Graphic Packaging Holding Company's net sales increased 36% to $2,358 million in the 2Q 2022, compared to $1,737 million in the prior year period. The $621 million increase was driven by $278 million of pricing and $379 million of improved volume/mix related to organic growth from conversions to fiber-based packaging solutions and acquisitions. Net sales were unfavorably impacted by $36 million of foreign exchange.
Net income for 2Q 2022 of $66 million, or $0.21 per share, based upon 309.9 million weighted average diluted shares. This compares to 2Q 2021 net income of $38 million, or $0.13 per share, based upon 295.8 million weighted average diluted shares.
EBITDA for the 2Q 2022 was $294 million, compared to $214 million in the prior year period. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $396 million in the 2Q 2022 versus $248 million in the 2Q 2021. When comparing against the prior year quarter, Adjusted EBITDA in the 2Q 2022 was positively impacted by $278 million of price, $81 million of volume/mix and $16 million in net productivity. Adjusted EBITDA was unfavorably impacted by $185 million of commodity input cost inflation, $25 million of other inflation and $17 million of unfavorable foreign exchange.
Michael Doss, the Company's President and CEO said, "Our growing pipeline of innovative, fiber-based consumer packaging solutions is meeting demand for more sustainable packaging and driving organic growth globally in our business. This continued in the 2Q, with net organic sales up 3%, matching our 1Q growth rate and exceeding our targeted range. This growth is indicative of the ongoing transition of our customers to more recyclable and circular fiber-based packaging solutions. Our integrated business model and global scale have been essential to procuring raw materials in today's challenging supply chain environment and ensuring supply to our customers. Furthermore, the strategic investments we have completed uniquely position us to expand in new market segments and deliver industry-leading quality at the lowest cost to produce, all while advancing our leadership in the industry."
Graphic Packaging Holding Company is a leading provider of sustainable fiber-based packaging solutions.
