ATLANTA, Oct. 20, 2020 -
Q3 2020 Highlights
- Net Sales were $1,697.7 million versus $1,581.6 million in the prior year period.
- Net organic sales increased 4.2% in the quarter and increased 3.5% for the first nine months of 2020 versus the prior year period.
- Net Income was $63.7 million versus $52.1 million in the prior year period.
- Earnings per Diluted Share were $0.23 versus $0.18 in the prior year period.
- Adjusted Earnings per Diluted Share were $0.26 versus $0.20 in the prior year period.
- Adjusted EBITDA was $250.2 million versus $244.3 million in the prior year period.
- Global liquidity was $1,557.1 million at quarter end.
- Returned $366.7 million to stakeholders in share repurchases, dividends, partnership distributions and redemptions; included $89.9 million in common shares repurchased during the quarter.
Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of packaging solutions to food, beverage, foodservice, and other consumer products companies, today reported Net Income for third quarter 2020 of $63.7 million, or $0.23 per share, based on 278.0 million weighted average diluted shares. This compares to third quarter 2019 Net Income of $52.1 million, or $0.18 per share, based on 293.7 million weighted average diluted shares.
Third quarter 2020 Net Income was impacted by a net $8.6 million of special charges that are detailed in the Reconciliation of Non-GAAP Financial Measures table attached. When adjusting for these charges, Adjusted Net Income for the third quarter of 2020 was $72.3 million, or $0.26 per diluted share. This compares to third quarter 2019 Adjusted Net Income of $57.9 million, or $0.20 per diluted share.
Michael Doss, the Company's President and CEO said, "We continue to deliver excellent results in 2020 consistent with our Vision 2025 goals and we are capturing organic sales growth as we answer the call from consumers for more sustainable packaging solutions. Net organic sales growth accelerated on a sequential basis to over 4% in the third quarter. Our business pipeline remains robust and we are uniquely positioned to capture growth with our innovative fiber-based packaging solutions."
Doss added, "At Graphic Packaging, we are ensuring continuity of service for our customers, a safe environment for our employees and long-term returns for our stakeholders. Our transformation to a growth culture is a direct result of the compelling value proposition we offer customers and the ongoing investments we are making to ensure we lead the industry in quality, service and innovation. Our teams are executing during a challenging time, and we are committed to leadership in the paperboard packaging industry by providing sustainable and exciting new packaging solutions."
Source: Graphic Packaging