Graphic Packaging Holding Company Reports Fourth Quarter and Full Year 2023 Results

Rhea-AI Summary

Graphic Packaging Holding Company (NYSE: GPK) reported solid financial results for 2023 with Net Sales of $9,428 million, a flat year-over-year comparison, and Net Income of $723 million, a 39% increase. Adjusted EBITDA rose by 17% to $1,876 million. Earnings per Diluted Share and Adjusted Earnings per Diluted Share also saw significant increases. The company's President and CEO highlighted strong execution and profitability despite a 4% negative organic sales growth in 2023. Graphic Packaging expects to return to positive organic sales growth in 2024 with a robust innovation pipeline.

Positive

• Solid financial results for 2023 with flat Net Sales of $9,428 million.
• Net Income increased by 39% to $723 million compared to the prior year.
• Adjusted EBITDA rose by 17% to $1,876 million.
• Earnings per Diluted Share increased by 38% to $2.34.
• Adjusted Earnings per Diluted Share increased by 25% to $2.91.
• Year-end net leverage improved to 2.8x from 3.2x in the prior year.
• Company's President and CEO highlighted outstanding execution and profitability despite negative organic sales growth in 2023.
• Graphic Packaging expects to achieve positive organic sales growth in 2024 with a strong innovation pipeline.

Negative

• Net Sales decreased by 6% in the fourth quarter of 2023 compared to the prior year.
• Full year 2023 saw a slight decrease in Net Sales compared to 2022.
• Total Debt decreased during the fourth quarter of 2023.
• Net Interest Expense increased in the fourth quarter of 2023 due to higher interest rates.
• Capital expenditures were higher in the fourth quarter of 2023 compared to the prior year.

Insights

Financial Analyst

The reported increase in Net Income by 39% and a 17% rise in Adjusted EBITDA for Graphic Packaging Holding Company are significant indicators of improved profitability, despite flat net sales year-over-year. The earnings per diluted share also saw substantial growth. These figures suggest a successful cost management strategy and operational efficiency, which is critical for investor confidence and the company's valuation. The reduction of net leverage from 3.2x to 2.8x further indicates a stronger balance sheet, potentially reducing financial risk and possibly leading to a more favorable credit rating.

However, the 4% negative organic sales growth could be a point of concern, as it reflects a potential decrease in market demand or competitive challenges. Investors should monitor whether the company's innovation sales, which exceeded $200 million, can offset this trend and lead to positive organic growth as projected for 2024. The capital expenditures, particularly the investment in the Waco, Texas facility, show a commitment to long-term growth but will need to be weighed against the returns these investments generate over time.

Market Research Analyst

Graphic Packaging's focus on sustainable packaging solutions is aligned with increasing consumer and regulatory demands for environmentally friendly products. This strategic positioning not only caters to current market trends but also potentially opens up new customer segments and markets. The company's strong innovation pipeline is a competitive advantage that could drive future growth, especially considering the global shift towards sustainability.

The mention of inventory normalization issues faced by retailers and consumer packaged goods companies suggests that there may have been external pressures affecting the industry as a whole. This context is important for stakeholders to understand the company's performance relative to broader market conditions. The anticipated return to positive organic sales growth in 2024 could signal a recovery from these pressures and may impact the company's stock positively if realized.

Economist

The increase in net interest expense due to higher interest rates reflects the changing macroeconomic environment, with potential implications for the company's future borrowing costs and profitability. Investors should consider the impact of monetary policy changes on the company's financials, especially in a rising interest rate environment.

The company's performance, including the ability to raise prices in response to inflationary pressures, demonstrates pricing power, which is crucial in maintaining margins during periods of cost inflation. The detailed breakdown of EBITDA adjustments provides transparency into the company's core operations and the effects of external factors such as foreign exchange rates and commodity prices.

The provided full-year 2024 guidance offers a projection that stakeholders can use to benchmark the company's performance throughout the upcoming year. The range of Adjusted EBITDA and Adjusted Earnings per Diluted Share will be key figures for the market to assess against industry performance and economic conditions.

2023 Highlights

• Net Sales were $9,428 million, flat versus the prior year.
• Net Income was $723 million, an increase of 39% versus the prior year.
• Adjusted EBITDA was $1,876 million, an increase of 17% versus the prior year.
• Earnings per Diluted Share were $2.34, an increase of 38% versus the prior year.
• Adjusted Earnings per Diluted Share were $2.91, an increase of 25% versus the prior year.
• Year-end net leverage was 2.8x versus 3.2x at prior year end.

