Graphic Packaging Holding Company reports net income for 2Q 2017 of $42 million. This compares to 2Q 2016 net income of $77.8 million, as the company says in the press release received by Lesprom Network.
2Q 2017 net income was negatively impacted by $4.4 million (net of a $1.7 million tax benefit) of business combinations and other special charges.
"Our 2Q Adjusted EBITDA met our expectations at $171 million compared to $195 million in the prior year period. Net Tons Sold were up 1.7%, reflecting an acquisition and slightly positive core volumes. We successfully completed our bi-annual maintenance cold outage at the West Monroe, Louisiana mill," said President and CEO Michael Doss. "The quarter was negatively impacted by accelerating commodity input costs, primarily recycled fiber, and the planned downtime costs."
Net sales decreased 0.8% to $1,094.7 million in the 2Q 2017, compared to $1,103.2 million in the prior year period. When comparing against the prior year quarter, net sales were positively impacted by $13 million of improved volume/mix related to an acquisition and slightly positive core volumes.
EBITDA for the 2Q 2017 was $164.5 million, or $23.6 million lower than the 2Q 2016.
Graphic Packaging Holding Company is a leading provider of paper-based packaging solutions. The Company operates on a global basis, is one of the largest producers of folding cartons in the United States, and holds leading market positions in coated unbleached kraft paperboard and coated-recycled paperboard.
