Graphic Packaging Holding Company (NYSE:GPK), a premier company specializing in sustainable consumer packaging solutions has announced its financial results for the first quarter of 2024.
Highlights from the quarter include the introduction of Vision 2030 at their Investor Day in February, and an agreement to sell their Augusta, Georgia paperboard manufacturing facility to Clearwater Paper.
Financially, the company reported net sales of $2,259 million for the quarter, a slight decline from $2,438 million in the same period last year.
Despite the dip in sales, the company saw sales growth from innovation amounting to $37 million, meeting expectations.
While net income for the quarter stood at $165 million, down from $207 million in Q1 2023, adjusted EBITDA was $443 million compared to $484 million a year ago.
Additionally, the adjusted EBITDA margin came in at 19.6%, a decrease from 19.9% in the previous year.
Despite these challenges, the company has managed to maintain a stable leverage ratio, slightly reducing from 3.1x in 2023 to 3x.