Third Quarter 2024 Highlights
- Return to positive packaging volume growth
- Innovation Sales Growth of $54 million
- Virtual Power Purchase Agreement advances commitment to reduce greenhouse gas emissions in Europe
Third Quarter 2024 Financial Results
- Net Sales $2,216 million, versus $2,349 million in 2023
- Net Income $165 million, versus $170 million in 2023
- Adjusted EBITDA $433 million, versus $482 million in 2023
- Adjusted EBITDA Margin 19.5%, versus 20.5% in 2023
- Earnings per Diluted Share $0.55, versus $0.55 in 2023
- Adjusted Earnings per Diluted Share $0.64, versus $0.74 in 2023
- Net Leverage 3.1x, versus 3.0x in third quarter 2023
ATLANTA, Oct. 29, 2024 - Graphic Packaging Holding Company (NYSE: GPK) ("Graphic Packaging" or the "Company"), a global leader in sustainable consumer packaging, today reported third quarter 2024 results.
Net Income was $165 million, or $0.55 per share, based upon 302.6 million weighted average diluted shares. This compares to third quarter 2023 Net Income of $170 million, or $0.55 per share, based upon 309.2 million weighted average diluted shares. The third quarter of 2024 was impacted by a net charge from special items and amortization of purchased intangibles of $29 million and the third quarter of 2023 was impacted by a net charge from special items and amortization of purchased intangibles of $59 million. When adjusting for special items and amortization of purchased intangibles, Adjusted Net Income for the third quarter of 2024 was $194 million, or $0.64 per diluted share. This compares to third quarter 2023 Adjusted Net Income of $229 million, or $0.74 per diluted share.
Michael Doss, the Company's President and CEO said, "In the third quarter, we saw our packaging volumes turn positive, after Europe's return to growth in the second quarter. Third quarter also saw the launch of new paperboard cup and container innovations for major Foodservice customers and the first-ever round BoardioTM paperboard canister for a leading collagen-protein brand. Our innovations are delivering real value for our customers and for consumers.
Despite volume challenges brought on first by customer and retailer destocking and later by the pressure consumers are feeling from price inflation, we are delivering margin strength and consistency in line with the best global consumer packaging companies. That speaks to the value of the portfolio we have created, the success of our sustainable packaging innovations, and our team's commitment to outstanding execution. As volumes continue to improve and our Waco investment moves toward completion, cash generation will rise significantly, and we will deploy that cash to create substantial additional value for shareholders."
Source: Graphic Packaging
