2023 Highlights
- Net Sales were $9,428 million,
flat versus the prior year.
- Net Income was $723 million, an
increase of 39% versus the prior year.
- Adjusted EBITDA was $1,876
million, an increase of 17% versus the prior year.
- Earnings per Diluted Share were $2.34, an increase of 38% versus the prior
year.
- Adjusted Earnings per Diluted Share were $2.91, an increase of 25% versus the prior
year.
- Year-end net leverage was 2.8x versus 3.2x at prior year
end.
ATLANTA, Feb. 20,
2024 /PRNewswire/ -- Graphic Packaging Holding
Company (NYSE: GPK), (the "Company"), a leading consumer packaging
company, today reported results for the fourth quarter and full
year 2023.
Net Income for fourth quarter 2023 was $196 million, or $0.64 per share, based upon 308.5 million
weighted average diluted shares. This compares to fourth quarter
2022 Net Income of $156 million, or
$0.50 per share, based upon 309.4
million weighted average diluted shares.
The fourth quarters of 2023 and 2022 were impacted by a net
$16 million and a net $10 million of special charges, respectively.
When adjusting for special charges and amortization of purchased
intangibles, Adjusted Net Income for the fourth quarter of 2023 was
$230 million, or $0.75 per diluted share. This compares to fourth
quarter 2022 Adjusted Net Income of $181
million, or $0.59 per diluted
share.
For the full year 2023, Net Income was $723 million, or $2.34 per share, based upon 309.1 million
weighted average diluted shares. This compares to 2022 Net Income
of $522 million, or $1.69 per share, based upon 309.5 million
weighted average diluted shares.
Full year 2023 and 2022 were impacted by a net $109 million and a net $134 million of special charges, respectively,
which are detailed in the attached Reconciliation of Non-GAAP
Financial Measures table. When adjusting for special charges and
amortization of purchased intangibles, Adjusted Net Income for the
full year 2023 was $899 million, or
$2.91 per diluted share. This
compares to the full year 2022 Adjusted Net Income of $722 million, or $2.33 per diluted share.
Michael Doss, the Company's
President and CEO said, "While 2023 was a year of transition for
consumer packaging, it was one of outstanding execution for Graphic
Packaging. We significantly expanded profitability, achieved strong
earnings growth and delivered innovative sustainable packaging
solutions that consumers prefer. Our disciplined approach and
commitment to delivering results for customers was on full display
during a year of well-chronicled inventory normalization for both
retailers and consumer packaged goods companies. While we did
experience 4% negative organic sales growth for the year, our
innovation sales exceeded $200
million, and our overall performance was excellent. We are
well positioned to return to positive organic sales growth in 2024,
which has started to materialize in improved volumes quarter to
date."
"Our innovation pipeline has never been stronger, and we expect
to partner with both existing and new customers to bring more
sustainable packaging solutions to the market in 2024 and beyond.
We look forward to sharing details of our growth outlook and
transformation to the global leader in sustainable consumer
packaging at our investor meeting tomorrow, February 21st."
Operating Results
Net Sales
Net Sales
decreased 6% to $2,249 million in the
fourth quarter of 2023, compared to $2,386
million in the prior year period. The $137 million decrease was driven by $198 million of unfavorable volume/mix. This was
partially offset by $40 million of
positive pricing and $21 million of
favorable foreign exchange impact.
Net Sales decreased slightly to $9,428
million for the full year 2023, compared to $9,440 million in the prior year. The
$12 million decrease was driven by
$580 million of unfavorable
volume/mix, partially offset by $556
million of positive pricing and $12
million of favorable foreign exchange impact.
EBITDA
EBITDA for the fourth quarter of 2023 was
$444 million, $36 million higher than the fourth quarter of
2022. After adjusting both periods for business combinations
and other special charges, Adjusted EBITDA was $457 million in the fourth quarter of 2023 versus
$413 million in the fourth quarter of
2022. When comparing against the prior year quarter, Adjusted
EBITDA in the fourth quarter of 2023 was positively impacted by
$40 million in pricing, $11 million in commodity input cost deflation,
$90 million in favorable net
performance, and $5 million of
favorable foreign exchange impact. This was partially offset by
$64 million in unfavorable volume/mix
and $38 million in labor, benefits
and other inflation.
