Graphic Packaging Holding reported net income for 2Q 2018 of $49.4 million, or $0.16 per share, based upon 311.3 million weighted average diluted shares. This compares to 2Q 2017 net income of $42 million, or $0.14 per share, based on 311.1 million weighted average diluted shares, as the company said in the press release received by Lesprom Network.
"We reported solid results in the 2Q reflecting strong performance improvements, steady volume, and continued favorable momentum from the solid bleached sulfate (SBS) mill and foodservice converting assets. 2Q Adjusted EBITDA of $236 million included a negative $6 million impact from unplanned outages at our Augusta, Georgia, SBS mill, which occurred in late June and were associated with power interruption to the facility. The 2Q results met our expectations for the quarter before the impact of the unplanned outages," said President and CEO Michael Doss.
Net sales increased 38% to $1,509.3 million in the 2Q 2018, compared to $1,094.7 million in the prior year period. The $414.6 million increase was driven by $360.1 million of revenue from the SBS mill and foodservice converting assets, $37 million of improved volume/mix related primarily to acquisitions, $9.5 million of favorable foreign exchange, and $8 million of higher pricing.
EBITDA for the 2Q 2018 was $227.2 million, or $62.7 million higher than the 2Q 2017. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA increased 38% to $235.8 million in the 2Q 2018 from $170.6 million in the 2Q 2017.
Graphic Packaging Holding Company is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies.
