Graphic Packaging Holding Recorded Strong Quarter

SEATTLE (Scrap Monster): Graphic Packaging Holding Company- the leading provider of sustainable packaging solutions announced results for first quarter 2021.

The company reported net income of $54 million, compared to loss of $13 million in the prior year quarter. The adjusted EBITDA dropped from $295 million to $240 million over the year, negatively impacted by Uri-related costs and commodity input cost inflation, said the company press release.

The earnings per diluted share and adjusted earnings per diluted share in the initial quarter of the current year stood at $0.19 and $0.23 respectively. The net sales surged from $1,599 million in Q1 2020 to $1,649 million, mainly driven by improved volume/mix related to organic growth. Also, the net organic sales by the company registered an increase of 2% during the quarter.

Meantime, the total debt increased $198 million during the first quarter of 2021 to $3,865 million, compared with the prior quarter. The total net debt increased $261 million to $3,749 million. The company’s available liquidity, as on March 31, 2021 was $1,444 million.

Michael Doss, President and CEO noted that the company introduced new innovative products, in response to rising consumer preference for sustainable packaging. The company will remain focused on capturing ongoing organic growth and is hopeful of a very strong second half of 2021, he added.

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