Graphic Packaging Reported $12.7M Net Loss in 1Q 2020

SEATTLE (Scrap Monster): Graphic Packaging Holding Company reported first quarter 2020 results.

The company reported net loss of $12.7 million, compared to net income of $57.9 million during the corresponding quarter a year before. The net sales registered slight improvement from $1,505.9 million to $1,599.1 million year-on-year. The adjusted EBITDA totalled $294.8 million, compared to $259.7 million in the prior year. Also, the adjusted earnings of $0.31 per diluted share were higher when matched with $0.21 per diluted share during the prior year.

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Graphic Packaging announced closure of the 70,000 ton White Pigeon, Michigan Coated Recycled Board (CRB) and the 120,000 ton West Monroe, Louisiana PM1 containerboard machine with effect from June 30, 2020. In addition, it has decided to delay the significant planned maintenance outage at the West Monroe, Louisiana mill from Q2 to Q3, the company press release said.

The company suspended annual Adjusted EBITDA and Cash Flow guidance, in view of the changes in market behaviour due to impacts caused by the pandemic. Furthermore, it has reaffirmed its commitment to the existing return of capital to stakeholders through dividends and distributions.