Graphic Packaging Holding Posted Robust Q2 Results
Paper Recycling | 2020-07-22 22:08:40
The net sales surged higher by 4% to $1,611.0 million in the second quarter of 2020.
By Paul Ploumis
SEATTLE (Scrap Monster): Graphic Packaging Holding Company reported spectacular results for the second quarter of 2020. The company has reinstated the adjusted EBITDA and cash flow guidance for the full year.
The net sales surged higher by 4% to $1,611.0 million in the second quarter of 2020. This compares with $1,552.8 million in the prior year period. The increase was mainly driven by positive prices and favourable volume/mix.
The EBITDA for the second quarter was $238.9 million, slightly lower by $18.3 million in comparison with Q2 2019. The company reported net income for second quarter 2020 of $52.1 million or $0.19 per share, compared to second quarter 2019 net income of $63.8 million, or $0.22 per share. The adjusted earnings per diluted share were $0.26 versus $0.24 in the prior year period. As of 30th June, 2020, the company’s available liquidity stood at $1,412.9 million.
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The company has reinstated the full-year guidance for 2020. It expects adjusted EBITDA in the range of $1.05 billion to $1.09 billion and adjusted cash flow to range between $200 million and $275 million.
Michael Doss, President and CEO commended the employees for ensuring continuity of supply globally, during the difficult times. The growth and financial goals established at the beginning of the year remain achievable, he added.
