![]() ![]() After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $453 million in the second quarter of 2023 versus $396 million in the second quarter of 2022. The $34 million increase was driven by $188 million of positive pricing, partially offset by $154 million of unfavorable volume/mix.ĮBITDA for the second quarter of 2023 was $434 million, $140 million higher than the second quarter of 2022. Net Sales increased 1% to $2,392 million in the second quarter of 2023, compared to $2,358 million in the prior year period. The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions. The transaction includes three well-capitalized packaging facilities in the Midwest that consume 95,000 tons of paperboard annually. ![]() ![]() Annual synergies of approximately $10 million are expected within 24 months of closing. The proposed acquisition is expected to add approximately $200 million in sales, $30 million in Adjusted EBITDA and will support strategic priorities of increasing integration rates and expanding customers and categories. The Company has entered into a definitive agreement to acquire Bell Incorporated. Our execution and focus on innovation, along with favorable consumer trends, provide confidence in our ability to drive 100 to 200 basis points of net organic sales growth annually for years to come." Our expectations for growth and cash generation enable the continued allocation of capital into initiatives that strengthen the business and support growth, while providing a path to return leverage to the low-end of our historical targeted range. "Finally, we are reiterating full year 2023 guidance. These announcements demonstrate our balanced approach to capital allocation as we continue to deliver value for stakeholders. Our Board of Directors has also approved an incremental $500 million share repurchase authorization. The pending transaction will strengthen our integrated packaging network in the U.S., further solidifying our commitment to deliver service excellence in packaging. packaging provider, strategically expanding our network, customer breadth and category presence. "Consistent with that, we are pleased to announce a definitive agreement to acquire Bell Incorporated, a well-capitalized U.S. Our focus remains on delivering renewable and recyclable, fiber-based packaging solutions preferred by consumers. Importantly, our global team continued to advance key initiatives to drive sustained future organic growth and higher profitability through commercial execution, quality improvement and cost reduction. Michael Doss, the Company's President and CEO said, "We grew Sales, Adjusted EBITDA and Adjusted EBITDA margins year over year in the second quarter while actively managing supply to meet demand in response to short-term inventory destocking by retailers and our customers. This compares to second quarter 2022 Adjusted Net Income of $185 million, or $0.60 per diluted share. When adjusting for special charges and amortization of purchased intangibles, Adjusted Net Income for the second quarter of 2023 was $203 million, or $0.66 per diluted share. The second quarters of 20 were impacted by a net $37 million and a net $102 million of special charges, respectively. This compares to second quarter 2022 Net Income of $66 million, or $0.21 per share, based upon 309.9 million weighted average diluted shares. Net Income for second quarter 2023 was $150 million, or $0.49 per share, based upon 309.1 million weighted average diluted shares. 1, 2023 - Graphic Packaging Holding Company today reported results for the second quarter of 2023. ![]() "We grew Sales, Adjusted EBITDA and Adjusted EBITDA margins year over year in the second quarter while actively managing supply to meet demand in response to short-term inventory destocking by retailers and our customers." – Mike Doss, President and CEO, Graphic Packaging Holding Company.Īug. ![]()
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