01.30.19
Graphic Packaging Holding Company reported net income for fourth quarter 2018 of $47.5 million, or $0.15 per share, based upon 306.8 million weighted average diluted shares. This compares to fourth quarter 2017 net income of $173.9 million, or $0.56 per share, based on 311.2 million weighted average diluted shares.
For the full year 2018, net income was $221.1 million, or $0.71 per share, based upon 310.1 million weighted average diluted shares. This compares to 2017 net income of $300.2 million, or $0.96 per share, based on 311.9 million weighted average diluted shares.
Net sales increased 36% to $1,507.7 million in the fourth quarter of 2018, compared to $1,109.9 million in the prior year period. The $397.8 million increase was driven by $362.8 million of revenue from the SBS mill and foodservice assets including the Letica acquisition, $21.5 million of improved volume/mix related primarily to acquisitions, and $21.8 million of higher pricing. These benefits were partially offset by $8.3 million of unfavorable foreign exchange.
Net sales increased 37% to $6,023.0 million for the full year 2018, compared to $4,403.7 million in the prior year period. The $1,619.3 million increase was driven by $1,435.1 million of revenue from the SBS mill and foodservice assets including the Letica acquisition, $112.2 million of improved volume/mix related primarily to acquisitions, $52.9 million of higher pricing, and $19.1 million of favorable foreign exchange.
“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,” said president and CEO Michael Doss. “In addition, we also completed the strategic PFP and Letica Foodservice acquisitions while returning $230 million of capital to shareholders in 2018 via dividends and share repurchases, including $119 million in share repurchases completed in the fourth quarter.”
EBITDA for the fourth quarter of 2018 was $210.6 million, or $31.5 million higher than the fourth quarter of 2017. After adjusting both periods for business combinations and other special charges and credits, adjusted EBITDA increased 29% to $248.1 million in the fourth quarter of 2018 from $192.4 million in the fourth quarter of 2017.
EBITDA for the full year 2018 was $908.1 million, or $228.1 million higher than the full year 2017. After adjusting both periods for business combinations and other special charges and credits, Adjusted EBITDA increased 36% to $971.0 million in the full year 2018 from $712.2 million in the full year 2017.
For the full year 2018, net income was $221.1 million, or $0.71 per share, based upon 310.1 million weighted average diluted shares. This compares to 2017 net income of $300.2 million, or $0.96 per share, based on 311.9 million weighted average diluted shares.
Net sales increased 36% to $1,507.7 million in the fourth quarter of 2018, compared to $1,109.9 million in the prior year period. The $397.8 million increase was driven by $362.8 million of revenue from the SBS mill and foodservice assets including the Letica acquisition, $21.5 million of improved volume/mix related primarily to acquisitions, and $21.8 million of higher pricing. These benefits were partially offset by $8.3 million of unfavorable foreign exchange.
Net sales increased 37% to $6,023.0 million for the full year 2018, compared to $4,403.7 million in the prior year period. The $1,619.3 million increase was driven by $1,435.1 million of revenue from the SBS mill and foodservice assets including the Letica acquisition, $112.2 million of improved volume/mix related primarily to acquisitions, $52.9 million of higher pricing, and $19.1 million of favorable foreign exchange.
“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,” said president and CEO Michael Doss. “In addition, we also completed the strategic PFP and Letica Foodservice acquisitions while returning $230 million of capital to shareholders in 2018 via dividends and share repurchases, including $119 million in share repurchases completed in the fourth quarter.”
EBITDA for the fourth quarter of 2018 was $210.6 million, or $31.5 million higher than the fourth quarter of 2017. After adjusting both periods for business combinations and other special charges and credits, adjusted EBITDA increased 29% to $248.1 million in the fourth quarter of 2018 from $192.4 million in the fourth quarter of 2017.
EBITDA for the full year 2018 was $908.1 million, or $228.1 million higher than the full year 2017. After adjusting both periods for business combinations and other special charges and credits, Adjusted EBITDA increased 36% to $971.0 million in the full year 2018 from $712.2 million in the full year 2017.