Graphic Packaging Holding Company reported net income for 2Q 2016 of $77.8 million, or $0.24 per share, based upon 322.5 million weighted average diluted shares. This compares to 2Q 2015 net income of $57.6 million, or $0.17 per share, based on 330.9 million weighted average diluted shares, as the company said in the press release received by Lesprom Network.
Net sales increased 4.4% to $1,103.2 million in the 2Q 2016, compared to $1,057.1 million in the prior year period.
EBITDA for 2Q 2016 was $188.1 million, or $1 million higher than the 2Q 2015.
"We delivered 2Q results that met our high expectations," said President and CEO Michael Doss. "Net sales were up 4.4% driven primarily by acquisitions, while volumes in our core business remained stable. Adjusted EBITDA was $195.2 million, up slightly compared to the prior year period of $192.1 million, despite the expected $15 million negative impact from planned downtime taken to upgrade a paperboard machine at our West Monroe facility. We continue to execute on our operating performance programs across the organization and remain firmly committed to our culture of continuous improvement and cost reduction. We achieved $21.0 million in performance improvements in the quarter, and $37.5 million year-to-date."
Graphic Packaging Holding is a leading provider of packaging solutions to food, beverage and consumer product companies.
