Q3 2022 Highlights
- Net Sales were $2,451 million
versus $1,782 million in the prior
year quarter.
- Net Organic Sales increased 5% in the quarter and 4%
year-to-date driven by global demand for sustainable, innovative
fiber-based consumer packaging solutions.
- Net Income was $193 million
versus $73 million in the prior year
quarter.
- Adjusted EBITDA was $441 million
versus $284 million in the prior year
quarter; positively impacted by $172
million in favorable price-cost relationship and
$61 million in volume/mix.
- Earnings per Diluted Share were $0.62 versus $0.24
in the prior year quarter.
- Adjusted Earnings per Diluted Share (excluding amortization
related to purchased intangibles) were $0.67 versus $0.38
in the prior year quarter.
- Global liquidity was $1.4 billion
at quarter end.
- Repurchased $15 million of common
stock during the quarter; returned $38
million in total to stockholders in share repurchases and
dividends.
- Board of Directors voted to increase the quarterly dividend 33%
to $0.10 per share of common stock
effective with the first dividend distribution in 2023.
- In October, published 2021 environmental, social and governance
(ESG) report reaffirming organization-wide focus on continuous
improvement and highlighting the milestones achieved during the
year advancing the Company's Vision 2025 ESG goals.
ATLANTA, Oct. 25,
2022 /PRNewswire/ -- Graphic Packaging Holding
Company (NYSE: GPK), (the "Company"), a leading provider of
sustainable, fiber-based consumer packaging solutions to food,
beverage, foodservice, and other consumer products companies, today
reported Net Income for third quarter 2022 of $193 million, or $0.62 per share, based upon 310 million weighted
average diluted shares. This compares to third quarter 2021 Net
Income of $73 million, or
$0.24 per share, based upon 309
million weighted average diluted shares.
![Graphic Packaging International Logo (PRNewsfoto/Graphic Packaging Holding Compa) Graphic Packaging International Logo (PRNewsfoto/Graphic Packaging Holding Compa)](https://mma.prnewswire.com/media/997828/Graphic_Packaging_International_Logo.jpg)
The third quarters of 2022 and 2021 were impacted by a net
negative $14 million and $44 million of special charges, respectively,
including adjustments for amortization related to purchased
intangible assets, and the third quarter of 2022 was impacted by a
tax benefit of $9 million related to
unrealized foreign exchange expense on intercompany loans. The
charges are detailed in the Reconciliation of Non-GAAP Financial
Measures table attached. When adjusting for charges, Adjusted Net
Income for the third quarter of 2022 was $207 million, or $0.67 per diluted share. This compares to third
quarter 2021 Adjusted Net Income of $117
million, or $0.38 per diluted
share.
Michael Doss, the Company's
President and CEO said, "Strong organic sales growth of 5%
accelerated during the third quarter fueled 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. We are uniquely positioned to
service increased demand for recycled content in paperboard
packaging as our state-of-the-art coated recycled board machine in
Kalamazoo, Michigan continues to
ramp-up production. During the quarter, Foodservice sales
improved 29% year over year, while Food, Beverage and Consumer
sales grew 20% before acquisitions. Backlogs across all substrates
remain strong at 8 plus weeks, reflecting a healthy demand
environment."
Doss continued, "Strategic investments and operational execution
by our teams have allowed us to continue to meet greater demand for
fiber-based consumer packaging. Our low-cost production platform
positions us to capture profitable growth and earn solid returns
for stakeholders. We announced an increase to our dividend payout
during the quarter and today are raising Adjusted EBITDA at the
midpoint of our guidance to $1.6
billion. We remain focused on leading with innovation and
service through an optimized global footprint while delivering on
our multi-year growth and return goals to benefit all
stakeholders."
Operating Results
Net Sales
Net Sales increased 38% to $2,451
million in the third quarter of 2022, compared to
$1,782 million in the prior year
period. The $669 million increase was
driven by $334 million of pricing and
$380 million of improved volume/mix,
partially offset by $45 million of
unfavorable foreign exchange.
