Graphic Packaging Holding Company reported net income for 2Q 2020 of $52.1 million, or $0.19 per share, based upon 280.5 million weighted average diluted shares. This compares to 2Q 2019 net income of $63.8 million, or $0.22 per share, based upon 295.7 million weighted average diluted shares.
Adjusted net income for the 2Q 2020 was $72.0 million, or $0.26 per diluted share. This compares to 2Q 2019 adjusted net income of $69.6 million or $0.24 per diluted share.
“We delivered excellent performance in the 2Q as the company adapted to changing demand patterns resulting from the global COVID-19 pandemic. Sales improved 4% year over year driven by acquisitions and net organic sales growth of 1.5%, which was partially offset by a decline in open market paperboard sales. The recession resistant nature of our business was quite apparent during the quarter and I am proud of the work our employees accomplished in successfully serving customers and ensuring continuity of supply globally,” said President and CEO Michael Doss.
Net sales increased 4% to $1,611.0 million in the 2Q 2020, compared to $1,552.8 million in the prior year period. The $58.2 million increase was driven by $5.4 million of positive price and $65.9 million of volume/mix. These benefits were partially offset by $13.1 million of unfavorable foreign exchange.
EBITDA for the 2Q 2020 was $238.9 million, or $18.3 million lower than the 2Q 2019. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA decreased 3% to $260 million in the 2Q 2020 from $267.1 million in the 2Q 2019.
Graphic Packaging Holding Company is a leading provider of packaging solutions to food, beverage, foodservice, and other consumer products companies.
