Graphic Packaging registers net sales of US$2.45B for Q3 2022

US – US-based paper packaging company Graphic Packaging has reported net sales of US$2.45 billion for the third quarter (Q3) of fiscal 2022 (FY22), up from US$1.78 billion in the same quarter of fiscal 2021 (FY21).

The increase for the three months to 30 September was driven by US$334 million in pricing and an improved volume/mix of US$380 million.

Driven by global demand for sustainable, fiber-based consumer packaging solutions, Graphic Packaging’s net organic sales rose by 5% in Q3 and 4% in the year to date.

The company reported that its net income for the quarter stood at US$193 million, up from US$73 million in the same period of FY21, while its adjusted net income was US$207 million.

Its earnings per diluted share were US$0.62, an increase from US$0.24 in Q3 2021.

Graphic Packaging’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the quarter was US$441 million, against US$284 million a year earlier.

Graphic Packaging President and CEO Michael Doss said: “Strong organic sales growth of 5% accelerated during the third quarter fuelled by our innovation pipeline and demand for more sustainable, fiber-based packaging solutions.

“We are excited to be partnering with new and existing customers globally as they package more consumer goods in recyclable, fiber-based solutions.

“During the quarter, Foodservice sales improved 29% year over year, while Food, Beverage and Consumer sales grew 20% before acquisitions.”

In the year to date, Graphic Packaging recorded net sales of US$7.05 billion and a net income of US$366 million.

The company’s earnings per share (EPS) for the nine months stood at US$1.18, against US$0.56 in the same period of FY21.

Crown posts 6% rise in global beverage can volumes in Q3 2022

Meanwhile, can manufacturer Crown Holdings has reported sales of US$3.25 billion for the third quarter (Q3) of fiscal 2022 (FY22), up from US$2.92 billion in the same period of the prior fiscal year (FY21).

The growth reflects an increase in the company’s global beverage can unit volumes, which rose 6% during the quarter.

CROWN’s income from its operations in the three months to 30 September was US$297 million, down from US$348 million in the corresponding period of FY21.

Its segment income for the period also dropped from US$379 million to US$336 million year-on-year.

Net income attributable to the company during this period grew from US$102 million in Q3 2021 to US$127 million, while its reported diluted earnings per share (EPS) were US$1.06, compared with US$0.79 a year earlier.

Crown Holdings Chairman, President and CEO Timothy Donahue said: “Third quarter global beverage can shipments outpaced the prior year third quarter by 6% led by robust shipments in Brazil, Mexico and Vietnam.

“While shipments advanced versus the prior year, they were short of our earlier expectations leading to more inventory on hand throughout and at the end of the quarter.”

For the fourth quarter, Crown expects its adjusted EPS to be between US$1.00 and US$1.10 and its full year adjusted EPS to be in the range of US$6.60 to US$6.70.

The company reported net sales of US$3.51 billion for the second quarter of the year, up by 20.7% from a year earlier.

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