EBITDA
EBITDA for the third quarter of 2022 was $432 million, compared to $246 million in the prior year period.
After adjusting both periods for special charges, Adjusted EBITDA
was $441 million in the third quarter
of 2022 versus $284 million in the
third quarter of 2021. When comparing against the prior year
quarter, Adjusted EBITDA in the third quarter of 2022 was
positively impacted by $334 million
in favorable pricing and $61 million
of volume/mix. Adjusted EBITDA was unfavorably impacted by
$162 million of commodity input cost
inflation, $28 million of labor,
benefits and other inflation, $27
million of net performance and $21
million of foreign exchange.
Other Results
Total Debt (Long-Term, Short-Term and Current Portion) decreased
$304 million during the third quarter
of 2022 to $5,527 million compared to
the second quarter of 2022. Total Net Debt (Total Debt, net of Cash
and Cash Equivalents) decreased $278
million during the third quarter of 2022 to $5,445 million compared to the second quarter of
2022. The Company returned $23
million in capital to stockholders in the third quarter of
2022 in dividends and $15 million in
share repurchases. The Company's third quarter 2022 Net Leverage
Ratio was 3.70 times Adjusted EBITDA compared to 4.36 times at the
end of second quarter 2022.
At September 30, 2022, the Company
had available liquidity of $1,418
million, including the undrawn availability under its global
revolving credit facilities.
Net Interest Expense was $53
million in the third quarter of 2022 as compared to
$29 million reported in the third
quarter of 2021. Capital expenditures for the third quarter of 2022
were $84 million, down compared to
$242 million in the third quarter of
2021. Third quarter 2022 Income Tax Expense was $49 million, up compared to $20 million in the third quarter of 2021.
Please note that a tabular reconciliation of Net Organic Sales,
Net Organic Sales Growth, EBITDA, Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Income, Adjusted EPS, Adjusted Net Cash
Provided by Operating Activities, Adjusted Cash Flow and Total Net
Debt is attached to this release.
Earnings Call
The Company will host a conference call at 10:00 a.m. EST today (October 25, 2022) to discuss the results of third
quarter 2022. The conference call will be webcast and can be
accessed from the Investors section of the Graphic Packaging
website at www.graphicpkg.com. Participants may also listen
via telephone by referencing conference ID 153841 and dialing:
844-200-6205 from the United
States,
833-950-0062 from Canada, and
929-526-1599 from outside the United
States and Canada.
Forward Looking Statements
Any statements of the Company's expectations in this press
release, including but not limited to guidance regarding 2022 Net
Sales and Adjusted EBITDA at year-end 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, the effects of the COVID-19 pandemic on the
Company's operations and business, 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, 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, is committed to
providing consumer packaging that makes a world of difference. The
Company is a leading provider of sustainable fiber-based packaging
solutions to the world's most widely-recognized food, beverage,
foodservice and other consumer products companies and brands.