EBITDA for the full year 2023 was $1,795
million, $326 million higher
than the full year 2022. After adjusting both periods for
business combinations and other special charges, Adjusted EBITDA
was $1,876 million for the full year
2023 versus $1,600 million in the
full year 2022. When comparing against the prior year,
Adjusted EBITDA for 2023 was positively impacted by $556 million in pricing, and $75 million in favorable net performance. This
was partially offset by $171 million
in unfavorable volume/mix, $169
million in labor, benefits and other inflation, $6 million in commodity input inflation, and
$9 million of foreign exchange
impact.
Other Results
Total Debt (Long-Term, Short-Term and
Current Portion) decreased $212
million during the fourth quarter of 2023 to $5,396 million compared to the third quarter of
2023. Total Net Debt (Total Debt less Cash and Cash Equivalents)
decreased $228 million during the
fourth quarter of 2023 to $5,234
million compared to the third quarter of 2023. The Company
returned $48 million to stockholders,
including $31 million in dividend
payments and $17 million via share
repurchases, in the fourth quarter of 2023. The Company's fourth
quarter 2023 Net Leverage Ratio was 2.8x Adjusted EBITDA compared
to 3.0x at the end of the third quarter 2023.
At December 31, 2023, the Company
had available liquidity of approximately $1,433 million, including the undrawn
availability under its global revolving credit facilities.
Net Interest Expense was $59
million in the fourth quarter of 2023, higher when compared
to $54 million reported in the fourth
quarter of 2022 due to higher interest rates. For full year 2023,
net interest expense was $239 million
compared to $197 million in 2022.
Capital expenditures for the fourth quarter of 2023 were
$212 million, higher when compared to
$104 million in the fourth quarter of
2022 due to the Waco, Texas
recycled paperboard manufacturing facility project. For full year
2023, capital expenditures were $804
million compared to $549
million in 2022.
Fourth quarter 2023 Income Tax Expense was $35 million, lower than $60 million in the fourth quarter of 2022. Full
year 2023 Income Tax Expense was $210
million compared to a full year 2022 Income Tax Expense of
$194 million.
Full Year 2024 Guidance
The Company's fiscal 2024
guidance, excluding the potential impact of announced Augusta
paperboard manufacturing facility sale, is as follows:
- Adjusted EBITDA is expected to be $1.750
billion to $1.950
billion.
- Adjusted Earnings per Diluted Share is expected to be
$2.50 to $3.00.
Non-GAAP Reconciliation
Please note that a tabular
reconciliation of Net Organic Sales Growth, EBITDA, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS
(Excluding Amortization of Purchased Intangibles), Adjusted Net
Cash Provided by Operating Activities, Adjusted Cash Flow and Total
Net Debt is attached to this release.
Earnings and Investor Meeting Webcast
The Company will
host a video webcast tomorrow beginning at 9:00 a.m. ET (February 21,
2024) to discuss the results of fourth quarter and full year
2023 as part of its Investor Day 2024. The webcast can be accessed
from the Investors section of the Graphic Packaging website at
www.graphicpkg.com.
Forward Looking Statements
Any statements of the
Company's expectations in this press release 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, 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 and 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, designs and
produces consumer packaging that makes a world of difference. An
industry leader in innovation, the Company is committed to reducing
the environmental footprint of consumer packaging. Graphic
Packaging operates a global network of design and manufacturing
facilities serving the world's most widely recognized brands in
food, beverage, foodservice, household, and other consumer
products. Learn more at www.graphicpkg.com.
