Graphic Packaging Holding Company Reports Fourth Quarter and Full Year 2023 Results

2023 Highlights:
*Net Sales were $9,428 million, flat versus the prior year.
*Net Income was $723 million, an increase of 39% versus the prior year.
*Adjusted EBITDA was $1,876 million, an increase of 17% versus the prior year.
*Earnings per Diluted Share were $2.34, an increase of 38% versus the prior year.
*Adjusted Earnings per Diluted Share were $2.91, an increase of 25% versus the prior year.
*Year-end net leverage was 2.8x versus 3.2x at prior year end.

Michael Doss, the Company’s President and CEO said, “While 2023 was a year of transition for consumer packaging, it was one of outstanding execution for Graphic Packaging. We significantly expanded profitability, achieved strong earnings growth and delivered innovative sustainable packaging solutions that consumers prefer. Our disciplined approach and commitment to delivering results for customers was on full display during a year of well-chronicled inventory normalization for both retailers and consumer packaged goods companies. While we did experience 4% negative organic sales growth for the year, our innovation sales exceeded $200 million, and our overall performance was excellent. We are well positioned to return to positive organic sales growth in 2024, which has started to materialize in improved volumes quarter to date.”

“Our innovation pipeline has never been stronger, and we expect to partner with both existing and new customers to bring more sustainable packaging solutions to the market in 2024 and beyond. We look forward to sharing details of our growth outlook and transformation to the global leader in sustainable consumer packaging at our investor meeting tomorrow, February 21st.”

Net Sales decreased 6% to $2,249 million in the fourth quarter of 2023, compared to $2,386 million in the prior year period. The $137 million decrease was driven by $198 million of unfavorable volume/mix. This was partially offset by $40 million of positive pricing and $21 million of favorable foreign exchange impact.

EBITDA for the fourth quarter of 2023 was $444 million, $36 million higher than the fourth quarter of 2022. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $457 million in the fourth quarter of 2023 versus $413 million in the fourth quarter of 2022.
details at: https://investors.graphicpkg.com/news-events/press-releases/detail/279/graphic-packaging-holding-company-reports-fourth-quarter-and-full-year-2023-results

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