The Company operates on a global basis, is one of the largest
producers of folding cartons and fiber-based foodservice products
in the United States and
Europe, and holds leading market
positions in coated recycled paperboard, coated unbleached kraft
paperboard and solid bleached sulfate paperboard. Additional
information about Graphic Packaging, its business and its products
is available at www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
In millions, except
per share amounts
|
2022
|
|
2021
|
2022
|
|
2021
|
Net Sales
|
$ 2,451
|
|
$ 1,782
|
$ 7,054
|
|
$ 5,168
|
Cost of
Sales
|
1,940
|
|
1,502
|
5,715
|
|
4,384
|
Selling, General and
Administrative
|
203
|
|
128
|
569
|
|
379
|
Other Expense (Income),
Net
|
6
|
|
(2)
|
6
|
|
2
|
Business Combinations,
Shutdown and Other Special Charges, and Exit
Activities, Net
|
9
|
|
33
|
126
|
|
79
|
Income from
Operations
|
293
|
|
121
|
638
|
|
324
|
Nonoperating Pension
and Postretirement Benefit Income
|
2
|
|
1
|
5
|
|
4
|
Interest Expense,
Net
|
(53)
|
|
(29)
|
(143)
|
|
(88)
|
Income before Income
Taxes and Equity Income of Unconsolidated Entity
|
242
|
|
93
|
500
|
|
240
|
Income Tax
Expense
|
(49)
|
|
(20)
|
(134)
|
|
(64)
|
Income before Equity
Income of Unconsolidated Entity
|
193
|
|
73
|
366
|
|
176
|
Equity Income of
Unconsolidated Entity
|
—
|
|
—
|
—
|
|
1
|
Net Income
|
193
|
|
73
|
366
|
|
177
|
Net Income Attributable
to Noncontrolling Interest
|
—
|
|
—
|
—
|
|
(12)
|
Net Income Attributable
to Graphic Packaging Holding Company
|
$
193
|
|
$
73
|
$
366
|
|
$
165
|
|
|
|
|
|
|
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company
— Basic
|
$ 0.63
|
|
$ 0.24
|
$ 1.18
|
|
$ 0.56
|
Net Income Per Share
Attributable to Graphic Packaging Holding Company
— Diluted
|
$ 0.62
|
|
$ 0.24
|
$ 1.18
|
|
$ 0.56
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding - Basic
|
308.8
|
|
308.3
|
308.9
|
|
293.2
|
Weighted Average Number
of Shares Outstanding - Diluted
|
309.6
|
|
309.0
|
309.7
|
|
294.0
|
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
In millions, except
share and per share amounts
|
September
30,
2022
|
|
December 31,
2021
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
82
|
|
$
172
|
Receivables,
Net
|
888
|
|
859
|
Inventories,
Net
|
1,564
|
|
1,387
|
Other Current
Assets
|
108
|
|
84
|
Total Current
Assets
|
2,642
|
|
2,502
|
Property, Plant and
Equipment, Net
|
4,509
|
|
4,677
|
Goodwill
|
1,942
|
|
2,015
|
Intangible Assets,
Net
|
738
|
|
868
|
Other Assets
|
351
|
|
395
|
Total Assets
|
$
10,182
|
|
$
10,457
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
300
|
|
$
279
|
Accounts
Payable
|
999
|
|
1,125
|
Other Accrued
Liabilities
|
733
|
|
645
|
Total Current
Liabilities
|
2,032
|
|
2,049
|
Long-Term
Debt
|
5,195
|
|
5,515
|
Deferred Income Tax
Liabilities
|
635
|
|
579
|
Other Noncurrent
Liabilities
|
362
|
|
421
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Preferred Stock, par
value $0.01 per share; 100,000,000 shares authorized; no shares
issued
or outstanding
|
—
|
|
—
|
Common Stock, par value
$0.01 per share; 1,000,000,000 shares authorized; 307,380,403
and 307,103,551 shares issued and outstanding at
September 30, 2022 and December 31,
2021, respectively
|
3
|
|
3
|
Capital in Excess of
Par Value
|
2,046
|
|
2,046
|
Retained
Earnings
|
346
|
|
66
|
Accumulated Other
Comprehensive Loss
|
(439)
|
|
(224)
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
1,956
|
|
1,891
|
Noncontrolling
Interest
|
2
|
|
2
|
Total
Equity
|
1,958
|
|
1,893
|
Total Liabilities
and Shareholders' Equity
|
$
10,182
|
|
$
10,457
|
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine Months
Ended
|
|
September
30,
|
In
millions
|
2022
|
|
2021
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net Income
|
$
366
|
|
$
177
|
Adjustments to
