Graphic Packaging Holding Company's net sales increased 1% to $2,392 million in the Q2 2023, compared to $2,358 million in the prior year period. The $34 million increase was driven by $188 million of positive pricing, partially offset by $154 million of unfavorable volume/mix.
EBITDA for the Q2 2023 was $434 million, $140 million higher than the Q2 2022. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $453 million in the Q2 2023 versus $396 million in the Q2 2022. When comparing against the prior year quarter, Adjusted EBITDA in the Q2 2023 was positively impacted by $188 million in pricing and $4 million in commodity input cost deflation. This was partially offset by $40 million in unfavorable volume/mix, $48 million in labor, benefits and other inflation, $43 million in unfavorable net performance and $4 million of foreign exchange impact.
Net income for Q2 2023 was $150 million, or $0.49 per share, based upon 309.1 million weighted average diluted shares. This compares to Q2 2022 net income of $66 million, or $0.21 per share, based upon 309.9 million weighted average diluted shares.
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. 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. Our focus remains on delivering renewable and recyclable, fiber-based packaging solutions preferred by consumers.”
Graphic Packaging Holding Company, headquartered in Atlanta, Georgia, is a leading fiber-based consumer packaging company.
