Graphic Packaging (GPK) Misses Q3 EPS by 3c
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Graphic Packaging (NYSE: GPK) reported Q3 EPS of $0.17, $0.03 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.08 billion.
"We reported a record Adjusted EBITDA margin this quarter of just over 18%," said CEO David Scheible. "This represented a three percentage point increase over the third quarter last year. The significant jump was primarily driven by our decision to exit non-core, lower margin businesses over the last year and to re-focus these resources around our paperboard packaging business. The divestitures truly transformed us into a pure play, vertically integrated paperboard packaging business."
"We also performed quite well in what continues to be a difficult operating environment, as demand in some of our key end use markets remains sluggish. Performance was strong across the business, as key operating metrics at both our mills and converting plants were up over last year. The integration of our acquisitions in Europe is also on target and we are realizing the planned synergies. Overall, we delivered a solid $22 million net benefit from performance initiatives in the quarter which keeps us on track to achieve our previously guided $60 million of benefits for the full year. We also remain on target to deliver $350 million of net debt reduction from operations in 2014, having achieved approximately $140 million in the third quarter."
For earnings history and earnings-related data on Graphic Packaging (GPK) click here.
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