Reconcile Net Income to Net Cash Provided by Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
415
|
|
356
|
Deferred Income
Taxes
|
67
|
|
45
|
Amount of
Postretirement Expense (Less) Greater Than Funding
|
(17)
|
|
(23)
|
Impairment Charges
related to Divestiture
|
93
|
|
—
|
Other, Net
|
43
|
|
79
|
Changes in Operating
Assets and Liabilities
|
(347)
|
|
(175)
|
Net Cash Provided by
Operating Activities
|
620
|
|
459
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(429)
|
|
(566)
|
Packaging Machinery
Spending
|
(16)
|
|
(22)
|
Acquisition of
Businesses, Net of Cash Acquired
|
—
|
|
(292)
|
Beneficial Interest on
Sold Receivables
|
83
|
|
97
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(2)
|
|
(6)
|
Other, Net
|
(3)
|
|
(3)
|
Net Cash Used in
Investing Activities
|
(367)
|
|
(792)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
(22)
|
|
—
|
Proceeds from Issuance
of Debt
|
—
|
|
1,586
|
Retirement of Long-Term
Debt
|
—
|
|
(1,226)
|
Payments on
Debt
|
(10)
|
|
(13)
|
Borrowings under
Revolving Credit Facilities
|
3,166
|
|
2,876
|
Payments on Revolving
Credit Facilities
|
(3,387)
|
|
(2,700)
|
Redemption of
Noncontrolling Interest
|
—
|
|
(150)
|
IP Tax Receivable
Agreement Payment
|
—
|
|
(43)
|
Repurchase of Common
Stock related to Share-Based Payments
|
(18)
|
|
(15)
|
Debt Issuance
Costs
|
—
|
|
(16)
|
Dividends and
Distributions Paid to GPIP Partner
|
(69)
|
|
(71)
|
Other, Net
|
9
|
|
(5)
|
Net Cash (Used In)
Provided by Financing Activities
|
(331)
|
|
223
|
Effect of Exchange Rate
Changes on Cash
|
(11)
|
|
(2)
|
Net Decrease in Cash
and Cash Equivalents
|
(89)
|
|
(112)
|
Cash and Cash
Equivalents at Beginning of Period
|
172
|
|
179
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD (includes $1 million
classified
as held for sale as of September 30, 2022)
|
$
83
|
|
$
67
|
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
(income) 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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net Income Attributable
to Graphic Packaging Holding Company
|
$
193
|
|
$ 73
|
|
$
366
|
|
$ 165
|
Add
(Subtract):
|
|
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
—
|
|
—
|
|
—
|
|
12
|
Income Tax
Expense
|
49
|
|
20
|
|
134
|
|
64
|
Equity Income of
Unconsolidated Entity
|
—
|
|
—
|
|
—
|
|
(1)
|
Interest Expense,
Net
|
53
|
|
29
|
|
143
|
|
88
|
Depreciation and
Amortization
|
137
|
|
124
|
|
418
|
|
360
|
EBITDA
|
$
432
|
|
$
246
|
|
$ 1,061
|
|
$ 688
|
Charges Associated with
Business Combinations, Shutdown and Other Special
Charges (a)
|
9
|
|
38
|
|
126
|
|
84
|
Adjusted
EBITDA
|
$
441
|
|
$
284
|
|
$ 1,187
|
|
$ 772
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin
(Adjusted EBITDA/Net Sales)
|
18.0 %
|
|
15.9 %
|
|
16.8 %
|
|
14.9 %
|
|
|
|
|
|
|
|
|
Net Income Attributable
to Graphic Packaging Holding Company
|
$
193
|
|
$ 73
|
|
$
366
|
|
$ 165
|
Charges Associated with
Business Combinations, Shutdown and Other Special
Charges (a)
|
9
|
|
38
|
|
126
|
|
84
|
Accelerated
Depreciation Related to Shutdown
|
—
|
|
4
|
|
7
|
|
14
|
Tax Impact of Business
Combinations, Shutdown and Other Special Charges,
Accelerated Depreciation and Other Tax Items
|
(12)
|
|
(10)
|
|
(9)
|
|
(15)
|
Noncontrolling
Interest, Net of Tax
|
—
|
|
—
|
|
—
|
|
(2)
|
Amortization Related to
Purchased Intangible Assets, Net of Tax
|
17
|
|
12
|
|
51
|
|
34
|
Adjusted Net Income
Attributable to Graphic Packaging Holding Company
(b)
|
$
207
|
|
$
117
|
|
$
541
|
|
$ 280
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic (b)
|
$
0.67
|
|
$
0.38
|
|
$
1.75
|
|
$
0.95
|
Adjusted Earnings Per
Share - Diluted (b)
|
$
0.67
|
|
$
0.38
|
|
$
1.75
|
|
$
0.95
|
|
|
(a)
|
For the three and nine
months ended September 30, 2021, $5 million was recorded in Costs
of Sales for inventory valuation
adjustments related to business combinations.
