Graphic Packaging Holding Company reported a net loss for 1Q 2020 of $12.7 million, or a net loss per share of $0.04, based upon 288.9 million weighted average diluted shares. This compares to 1Q 2019 net income of $57.9 million, or $0.19 per share, based upon 298.2 million weighted average diluted shares.
1Q 2020 net income was negatively impacted by a net $103.9 million of special charges including a net $89.7 million non-cash charge related to the settlement of a U.S. pension plan.
"We had a very strong start to 2020 with positive net organic volume growth of 5% and solid productivity driving meaningful improvement to our key financial metrics. To date, we have successfully met the increased and changing needs of our customers, while effectively keeping our employees safe and healthy. I am exceptionally proud of the work our teams around the world are doing to meet the essential packaging needs of our customers and the consumer," said President and CEO Michael Doss.
Net sales increased 6.2% to $1,599.1 million in the 1Q 2020, compared to $1,505.9 million in the prior year period. The $93.2 million increase was driven by $14.1 million of higher pricing and $89 million of improved volume/mix related to acquisitions and conversions to our paperboard packaging solutions. These benefits were partially offset by $9.9 million of unfavorable foreign exchange.
EBITDA for the 1Q 2020 was $123.6 million, or $129.9 million lower than the 1Q 2019. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA increased 13.5% to $294.8 million in the 1Q 2020 from $259.7 million in the 1Q 2019.
Graphic Packaging Holding Company is a leading provider of paper-based packaging.