ATLANTA, Feb. 20, 2024 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading consumer packaging company, today reported results for the fourth quarter and full year 2023.

Net Income for fourth quarter 2023 was $196 million, or $0.64 per share, based upon 308.5 million weighted average diluted shares. This compares to fourth quarter 2022 Net Income of $156 million, or $0.50 per share, based upon 309.4 million weighted average diluted shares.

The fourth quarters of 2023 and 2022 were impacted by a net $16 million and a net $10 million of special charges, respectively. When adjusting for special charges and amortization of purchased intangibles, Adjusted Net Income for the fourth quarter of 2023 was $230 million, or $0.75 per diluted share. This compares to fourth quarter 2022 Adjusted Net Income of $181 million, or $0.59 per diluted share.

For the full year 2023, Net Income was $723 million, or $2.34 per share, based upon 309.1 million weighted average diluted shares. This compares to 2022 Net Income of $522 million, or $1.69 per share, based upon 309.5 million weighted average diluted shares.

Full year 2023 and 2022 were impacted by a net $109 million and a net $134 million of special charges, respectively, which are detailed in the attached Reconciliation of Non-GAAP Financial Measures table. When adjusting for special charges and amortization of purchased intangibles, Adjusted Net Income for the full year 2023 was $899 million, or $2.91 per diluted share. This compares to the full year 2022 Adjusted Net Income of $722 million, or $2.33 per diluted share.

Michael Doss, the Company's President and CEO said, "While 2023 was a year of transition for consumer packaging, it was one of outstanding execution for Graphic Packaging. We significantly expanded profitability, achieved strong earnings growth and delivered innovative sustainable packaging solutions that consumers prefer. Our disciplined approach and commitment to delivering results for customers was on full display during a year of well-chronicled inventory normalization for both retailers and consumer packaged goods companies. While we did experience 4% negative organic sales growth for the year, our innovation sales exceeded $200 million, and our overall performance was excellent. We are well positioned to return to positive organic sales growth in 2024, which has started to materialize in improved volumes quarter to date."

"Our innovation pipeline has never been stronger, and we expect to partner with both existing and new customers to bring more sustainable packaging solutions to the market in 2024 and beyond. We look forward to sharing details of our growth outlook and transformation to the global leader in sustainable consumer packaging at our investor meeting tomorrow, February 21^st."

Operating Results
Net Sales
Net Sales decreased 6% to $2,249 million in the fourth quarter of 2023, compared to $2,386 million in the prior year period. The $137 million decrease was driven by $198 million of unfavorable volume/mix. This was partially offset by $40 million of positive pricing and $21 million of favorable foreign exchange impact.

Net Sales decreased slightly to $9,428 million for the full year 2023, compared to $9,440 million in the prior year. The $12 million decrease was driven by $580 million of unfavorable volume/mix, partially offset by $556 million of positive pricing and $12 million of favorable foreign exchange impact.

EBITDA
EBITDA for the fourth quarter of 2023 was $444 million, $36 million higher than the fourth quarter of 2022.  After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $457 million in the fourth quarter of 2023 versus $413 million in the fourth quarter of 2022.  When comparing against the prior year quarter, Adjusted EBITDA in the fourth quarter of 2023 was positively impacted by $40 million in pricing, $11 million in commodity input cost deflation, $90 million in favorable net performance, and $5 million of favorable foreign exchange impact. This was partially offset by $64 million in unfavorable volume/mix and $38 million in labor, benefits and other inflation.

EBITDA for the full year 2023 was $1,795 million, $326 million higher than the full year 2022.  After adjusting both periods for business combinations and other special charges, Adjusted EBITDA was $1,876 million for the full year 2023 versus $1,600 million in the full year 2022.  When comparing against the prior year, Adjusted EBITDA for 2023 was positively impacted by $556 million in pricing, and $75 million in favorable net performance. This was partially offset by $171 million in unfavorable volume/mix, $169 million in labor, benefits and other inflation, $6 million in commodity input inflation, and $9 million of foreign exchange impact.

Other Results
Total Debt (Long-Term, Short-Term and Current Portion) decreased $212 million during the fourth quarter of 2023 to $5,396 million compared to the third quarter of 2023. Total Net Debt (Total Debt less Cash and Cash Equivalents) decreased $228 million during the fourth quarter of 2023 to $5,234 million compared to the third quarter of 2023. The Company returned $48 million to stockholders, including $31 million in dividend payments and $17 million via share repurchases, in the fourth quarter of 2023. The Company's fourth quarter 2023 Net Leverage Ratio was 2.8x Adjusted EBITDA compared to 3.0x at the end of the third quarter 2023.

