foodservice, and other consumer products companies, today reported Net Income for third quarter 2022 of $193 million, or $0.62 per share, based upon 310 million weighted average diluted shares. This compares to third quarter 2021 Net Income of $73 million, or $0.24 per share, based upon 309 million weighted average diluted shares.

Michael Doss, the Company’s President and CEO said, “Strong organic sales growth of 5% accelerated during the third quarter fueled by our innovation pipeline and demand for more sustainable, fiber-based packaging solutions. We are excited to be partnering with new and existing customers globally as they package more consumer goods in recyclable, fiber-based solutions. We are uniquely positioned to service increased demand for recycled content in paperboard packaging as our state-of-the-art coated recycled board machine in Kalamazoo, Michigan continues to ramp-up production. During the quarter, Foodservice sales improved 29% year over year, while Food, Beverage and Consumer sales grew 20% before acquisitions. Backlogs across all substrates remain strong at 8 plus weeks, reflecting a healthy demand environment.”

Doss continued, “Strategic investments and operational execution by our teams have allowed us to continue to meet greater demand for fiber-based consumer packaging. Our low-cost production platform positions us to capture profitable growth and earn solid returns for stakeholders. We announced an increase to our dividend payout during the quarter and today are raising Adjusted EBITDA at the midpoint of our guidance to $1.6 billion. We remain focused on leading with innovation and service through an optimized global footprint while delivering on our multi-year growth and return goals to benefit all stakeholders.”
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