Graphic Packaging has reported Net Income for fourth quarter 2022 of $156m; this compares to fourth quarter 2021 Net Income of $39m.
Full year 2022 Net Income was impacted by a net $200m of special charges, so when adjusting for these items, Adjusted Net Income for full year 2022 was $722m. This compares to $390m in 2021.
Michael Doss, President and CEO said, “2022 was an excellent year of performance and execution by our global team. Financial results improved materially and are on pace to meet our Vision 2025 goals. Our continued innovation in fiber-based consumer packaging solutions drove a third consecutive year of net organic sales growth at or above the high-end of our targeted range. Our acquisition in Europe has been integrated and is providing growth opportunities in new consumer markets while meeting our financial and synergy expectations. The state-of-the-art CRB machine in Kalamazoo, Michigan successfully ramped production and is on track to achieve an expected $130m in incremental, annual EBITDA from the investment.”
Doss concluded, “We remain committed to our Vision 2025 goals and are pleased with our progress to date. Investments such as the CRB machine in Kalamazoo and other strategic initiatives are delivering real returns for shareholders and high-quality packaging for consumers. Our plans to build a new CRB mill in Waco, Texas and optimize our paperboard network over the next three years will extend our position as the lowest-cost, highest-quality paperboard producer in North America and enhance our ability to meet growing global demand for fiber-based consumer packaging.”