GRAPHIC PACKAGING
HOLDING COMPANY
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December
31,
|
December
31,
|
In millions, except
per share amounts
|
2023
|
|
2022
|
2023
|
|
2022
|
Net Sales
|
$ 2,249
|
|
$ 2,386
|
$ 9,428
|
|
$ 9,440
|
Cost of
Sales
|
1,748
|
|
1,895
|
7,311
|
|
7,610
|
Selling, General and
Administrative
|
183
|
|
205
|
805
|
|
774
|
Other Expense,
Net
|
16
|
|
13
|
64
|
|
19
|
Business Combinations,
Exit Activities and Other Special Charges, Net
|
12
|
|
5
|
74
|
|
131
|
Income from
Operations
|
290
|
|
268
|
1,174
|
|
906
|
Nonoperating Pension
and Postretirement Benefit (Expense) Income
|
(1)
|
|
2
|
(3)
|
|
7
|
Interest Expense,
Net
|
(59)
|
|
(54)
|
(239)
|
|
(197)
|
Income before Income
Taxes and Equity Income of Unconsolidated Entity
|
230
|
|
216
|
932
|
|
716
|
Income Tax
Expense
|
(35)
|
|
(60)
|
(210)
|
|
(194)
|
Income before Equity
Income of Unconsolidated Entity
|
195
|
|
156
|
722
|
|
522
|
Equity Income of
Unconsolidated Entity
|
1
|
|
—
|
1
|
|
—
|
Net Income
|
$
196
|
|
$
156
|
$
723
|
|
$
522
|
|
|
|
|
|
|
|
Net Income Per Share
— Basic
|
$
0.64
|
|
$
0.51
|
$
2.35
|
|
$
1.69
|
Net Income Per Share
— Diluted
|
$
0.64
|
|
$
0.50
|
$
2.34
|
|
$
1.69
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding - Basic
|
307.6
|
|
308.5
|
308.2
|
|
308.8
|
Weighted Average Number
of Shares Outstanding - Diluted
|
308.5
|
|
309.4
|
309.1
|
|
309.5
|
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
In millions, except
share and per share amounts
|
December 31,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
162
|
|
$
150
|
Receivables,
Net
|
835
|
|
879
|
Inventories,
Net
|
1,754
|
|
1,606
|
Other Current
Assets
|
94
|
|
71
|
Total Current
Assets
|
2,845
|
|
2,706
|
Property, Plant and
Equipment, Net
|
4,992
|
|
4,579
|
Goodwill
|
2,103
|
|
1,979
|
Intangible Assets,
Net
|
820
|
|
717
|
Other Assets
|
415
|
|
347
|
Total
Assets
|
$
11,175
|
|
$
10,328
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
Liabilities:
|
|
|
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
764
|
|
$
53
|
Accounts
Payable
|
1,094
|
|
1,123
|
Other Accrued
Liabilities
|
731
|
|
757
|
Total Current
Liabilities
|
2,589
|
|
1,933
|
Long-Term
Debt
|
4,609
|
|
5,200
|
Deferred Income Tax
Liabilities
|
731
|
|
668
|
Other Noncurrent
Liabilities
|
464
|
|
377
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Preferred Stock, par
value $0.01 per share; 100,000,000 shares authorized; no shares
issued or
outstanding
|
—
|
|
—
|
Common Stock, par value
$.01 per share; 1,000,000,000 shares authorized; 306,058,815
and
307,116,089 shares issued and outstanding at December 31, 2023 and
December 31, 2022,
respectively
|
3
|
|
3
|
Capital in Excess of
Par Value
|
2,062
|
|
2,054
|
Retained
Earnings
|
1,029
|
|
469
|
Accumulated Other
Comprehensive Loss
|
(313)
|
|
(377)
|
Total Graphic
Packaging Holding Company Shareholders' Equity
|
2,781
|
|
2,149
|
Noncontrolling
Interest
|
1
|
|
1
|
Total
Equity
|
2,782
|
|
2,150
|
Total Liabilities
and Shareholders' Equity
|
$
11,175
|
|
$
10,328
|
GRAPHIC PACKAGING
HOLDING COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Twelve Months
Ended
|
|
December
31,
|
In
millions
|
2023
|
|
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net Income
|
$
723
|
|
$
522
|
Adjustments to
Reconcile Net Income to Net Cash Provided by (Used in) Operating
Activities:
|
|
|
|
Depreciation and
Amortization
|
619
|
|
553
|
Amortization of
Deferred Debt Issuance Costs
|
6
|
|
9
|
Deferred Income
Taxes
|
22
|
|
131
|
Amount of
