{"id":1263,"date":"2024-07-31T04:31:46","date_gmt":"2024-07-31T08:31:46","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=1263"},"modified":"2024-07-31T04:31:46","modified_gmt":"2024-07-31T08:31:46","slug":"graphic-packaging-reports-net-income-of-190m-for-q2-2024","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=1263","title":{"rendered":"Graphic Packaging reports net income of $190m for Q2 2024\u00a0"},"content":{"rendered":"


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The company experienced a decline in net sales in H1 FY24 compared to FY23. Credit: Richard Says\/Flickr(Creative Commons)<\/a>. <\/figcaption><\/figure>\n<\/p><\/div>\n

Consumer packaging company Graphic Packaging has reported net income of $190m for the second quarter (Q2) of financial year 2024 (FY24), compared to $150m in the same quarter of the previous year.\u00a0\u00a0<\/p>\n

The company\u2019s earnings per diluted share also rose to $0.62 from $0.49 in Q2 2023.\u00a0\u00a0<\/p>\n

A net gain from special items contributed $22m to the results of Q2 2024, contrasting with a net charge of $37m from special items in the same period of 2023.\u00a0<\/p>\n

Despite the rise in net income, Graphic Packaging\u2019s net sales saw a decrease of 6% to $2.23bn in Q2 2024 from $2.39bn in the prior year.\u00a0\u00a0<\/p>\n

This decline was attributed to the divestiture of the Augusta, US, bleached paperboard manufacturing facility, reduced open-market sales participation, and a net decline in sales from packaging operations, primarily due to price and mix changes.\u00a0<\/p>\n

The company\u2019s earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter was reported at $458m, which is $24m higher than in Q2 2023.\u00a0\u00a0<\/p>\n

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