At December 31, 2023, the Company had available liquidity of approximately $1,433 million, including the undrawn availability under its global revolving credit facilities.

Net Interest Expense was $59 million in the fourth quarter of 2023, higher when compared to $54 million reported in the fourth quarter of 2022 due to higher interest rates. For full year 2023, net interest expense was $239 million compared to $197 million in 2022.

Capital expenditures for the fourth quarter of 2023 were $212 million, higher when compared to $104 million in the fourth quarter of 2022 due to the Waco, Texas recycled paperboard manufacturing facility project. For full year 2023, capital expenditures were $804 million compared to $549 million in 2022.

Fourth quarter 2023 Income Tax Expense was $35 million, lower than $60 million in the fourth quarter of 2022. Full year 2023 Income Tax Expense was $210 million compared to a full year 2022 Income Tax Expense of $194 million.

Full Year 2024 Guidance
The Company's fiscal 2024 guidance, excluding the potential impact of announced Augusta paperboard manufacturing facility sale, is as follows:

• Adjusted EBITDA is expected to be $1.750 billion to $1.950 billion.
• Adjusted Earnings per Diluted Share is expected to be $2.50 to $3.00.

Non-GAAP Reconciliation
Please note that a tabular reconciliation of Net Organic Sales Growth, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS (Excluding Amortization of Purchased Intangibles), Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow and Total Net Debt is attached to this release.

Earnings and Investor Meeting Webcast
The Company will host a video webcast tomorrow beginning at 9:00 a.m. ET (February 21, 2024) to discuss the results of fourth quarter and full year 2023 as part of its Investor Day 2024. The webcast can be accessed from the Investors section of the Graphic Packaging website at www.graphicpkg.com.

Forward Looking Statements
Any statements of the Company's expectations in this press release constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations. These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, continuing pressure for lower cost products, the Company's ability to implement its business strategies, including productivity initiatives, cost reduction plans, and integration activities, as well as the Company's debt level, currency movements and other risks of conducting business internationally and the impact of regulatory and litigation matters, including the continued availability of the Company's U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements, except as required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.

About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, designs and produces consumer packaging that makes a world of difference. An industry leader in innovation, the Company is committed to reducing the environmental footprint of consumer packaging. Graphic Packaging operates a global network of design and manufacturing facilities serving the world's most widely recognized brands in food, beverage, foodservice, household, and other consumer products. Learn more at www.graphicpkg.com.

GRAPHIC PACKAGING HOLDING COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended			Twelve Months Ended
	December 31,			December 31,
In millions, except per share amounts	2023		2022	2023		2022
Net Sales	$      2,249		$      2,386	$      9,428		$      9,440
Cost of Sales	1,748		1,895	7,311		7,610
Selling, General and Administrative	183		205	805		774
Other Expense, Net	16		13	64		19
Business Combinations, Exit Activities and Other Special Charges, Net	12		5	74		131
Income from Operations	290		268	1,174		906
Nonoperating Pension and Postretirement Benefit (Expense) Income	(1)		2	(3)		7
Interest Expense, Net	(59)		(54)	(239)		(197)
Income before Income Taxes  and Equity Income of Unconsolidated Entity	230		216	932		716
Income Tax Expense	(35)		(60)	(210)		(194)
Income before Equity Income of Unconsolidated Entity	195		156	722		522
Equity Income of Unconsolidated Entity	1		—	1		—
Net Income	$          196		$          156	$          723		$          522
Net Income Per Share —  Basic	$         0.64		$         0.51	$         2.35		$         1.69
Net Income Per Share —  Diluted	$         0.64		$         0.50	$         2.34		$         1.69
Weighted Average Number of Shares Outstanding - Basic	307.6		308.5	308.2		308.8
Weighted Average Number of Shares Outstanding - Diluted	308.5		309.4	309.1		309.5

 

