Stock Monitor: Berry Global Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 10, 2018 / If you want access to our free earnings report on Graphic Packaging Holding Co. (NYSE: GPK), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GPK. Graphic Packaging reported its first quarter fiscal 2018 operating and financial results on April 24, 2018. The leading provider of packaging solutions to food, beverage, foodservice, and other consumer products companies exceeded earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Berry Global Group, Inc. (NYSE: BERY), which also belongs to the Consumer Goods sector as the Company Graphic Packaging Holding. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Graphic Packaging Holding most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=GPK
Earnings Highlights and Summary
Graphic Packaging's net sales increased 39% to $1.48 billion in the first quarter of 2018 compared to $1.06 billion in Q1 2017. The increase was driven by $359.5 million of revenue from the International Paper Company's North America Consumer Packaging business (SBS mill and foodservice converting assets), $25.5 million of improved volume/mix related primarily to acquisitions, $24.0 million of favorable foreign exchange, and $5.5 million of higher pricing. Graphic Packaging's reported numbers lagged behind analysts' estimates of $1.54 billion.
During Q1 2018, Graphic Packaging's earnings before interest, tax, depreciation, and amortization (EBITDA) was $187.6 million, up 23% compared to $152.3 million in Q1 2017. After adjusting both periods for business combinations and other special charges, the Company's reported quarter adjusted EBITDA soared 43% to $230.8 million from $160.9 million in the prior year's same quarter. In Q1 2018, Graphic Packaging's adjusted EBITDA was positively impacted by $59.2 million of adjusted EBITDA from the SBS mill and foodservice converting assets, $16.7 million of improved net operating performance, $5.5 million of higher pricing, $5.5 million of favorable exchange rates, and $0.8 million of favorable volume/mix.
For Q1 2018, Graphic Packaging's income tax expense was $5.1 million compared to a $17.6 million expense in Q1 2017. The Company's expense in the reported quarter included a $4.2 million non-cash benefit related to the full-year impact from incorporating in slightly lower deferred state and local income tax assumptions for the Company following the combination with the SBS mill and foodservice converting assets.
Graphic Packaging reported net income of $29.9 million, or $0.10 per share, for Q1 2018 compared to net income of $37.0 million, or $0.12 per share, in Q1 2017. The Company's net income in the reported quarter was negatively impacted by a net $28.2 million of special charges.
Graphic Packaging's adjusted net income was $58.1 million, or $0.19 per diluted share, for Q1 2018 compared to adjusted net income of $42.7 million, or $0.14 per diluted share, in Q1 2017. The Company's earnings beat Wall Street's estimates of $0.17 per share.
Cash Matters
At March 31, 2018, Graphic Packaging had available global liquidity of $1.07 billion, including the undrawn availability under its global revolving credit facilities. The Company's total debt (Long-Term, Short-Term, and Current Portion) increased $824.8 million to $3.11 billion in the reported quarter compared to Q4 2017, primarily reflecting $660 million of debt assumed from the combination with the SBS mill and foodservice converting assets. Graphic Packaging's total net debt increased $839.7 million in Q1 2018 to $3.06 billion.
The Company's Q1 2018 pro-forma net leverage ratio was 3.27 times adjusted EBITDA compared to 3.12 times at the end of 2017. Graphic Packaging's capital expenditures were $92.1 million for Q1 2018 compared to $76.1 million in Q1 2017.
Stock Performance Snapshot
May 09, 2018 - At Wednesday's closing bell, Graphic Packaging's stock marginally climbed 0.51%, ending the trading session at $13.87.
Volume traded for the day: 4.66 million shares, which was above the 3-month average volume of 3.18 million shares.
After yesterday's close, Graphic Packaging's market cap was at $4.31 billion.
Price to Earnings (P/E) ratio was at 27.25.
The stock has a dividend yield of 2.16%.
The stock is part of the Consumer Goods sector, categorized under the Packaging & Containers industry. This sector was up 0.5% at the end of the session.
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