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.”
more at: https://investors.graphicpkg.com/news/news-details/2022/Graphic-Packaging-Holding-Company-Reports-Third-Quarter-2022-Results/default.aspx

Related Posts

Sonoco Announces Price Increase for Paperboard Tubes and Cores

Sonoco announced it will raise the price for all paperboard tubes and cores by a minimum of 6 percent, effective with shipments in the United States and Canada, on or after March 1, 2022. “Ongoing market tightness, limited paperboard supply and additional inflationary cost pressures to our primary raw materials (uncoated recycled paperboard and adhesives) make this increase necessary,” said Doug Schwartz, Division Vice President and General Manager, North America Tubes and Cores. “Despite these market and supply chain challenges, we remain committed to maintaining the quality and service that our customers have become accustomed to when working with Sonoco.”

Natural, sustainable, and safely packaged – with FlexPaper pure

Felix Schoeller Group expands packaging product portfolio: Environmentally friendly packaging solution made of 95% paper – suitable for disposal with waste paper The Felix Schoeller Group of Osnabrück, Germany, has expanded its packaging product portfolio – with great success. An international audience of industry professionals got their first glimpse of the varied new range at the Fachpack trade fair in Nuremberg at the end of September.One of the highlights was the innovative FlexPaper pure, which is made using an extrusion lamination process and renewable, FSC-certified pulp from sustainable forestry. FlexPaper pure packaging is an eye-catcher at every point of sale thanks to the outstanding properties of the specialty paper, which lead to optimum flexographic and gravure printing results. But that’s not the only reason it is already causing such a stir – thanks its high total paper content of 95 percent, Felix Schoeller’s new packaging solution can be disposed of easily with the waste paper once it has been used. This has been confirmed in an independent packaging analysis using the “Made for Recycling” test method, which concluded that FlexPaper “recycles well”.

Sonoco Implementing Price Increase for Uncoated Recycled Paperboard

Sonoco announced it is implementing a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) in the United States and Canada, effective with shipments beginning November 16, 2020. Sonoco cited significantly longer backlogs at its mills along with continuing inflation of input costs, especially freight and papermaking chemicals as the drivers for this pricing action.
Back To Top
×Close search
Search