Graphic Packaging Holding Company's net sales increased 9% to $2,438 million in the Q1 2023, compared to $2,245 million in the prior year period. The $193 million increase was driven by $236 million of positive pricing, partially offset by $4 million of unfavorable volume/mix and $39 million of foreign exchange impact.
EBITDA for the Q1 2023 was $469 million, $134 million higher than the Q1 2022. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $484 million in the Q1 2023 versus $350 million in the Q1 2022. When comparing against the prior year quarter, Adjusted EBITDA in the firsQ1t quarter of 2023 was positively impacted by $236 million in pricing and $10 million in net performance. This was partially offset by $2 million in unfavorable volume/mix, $54 million of commodity input cost inflation, $40 million in labor, benefits and other inflation and $16 million of foreign exchange impact.
Net income for Q1 2023 was $207 million, or $0.67 per share, based upon 309.7 million weighted average diluted shares. This compares to Q1 2022 net income of $107 million, or $0.35 per share, based upon 309.7 million weighted average diluted shares.
Michael Doss, the Company's President and CEO said, "During the Q1, our global team continued to advance our proven strategy of running a different race to deliver strong results for our customers and our shareholders. We drove continued net organic sales growth and positioned the business to further capitalize on the growing consumer preference for renewable and recyclable, fiber-based packaging.
"Significant investments in our business continue to result in quality and production cost advantages. During the quarter our newest coated recycled paperboard machine in Kalamazoo exceeded quality, yield and financial expectations. We also began construction on the recently announced state-of-the-art mill in Waco, Texas to further advance our leadership in fiber-based consumer packaging.
"Confidence in the stability of our business, coupled with our team's unwavering focus on innovation and delivering quality and service to customers, is providing a path to an improved outlook for the full year. As such, we are raising our 2023 Adjusted EBITDA guidance and remain on track to achieve our enhanced Vision 2025 financial goals."
Graphic Packaging Holding Company is a leading provider of sustainable fiber-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies.
