Graphic Packaging Holding Company reported net income for 1Q 2016 of $57.5 million, based upon 324.2 million weighted average diluted shares. This compares to 1Q 2015 net income of $55.1 million, based on 331.9 million weighted average diluted shares, as the company says in the press release received by Lesprom Network.
"We delivered a very solid 1Q," said President and CEO Michael Doss. "Sales were up 2.6% driven by both acquisitions and modest volume growth in our core legacy business. Adjusted EBITDA Margin increased 70 basis points to 18.7%. The increase was driven by $16.4 million of improved operating performance across the organization, as we remain firmly committed to our culture of continuous improvement and cost reduction."
Net sales increased 2.6% to $1,034.0 million in the 1Q 2016, compared to $1,008.2 million in the prior year period. The $25.8 million increase was driven by $42.5 million of improved volume/mix, related to acquisitions and a modest improvement in core volumes.
EBITDA for 1Q 2016 was $182.9 million, or $3.8 million higher than the 1Q 2015. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA increased 6.7% to $193.4 million in the 1Q 2016 from $181.3 million in the 1Q 2015.
Graphic Packaging Holding Company is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage and other consumer product companies.
Source : lesprom.com