|
(b)
|
Excludes amortization
related to purchased intangibles.
|
GRAPHIC PACKAGING
HOLDING COMPANY
Reconciliation of
Non-GAAP Financial Measures
(Continued)
|
|
|
Twelve Months
Ended
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
In
millions
|
2022
|
|
2021
|
|
2021
|
Net Income
|
$
405
|
|
$
229
|
|
$
204
|
Add
(Subtract):
|
|
|
|
|
|
Net Income
Attributable to Noncontrolling Interest
|
—
|
|
25
|
|
12
|
Income Tax
Expense
|
144
|
|
85
|
|
74
|
Equity Income of
Unconsolidated Entity
|
—
|
|
(2)
|
|
(1)
|
Interest Expense,
Net
|
178
|
|
121
|
|
123
|
Depreciation and
Amortization
|
552
|
|
480
|
|
494
|
EBITDA
|
1,279
|
|
938
|
|
906
|
Charges Associated with
Business Combinations, Shutdown and Other
Special Charges
|
192
|
|
98
|
|
150
|
Pension Plan Settlement
Charge
|
—
|
|
1
|
|
—
|
Adjusted
EBITDA
|
$
1,471
|
|
$
1,037
|
|
$
1,056
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
December
31,
|
Calculation of Net
Debt:
|
2022
|
|
2021
|
|
2021
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
300
|
|
$
22
|
|
$
279
|
Long-Term Debt
(a)
|
5,227
|
|
4,160
|
|
5,552
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(82)
|
|
(67)
|
|
(172)
|
Total Net
Debt
|
$
5,445
|
|
$
4,115
|
|
$
5,659
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
3.70
|
|
3.97
|
|
5.36
|
|
|
(a)
|
Excludes unamortized
deferred debt issue costs.
|
|
Nine Months
Ended
|
|
September
30,
|
In
millions
|
2022
|
|
2021
|
Net Cash Provided by
Operating Activities
|
$
620
|
|
$
459
|
Net Cash Receipts from
Receivables Sold included in Investing Activities
|
81
|
|
91
|
Cash Payments
Associated with Business Combinations and Shutdown and Other
Special
Charges
|
36
|
|
64
|
Adjusted Net Cash
Provided by Operating Activities
|
$
737
|
|
$
614
|
Capital
Spending
|
(445)
|
|
(588)
|
Adjusted Cash
Flow
|
$
292
|
|
$
26
|
Calculation of Net
Organic Sales Growth:
|
Three Months
Ended
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
In
millions
|
2022
|
|
2021
|
2022
|
|
2021
|
Net Sales
|
$
2,451
|
|
$
1,782
|
$
7,054
|
|
$
5,168
|
Open Market Paperboard
Sales (Paperboard Mills
Segment)
|
(345)
|
|
(251)
|
(933)
|
|
(732)
|
Impact of Purchased
Sales from Acquisitions (a)
|
—
|
|
236
|
—
|
|
841
|
Impact of
Pricing (b)
|
(293)
|
|
—
|
(726)
|
|
—
|
Impact of Foreign
Exchange
|
45
|
|
—
|
92
|
|
—
|
Net Organic
Sales
|
$
1,858
|
|
$
1,767
|
$
5,487
|
|
$
5,277
|
Net Organic Sales
Growth
|
5.1 %
|
|
|
4.0 %
|
|
|
|
|
(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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-third-quarter-2022-results-301657778.html
SOURCE Graphic Packaging Holding Company