Graphic Packaging has reported full-year net sales of $6.02bn in 2018, compared against $4.4bn in the prior year, representing an increase of 37%.
The sales have been increased due to rise in revenue from the SBS mill and foodservice assets such as Letica acquisition and improved volume/mix related primarily to acquisitions
The company’s full-year net income was $221.1m for 2018, compared to $300.2m in the prior year, which has been negatively impacted by a net $30.2m of special charges and credits.
Graphic Packaging announced net income of $47.5m in fourth quarter of 2018, compared to $173.9m in fourth quarter of 2017.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the fourth quarter of 2018 was $210.6m, which is $31.5m higher than the fourth quarter of 2017.
EBITDA for the full year 2018 was $908.1m, which is $228.1m higher than the full year 2017.
Adjusted EBITDA increased 36% to $971m in the full year 2018 from $712.2m in the full year 2017, after adjusting both periods for business combinations and other special charges and credits.
As of 31 December 2018, the company has available global liquidity of $1.2bn, including the undrawn availability under its global revolving credit facilities.
The directors board has approved a new $500m share repurchase program, which enables to repurchase shares from time to time via open market purchases, privately negotiated transactions and rule 10b5-1 plans in accordance with applicable securities laws.
Graphic Packaging president and CEO Michael Doss said: “We are very encouraged by the progress we made in 2018, creating a market leading, highly integrated packaging company well positioned for ongoing profitable growth in all three paperboard substrates.
“Our momentum heading into 2019 is accelerating. Specifically, the successful integration of the SBS mill and foodservice assets and resulting strong synergies realization, profitability improvement for the CRB and CUK mill and global converting assets in the face of significant commodity input cost inflation, and successful execution of three strategic capital expenditure projects.”
Based in Atlanta of Georgia, Graphic Packaging provides paper-based packaging solutions for different products of food, beverage, foodservice, and other consumer products companies.