GRAPHIC PACKAGING HOLDING COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
In millions, except share and per share amounts	December 31, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and Cash Equivalents	$               162		$            150
Receivables, Net	835		879
Inventories, Net	1,754		1,606
Other Current Assets	94		71
Total Current Assets	2,845		2,706
Property, Plant and Equipment, Net	4,992		4,579
Goodwill	2,103		1,979
Intangible Assets, Net	820		717
Other Assets	415		347
Total Assets	$         11,175		$       10,328
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt	$               764		$               53
Accounts Payable	1,094		1,123
Other Accrued Liabilities	731		757
Total Current Liabilities	2,589		1,933
Long-Term Debt	4,609		5,200
Deferred Income Tax Liabilities	731		668
Other Noncurrent Liabilities	464		377
SHAREHOLDERS' EQUITY
Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no shares issued or outstanding	—		—
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 306,058,815 and 307,116,089 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	3		3
Capital in Excess of Par Value	2,062		2,054
Retained Earnings	1,029		469
Accumulated Other Comprehensive Loss	(313)		(377)
Total Graphic Packaging Holding Company Shareholders' Equity	2,781		2,149
Noncontrolling Interest	1		1
Total Equity	2,782		2,150
Total Liabilities and Shareholders' Equity	$         11,175		$       10,328

 

GRAPHIC PACKAGING HOLDING COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
	Twelve Months Ended
	December 31,
In millions	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$        723		$        522
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	619		553
Amortization of Deferred Debt Issuance Costs	6		9
Deferred Income Taxes	22		131
Amount of Postretirement Expense Less Than Funding	(5)		(18)
Asset Impairment Charges	29		96
Other, Net	58		15
Changes in Operating Assets and Liabilities, Net of Acquisitions	(308)		(218)
Net Cash Provided by Operating Activities	1,144		1,090
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending	(781)		(522)
Packaging Machinery Spending	(23)		(27)
Acquisition of Businesses, Net of Cash Acquired	(361)		—
Beneficial Interest on Sold Receivables	184		125
Beneficial Interest Obtained in Exchange for Proceeds	(45)		(6)
Other, Net	1		(5)
Net Cash Used in Investing Activities	(1,025)		(435)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Common Stock	(54)		(28)
Payments on Debt	(26)		(14)
Retirement of Long-Term Debt	—		(250)
Borrowings under Revolving Credit Facilities	4,449		3,929
Payments on Revolving Credit Facilities	(4,314)		(4,195)
Repurchase of Common Stock related to Share-Based Payments	(22)		(18)
Dividends Paid	(123)		(92)
Other, Net	(16)		2
Net Cash Used in Financing Activities	(106)		(666)
Increase (Decrease) in cash and cash equivalents, including cash classified within assets held for sale	13		(11)
Less Cash reclassified to Assets Held for Sale	—		5
Effect of Exchange Rate Changes on Cash	(1)		(6)
Net Increase (Decrease) in Cash and Cash Equivalents	12		(22)
Cash and Cash Equivalents at Beginning of Year	150		172
Cash and Cash Equivalents at End of Year	$        162		$        150

 

GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, depreciation and amortization, including pension amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, Total Net Debt and Net Organic Sales Growth. Adjusted EBITDA and Adjusted Net Income exclude charges associated with: the Company's business combinations, facility shutdowns, and other special charges. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio and Net Organic Sales Growth provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, and Net Organic Sales Growth are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance, liquidity or net sales presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio and Net Organic Sales Growth should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio and Net Organic Sales Growth may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
In millions, except per share amounts	2023		2022		2023		2022
Net Income	$       196		$       156		$       723		$       522
Add (Subtract):
Income Tax Expense	35		60		210		194
Equity Income of Unconsolidated Entity	(1)		—		(1)		—
Interest Expense, Net	59		54		239		197
Depreciation and Amortization	155		138		624		556
EBITDA	444		408		1,795		1,469
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net (a)	13		5		81		131
Adjusted EBITDA	$       457		$       413		$    1,876		$    1,600
Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)	20.3 %		17.3 %		19.9 %		16.9 %
Net Income	$       196		$       156		$       723		$       522
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net (a)	13		5		81		131
Accelerated Depreciation Related to Exit Activities	3		—		56		7
Tax Impact of Business Combinations, Exit Activities and Other Special Charges, Net,  Accelerated Depreciation and Other Tax Items	—		5		(28)		(4)
Amortization Related to Purchased Intangible Assets, Net of Tax	18		15		67		66
Adjusted Net Income (b)	$       230		$       181		$       899		$       722
Adjusted Earnings Per Share - Basic (b)	$      0.75		$      0.59		$      2.92		$      2.34
Adjusted Earnings Per Share - Diluted (b)	$      0.75		$      0.59		$      2.91		$      2.33

(a)	For the three and twelve months ended December 31, 2023, $1 million and $7 million, respectively, is recorded in costs of sales for inventory write-offs primarily related to the CRB machine decommission.
(b)	Excludes amortization related to purchased intangibles.