Postretirement Expense Less Than Funding
|
(5)
|
|
(18)
|
Asset Impairment
Charges
|
29
|
|
96
|
Other, Net
|
58
|
|
15
|
Changes in Operating
Assets and Liabilities, Net of Acquisitions
|
(308)
|
|
(218)
|
Net Cash Provided by
Operating Activities
|
1,144
|
|
1,090
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital
Spending
|
(781)
|
|
(522)
|
Packaging Machinery
Spending
|
(23)
|
|
(27)
|
Acquisition of
Businesses, Net of Cash Acquired
|
(361)
|
|
—
|
Beneficial Interest on
Sold Receivables
|
184
|
|
125
|
Beneficial Interest
Obtained in Exchange for Proceeds
|
(45)
|
|
(6)
|
Other, Net
|
1
|
|
(5)
|
Net Cash Used in
Investing Activities
|
(1,025)
|
|
(435)
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Repurchase of Common
Stock
|
(54)
|
|
(28)
|
Payments on
Debt
|
(26)
|
|
(14)
|
Retirement of Long-Term
Debt
|
—
|
|
(250)
|
Borrowings under
Revolving Credit Facilities
|
4,449
|
|
3,929
|
Payments on Revolving
Credit Facilities
|
(4,314)
|
|
(4,195)
|
Repurchase of Common
Stock related to Share-Based Payments
|
(22)
|
|
(18)
|
Dividends
Paid
|
(123)
|
|
(92)
|
Other, Net
|
(16)
|
|
2
|
Net Cash Used in
Financing Activities
|
(106)
|
|
(666)
|
Increase (Decrease) in
cash and cash equivalents, including cash classified within assets
held for sale
|
13
|
|
(11)
|
Less Cash reclassified
to Assets Held for Sale
|
—
|
|
5
|
Effect of Exchange Rate
Changes on Cash
|
(1)
|
|
(6)
|
Net Increase (Decrease)
in Cash and Cash Equivalents
|
12
|
|
(22)
|
Cash and Cash
Equivalents at Beginning of Year
|
150
|
|
172
|
Cash and Cash
Equivalents at End of Year
|
$
162
|
|
$
150
|
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 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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
In millions, except
per share amounts
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net Income
|
$ 196
|
|
$ 156
|
|
$ 723
|
|
$ 522
|
Add
(Subtract):
|
|
|
|
|
|
|
|
Income Tax
Expense
|
35
|
|
60
|
|
210
|
|
194
|
Equity Income of
Unconsolidated Entity
|
(1)
|
|
—
|
|
(1)
|
|
—
|
Interest Expense,
Net
|
59
|
|
54
|
|
239
|
|
197
|
Depreciation and
Amortization
|
155
|
|
138
|
|
624
|
|
556
|
EBITDA
|
444
|
|
408
|
|
1,795
|
|
1,469
|
Charges Associated with
Business Combinations, Exit Activities and Other
Special Charges, Net (a)
|
13
|
|
5
|
|
81
|
|
131
|
Adjusted
EBITDA
|
$ 457
|
|
$ 413
|
|
$
1,876
|
|
$
1,600
|
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin
(Adjusted EBITDA/Net Sales)
|
20.3 %
|
|
17.3 %
|
|
19.9 %
|
|
16.9 %
|
|
|
|
|
|
|
|
|
Net Income
|
$ 196
|
|
$ 156
|
|
$ 723
|
|
$ 522
|
Charges Associated with
Business Combinations, Exit Activities and Other
Special Charges, Net (a)
|
13
|
|
5
|
|
81
|
|
131
|
Accelerated
Depreciation Related to Exit Activities
|
3
|
|
—
|
|
56
|
|
7
|
Tax Impact of Business
Combinations, Exit Activities and Other Special
Charges, Net, Accelerated Depreciation and Other Tax
Items
|
—
|
|
5
|
|
(28)
|
|
(4)
|
Amortization Related to
Purchased Intangible Assets, Net of Tax
|
18
|
|
15
|
|
67
|
|
66
|
Adjusted Net Income
(b)
|
$ 230
|
|
$ 181
|
|
$ 899
|
|
$ 722
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per
Share - Basic (b)
|
$ 0.75
|
|
$ 0.59
|
|
$ 2.92
|
|
$ 2.34
|
Adjusted Earnings Per
Share - Diluted (b)
|
$ 0.75
|
|
$ 0.59
|
|
$ 2.91
|
|
$ 2.33
|
|
|
(a)
|
For the three and
twelve months ended December 31, 2023, $1 million and $7 million,
respectively, is recorded in costs of sales for inventory
write-offs primarily related to the CRB machine
decommission.
