Graphic Packaging Holding reported Q4 2022 net income of $156 million, or $0.50 per share, based on 309 million weighted average diluted shares. Net sales increased 20% to $2,386 million in the Q4 2022, compared to $1,988 million in the prior year period.

Packaging

Graphic Packaging Holding Company's Q4 net sales up 20%

Graphic Packaging Holding Company"s Q4 net sales up 20%

Image: Graphic Packaging Holding Company

Graphic Packaging Holding reported Q4 2022 net income of $156 million, or $0.50 per share, based on 309 million weighted average diluted shares. This compares to Q4 2021 net income of $39 million, or $0.13 per share, based on 309 million weighted average diluted shares.         

Net sales increased 20% to $2,386 million in the Q4 2022, compared to $1,988 million in the prior year period. The $398 million increase was driven by $137 million of favorable volume/mix and $298 million in positive pricing, partially offset by $37 million in unfavorable foreign exchange.

EBITDA for the Q4 2022 was $408 million, an increase of $190 million from the fourth quarter of 2021. After adjusting for charges associated with business combinations and other special charges, Adjusted EBITDA increased $128 million to $413 million in the Q4 2022 from $285 million in the Q4 2021. 

Net sales increased 32% to $9,440 million for the full year 2022, compared to $7,156 million in the prior year.

EBITDA for the full year 2022 was $1,469 million, an increase of $563 million from the full year 2021. After adjusting for charges associated with business combinations and other special charges, Adjusted EBITDA increased 52% to $1,600 million in the full year 2022 from $1,056 million in the full year 2021.

Full year 2022 net income was $522 million versus $204 million in the prior year. Adjusted net income for full year 2022 was $722 million, or $2.33 per diluted share. This compares to adjusted net income for the full year of 2021 of $390 million, or $1.31 per diluted share.                     

Michael Doss, the Company's President and CEO said, "2022 was an excellent year of performance and execution by our global team. Financial results improved materially and are on pace to meet our Vision 2025 goals. Our continued innovation in fiber-based consumer packaging solutions drove a third consecutive year of net organic sales growth at or above the high-end of our targeted range. Our large acquisition in Europe has been integrated and is providing growth opportunities in new consumer markets while meeting our financial and synergy expectations. The state-of-the-art CRB machine in Kalamazoo, Michigan successfully ramped production and is on track to achieve an expected $130 million in incremental, annual EBITDA from the investment. Price execution, strong demand for innovative packaging solutions, acquisitions, and positive net productivity resulted in Adjusted EBITDA increasing 52% to $1.6 billion."

Graphic Packaging Holding Company is a leading provider of sustainable fiber-based packaging solutions.