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Jun 30, 2023
Graphic Packaging Q2 2023 Earnings Report
Graphic Packaging's financial performance increased in Q2 2023, driven by pricing and strategic initiatives.
Key Takeaways
Graphic Packaging Holding Company reported a 1% increase in net sales to $2,392 million and a 127% increase in net income to $150 million in the second quarter of 2023. The company reiterated its full-year 2023 guidance and announced a definitive agreement to acquire Bell Incorporated.
Net sales increased by 1% to $2,392 million compared to the prior year quarter.
Net income increased by 127% to $150 million compared to the prior year quarter.
Adjusted EBITDA increased by 14% to $453 million compared to the prior year quarter.
Earnings per diluted share increased by 133% to $0.49 compared to the prior year quarter.
Forward Guidance
The company is reiterating its full-year 2023 guidance, expecting net sales of approximately $10 billion, adjusted EBITDA between $1.8 and $2.0 billion, adjusted cash flow between $600 and $800 million, and adjusted earnings per diluted share between $2.70 and $3.10. The guidance excludes the pending acquisition of Bell Incorporated.
Positive Outlook
- Net Sales are expected to be approximately $10 billion.
- Adjusted EBITDA is expected to be between $1.8 and $2.0 billion.
- Adjusted Cash Flow is expected to be between $600 and $800 million.
- Net Leverage Ratio at year-end is expected to be at or below 2.5x Adjusted EBITDA.
- Adjusted Earnings per Diluted Share (Excluding Amortization of Purchased Intangibles) is expected to be between $2.70 and $3.10.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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