David Savastano, Editor02.05.21
Graphic Packaging Holding Company reported positive results for 2020, with net sales up 6.5% up for the year, while also announcing some key investments coming up in the coming year.
Net income for fourth quarter 2020 of $64.2 million, or $0.24 per share, based on 270.3 million weighted average diluted shares. This compares to fourth quarter 2019 net income of $33 million, or $0.11 per share, based on 291.7 million weighted average diluted shares.
Net sales increased 8.7% to $1,652.1 million in the fourth quarter of 2020, compared to $1,519.8 million in the prior year period. Net sales increased 6.5% to $6,559.9 million for the full year 2020, compared to $6,160.1 million in the prior year. The $399.8 million increase was driven by $408 million of improved volume/mix from organic growth and acquisitions.
For the full year 2020, net income was $167.3 million, or $0.60 per share, based on 279.6 million weighted average diluted shares. This compares to 2019 net income of $206.8 million, or $0.70 per share, based on 294.8 million weighted average diluted shares.
“Net organic sales growth of 4% in 2020 confirms our fiber-based packaging solutions are winning in the growing markets where we are focused,” said Michael Doss, the company's president and CEO. "Our strong 2020 results and the momentum we have entering 2021 are consistent with our Vision 2025 goals. We are partnering with customers to elevate their brands in the marketplace, while supporting both customer and our own sustainability goals.
“We are also announcing today that we plan to start up our new CRB machine in Kalamazoo, MI ahead of schedule in the fourth quarter of 2021,” Doss added. "Separately, we will be making a strategic $100 million investment at our Texarkana, TX SBS mill to add CUK production capability to an existing machine to meet growing demand for our paperboard packaging solutions."
EBITDA for the fourth quarter of 2020 was $250.5 million, an increase of $44.9 million from the fourth quarter of 2019. EBITDA for the full year 2020 was $854.2 million, a decrease of $97.8 million from the full year 2019.
Net cash provided by operating activities was $845.6 million for the full year 2020, compared to $665.8 million for the full year 2019. Total debt (long-term, short-term and current portion) decreased $47.3 million during the fourth quarter of 2020 to $3,666.6 million compared to the third quarter of 2020.
Net income for fourth quarter 2020 of $64.2 million, or $0.24 per share, based on 270.3 million weighted average diluted shares. This compares to fourth quarter 2019 net income of $33 million, or $0.11 per share, based on 291.7 million weighted average diluted shares.
Net sales increased 8.7% to $1,652.1 million in the fourth quarter of 2020, compared to $1,519.8 million in the prior year period. Net sales increased 6.5% to $6,559.9 million for the full year 2020, compared to $6,160.1 million in the prior year. The $399.8 million increase was driven by $408 million of improved volume/mix from organic growth and acquisitions.
For the full year 2020, net income was $167.3 million, or $0.60 per share, based on 279.6 million weighted average diluted shares. This compares to 2019 net income of $206.8 million, or $0.70 per share, based on 294.8 million weighted average diluted shares.
“Net organic sales growth of 4% in 2020 confirms our fiber-based packaging solutions are winning in the growing markets where we are focused,” said Michael Doss, the company's president and CEO. "Our strong 2020 results and the momentum we have entering 2021 are consistent with our Vision 2025 goals. We are partnering with customers to elevate their brands in the marketplace, while supporting both customer and our own sustainability goals.
“We are also announcing today that we plan to start up our new CRB machine in Kalamazoo, MI ahead of schedule in the fourth quarter of 2021,” Doss added. "Separately, we will be making a strategic $100 million investment at our Texarkana, TX SBS mill to add CUK production capability to an existing machine to meet growing demand for our paperboard packaging solutions."
EBITDA for the fourth quarter of 2020 was $250.5 million, an increase of $44.9 million from the fourth quarter of 2019. EBITDA for the full year 2020 was $854.2 million, a decrease of $97.8 million from the full year 2019.
Net cash provided by operating activities was $845.6 million for the full year 2020, compared to $665.8 million for the full year 2019. Total debt (long-term, short-term and current portion) decreased $47.3 million during the fourth quarter of 2020 to $3,666.6 million compared to the third quarter of 2020.