 

 

GRAPHIC PACKAGING HOLDING COMPANY Reconciliation of Non-GAAP Financial Measures (Continued)
	Twelve Months Ended
	December 31,		December 31,		December 31,
In millions	2023		2022		2021
Net Income	$                   723		$                   522		$                  204
Add (Subtract):
Net Income Attributable to Noncontrolling Interest	—		—		12
Income Tax Expense	210		194		74
Equity Income of Unconsolidated Entity	(1)		—		(1)
Interest Expense, Net	239		197		123
Depreciation and Amortization	624		556		494
EBITDA	1,795		1,469		906
Charges Associated with Business Combinations, Exit Activities and Other Special Charges, Net	81		131		150
Adjusted EBITDA	1,876		1,600		1,056
	December 31,		December 31,		December 31,
Calculation of Net Debt:	2023		2022		2021
Short-Term Debt and Current Portion of Long-Term Debt	$                   764		$                     53		$                  279
Long-Term Debt(a)	4,632		5,230		5,552
Less:
Cash and Cash Equivalents	(162)		(150)		(172)
Total Net Debt	$                5,234		$               5,133		$               5,659
Net Leverage Ratio (Total Net Debt/Adjusted EBITDA)	2.79		3.21		5.36

(a)	Excludes unamortized deferred debt issue costs.

 

	Twelve Months Ended
	December 31,
In millions	2023		2022
Net Cash Provided by Operating Activities	$       1,144		$       1,090
Net Cash Receipts from Receivables Sold included in Investing Activities	139		119
Cash Payments Associated with Business Combinations, Exit Activities and Other Special Charges, Net	14		40
Adjusted Net Cash Provided by Operating Activities	$       1,297		$       1,249
Capital Spending	(804)		(549)
Adjusted Cash Flow	$          493		$          700

 

GRAPHIC PACKAGING HOLDING COMPANY Unaudited Supplemental Data
Calculation of Net Organic Sales Growth:	Three Months Ended			Twelve Months Ended
	December 31,			December 31,
In millions	2023		2022	2023		2022
Net Sales	$            2,249		$               2,386	$           9,428		$               9,440
Open Market Paperboard Sales (Paperboard Mills Segment)	(218)		(357)	(1,022)		(1,290)
Impact of Purchased Sales from Acquisitions (a)	(44)		—	(53)		—
Impact of Divestitures	—		(10)	—		(10)
Impact of Pricing (b)	(60)		—	(514)		—
Impact of Foreign Exchange (c)	(21)		—	(13)		—
Net Organic Sales	$            1,906		$               2,019	$           7,826		$               8,140
Net Organic Sales Growth	(5.6) %			(3.9) %

(a)	Purchased Sales from Acquisitions represents the prior year sales from acquired companies adjusted for current year currency impact.
(b)	Represents pricing from converting sales, including price recovery from acquisitions.
(c )	Impact of Foreign Exchange is measured as the increase or decrease in sales for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.

 

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SOURCE Graphic Packaging Holding Company

FAQ

What were Graphic Packaging Holding Company's (NYSE: GPK) Net Sales for 2023?

Graphic Packaging reported Net Sales of $9,428 million for 2023, remaining flat compared to the previous year.

How much did the Net Income increase by in 2023 for Graphic Packaging Holding Company (NYSE: GPK)?

Graphic Packaging's Net Income increased by 39% in 2023, reaching $723 million compared to the prior year.

What was the Adjusted EBITDA for Graphic Packaging Holding Company (NYSE: GPK) in 2023?

Graphic Packaging's Adjusted EBITDA for 2023 was $1,876 million, showing a 17% increase from the previous year.

What was the Earnings per Diluted Share for Graphic Packaging Holding Company (NYSE: GPK) in 2023?

Graphic Packaging's Earnings per Diluted Share in 2023 was $2.34, marking a 38% increase from the prior year.

What did the President and CEO of Graphic Packaging Holding Company (NYSE: GPK) mention about the company's performance in 2023?

The President and CEO highlighted outstanding execution and profitability despite a 4% negative organic sales growth in 2023.

What does Graphic Packaging Holding Company (NYSE: GPK) expect for its organic sales growth in 2024?

Graphic Packaging anticipates returning to positive organic sales growth in 2024 with a robust innovation pipeline.