|
(b)
|
Excludes amortization
related to purchased intangibles.
|
GRAPHIC PACKAGING
HOLDING COMPANY
Reconciliation of
Non-GAAP Financial Measures
(Continued)
|
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
In
millions
|
2023
|
|
2022
|
|
2021
|
Net Income
|
$
723
|
|
$
522
|
|
$
204
|
Add
(Subtract):
|
|
|
|
|
|
Net Income Attributable
to Noncontrolling Interest
|
—
|
|
—
|
|
12
|
Income Tax
Expense
|
210
|
|
194
|
|
74
|
Equity Income of
Unconsolidated Entity
|
(1)
|
|
—
|
|
(1)
|
Interest Expense,
Net
|
239
|
|
197
|
|
123
|
Depreciation and
Amortization
|
624
|
|
556
|
|
494
|
EBITDA
|
1,795
|
|
1,469
|
|
906
|
Charges Associated with
Business Combinations, Exit Activities and
Other Special Charges, Net
|
81
|
|
131
|
|
150
|
Adjusted
EBITDA
|
1,876
|
|
1,600
|
|
1,056
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
Calculation of Net
Debt:
|
2023
|
|
2022
|
|
2021
|
Short-Term Debt and
Current Portion of Long-Term Debt
|
$
764
|
|
$
53
|
|
$
279
|
Long-Term
Debt(a)
|
4,632
|
|
5,230
|
|
5,552
|
Less:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
(162)
|
|
(150)
|
|
(172)
|
Total Net
Debt
|
$
5,234
|
|
$
5,133
|
|
$
5,659
|
|
|
|
|
|
|
Net Leverage Ratio
(Total Net Debt/Adjusted EBITDA)
|
2.79
|
|
3.21
|
|
5.36
|
|
|
(a)
|
Excludes unamortized
deferred debt issue costs.
|
|
Twelve Months
Ended
|
|
December
31,
|
In
millions
|
2023
|
|
2022
|
Net Cash Provided by
Operating Activities
|
$
1,144
|
|
$
1,090
|
Net Cash Receipts from
Receivables Sold included in Investing Activities
|
139
|
|
119
|
Cash Payments
Associated with Business Combinations, Exit Activities and Other
Special Charges, Net
|
14
|
|
40
|
Adjusted Net Cash
Provided by Operating Activities
|
$
1,297
|
|
$
1,249
|
Capital
Spending
|
(804)
|
|
(549)
|
Adjusted Cash
Flow
|
$
493
|
|
$
700
|
GRAPHIC PACKAGING
HOLDING COMPANY
Unaudited
Supplemental Data
|
|
Calculation of Net
Organic Sales Growth:
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December
31,
|
December
31,
|
In
millions
|
2023
|
|
2022
|
2023
|
|
2022
|
Net Sales
|
$
2,249
|
|
$
2,386
|
$
9,428
|
|
$
9,440
|
Open Market Paperboard
Sales (Paperboard Mills Segment)
|
(218)
|
|
(357)
|
(1,022)
|
|
(1,290)
|
Impact of Purchased
Sales from Acquisitions (a)
|
(44)
|
|
—
|
(53)
|
|
—
|
Impact of
Divestitures
|
—
|
|
(10)
|
—
|
|
(10)
|
Impact of Pricing
(b)
|
(60)
|
|
—
|
(514)
|
|
—
|
Impact of Foreign
Exchange (c)
|
(21)
|
|
—
|
(13)
|
|
—
|
Net Organic
Sales
|
$
1,906
|
|
$
2,019
|
$
7,826
|
|
$
8,140
|
Net Organic Sales
Growth
|
(5.6) %
|
|
|
(3.9) %
|
|
|
|
|
(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.
|
(c
)
|
Impact of Foreign
Exchange is measured as the increase or decrease in sales for the
current period by applying prior period foreign currency exchange
rates to present a constant currency comparison to prior
periods.
|
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SOURCE Graphic Packaging Holding Company