Consumer packaging solutions provider Graphic Packaging has reported a net income of $138m for the fourth quarter (Q4) of 2024, down from $196m in the same period last year.
The company highlighted that Q4 2024 was affected by a net charge of $41m from special items and the amortisation of purchased intangibles while the fourth quarter of 2023 saw a net charge of $34m from similar items.
After adjusting for special items and the amortisation of purchased intangibles, the net income for Q4 2024 amounted to $179m, or $0.59 per diluted share, compared to $230m, or $0.75 per diluted share, in Q4 2023.
For the fourth quarter ended 31 December 2024, the company reported sales of $2.09bn, down from $2.24bn in the same period last year.
The company noted that the 7% decline was primarily due to a $103m negative impact from the divestiture of the Augusta, Georgia, bleached paperboard manufacturing facility.
It also attributed the drop to the declines in bleached paperboard prices and volumes, as well as a $22m decrease in sales from packaging operations.
Other acquisitions and divestitures resulted in a $14m adverse impact on sales for the quarter while foreign exchange fluctuations caused a $15m negative effect.
EBITDA for the fourth quarter of 2024 was $376m, marking a decline of $68m compared to the fourth quarter of 2023.
For full-year 2024, the company reported a net income of $658m, or $2.16 per share, based on a weighted average of 305.1 million diluted shares.
In 2024, the company’s sales totalled $8.80bn, down from $9.42bn in the previous year.
Graphic Packaging Holding president and CEO Michael Doss said: “In 2024, we demonstrated the value of the Graphic Packaging business model, generating a level of consistency and profitability in line with other leading consumer packaging companies.
“We delivered strong and steady margins and significant new consumer packaging innovations. Our strategic investments in capabilities, innovation, and competitive advantage have positioned the company for long-term value creation.”
