Graphic Packaging (NYSE: GPK) reported Q1 EPS of $0.31, $0.06 better than the analyst estimate of $0.25. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.55 billion.

Q1 2020 Highlights

• Net Sales were $1,599.1 million versus $1,505.9 million in the prior year period.
• Net Income was ($12.7) million versus $57.9 million in the prior year period; loss includes the previously announced net $89.7 million non-cash charge related to the settlement of a U.S. pension plan.
• Earnings per Diluted Share were ($0.04) versus $0.19 in the prior year period.
• Adjusted Earnings per Diluted Share were $0.31 versus $0.21 in the prior year period.
• Adjusted EBITDA was $294.8 million versus $259.7 million in the prior year period, driven by positive net organic volume growth of 5% and solid productivity.
• Global liquidity was $1,473.9 million at quarter end; issued $450.0 million of 3.5% senior notes on 2/21/2020.
• Repurchased $119.4 million in common shares during the quarter; delivered $396.1 million to stakeholders in share repurchases, dividends, distributions and partnership redemptions.

"We had a very strong start to 2020 with positive net organic volume growth of 5% and solid productivity driving meaningful improvement to our key financial metrics. To date, we have successfully met the increased and changing needs of our customers, while effectively keeping our employees safe and healthy. I am exceptionally proud of the work our teams around the world are doing to meet the essential packaging needs of our customers and the consumer" said President and CEO Michael Doss. "Importantly, we are also taking decisive actions today to accelerate our strategic agenda to meet the paperboard packaging needs of the consumer, balance supply and demand to optimize cash flow, all while positioning our business to capture profitable growth consistent with the goals we established in our Vision 2025".

Doss added, "I am also pleased that our Board of Directors has reviewed and remains committed to the existing return of capital to stakeholders through dividends and distributions. Separately, we have decided to suspend our annual Adjusted EBITDA and cash flow guidance to allow time to assess potential shifts in consumer behavior and spending patterns related to the COVID-19 crisis. At Graphic Packaging, we are committed to continued leadership as we provide best-in-class quality and service to customers, a safe working environment for our employees, and long-term returns for stakeholders."

For earnings history and earnings-related data on Graphic Packaging (GPK) click here.