Graphic Packaging Holding Company reported net income for 2Q 2021 of $38 million, or $0.13 per share, based upon 295.8 million weighted average diluted shares. This compares to 2Q 2020 net income of $52 million, or $0.19 per share, based upon 280.5 million weighted average diluted shares.
Net sales increased 8% to $1,737 million in 2Q 2021, compared to $1,611 million in the prior year period. The $126 million increase was driven by $76 million of improved volume/mix related to organic growth from conversions to fiber-based packaging solutions, $14 million of pricing and $36 million of favorable foreign exchange.
EBITDA for the 2Q 2021 was $214 million. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $248 million in the 2Q 2021 versus $260 million in the 2Q 2020.
Michael Doss, the Company's President and CEO said, "Strong demand continued across our markets in the 2Q as consumer preferences are driving conversions to our fiber-based packaging solutions. Increased consumer mobility and consumption outside of the home resulted in higher sales in our Foodservice markets up 22% year over year, while Food, Beverage and Consumer markets continued to show healthy growth of 4%. We expect to generate significantly higher Adjusted EBITDA in the second half of 2021 driven by price-cost recovery from the successful execution of approximately $400 million of implemented and recognized pricing actions, and continued momentum from organic sales growth and strong productivity. As we address the near-term inflationary headwinds, we remain unwavering in our commitment to introduce new and innovative packaging solutions across global markets supportive of the move to a more circular economy."
Graphic Packaging Holding Company is a leading provider of sustainable fiber-based packaging solutions.
