Q2 2024 Graphic Packaging Holding Co Earnings Call Transcript
Key Points
- Graphic Packaging Holding Co (GPK) reported strong margins and adjusted EBITDA of $402 million for Q2 2024.
- Innovation sales growth was $51 million in the quarter, with a target of $200 million for the full year.
- The company completed the sale of the Augusta bleached paperboard manufacturing facility, focusing 95% of sales on sustainable consumer packaging solutions.
- Construction progress at the Waco recycled paperboard manufacturing project is on schedule, expected to enhance competitive advantage in late 2025.
- The European business contributed significantly to innovation sales growth, leveraging global packaging innovation.
- Reported sales were down $155 million year-over-year, with net sales from the packaging business down $73 million or about 3%.
- Overall volumes were flat, with both price and mix being small negatives.
- The company incurred significant planned maintenance expenses during the quarter.
- Price headwinds and minor negative mix impacts were noted, particularly in the European business.
- Household products and health and beauty segments showed slower recovery compared to other markets.
Greetings. Welcome to the Graphic Packaging Holding Company's second quarter 2024 earnings call. (Operator instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Melanie Skijus. You may begin.
Good morning, and welcome to Graphic Packaging Holding Company's second quarter 2024 earnings call. Joining us on our call today are Mike Doss, the company's President and CEO, and Steve Scherger, Executive Vice President and CFO. To help you follow along with today's report, we will be referencing our second quarter earnings presentation, which can be accessed through the webcast and also in the Investors section of our website at www.graphicpkg.com.
Before I turn the call over to Mike, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities
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