Graphic Packaging (NYSE: GPK) reported Q2 EPS of $0.26, $0.07 better than the analyst estimate of $0.19. Revenue for the quarter came in at $1.61 billion versus the consensus estimate of $1.58 billion.

Q2 2020 Highlights

• Net Sales were $1,611.0 million versus $1,552.8 million in the prior year period.
• Net Income was $52.1 million versus $63.8 million in the prior year period.
• Earnings per Diluted Share were $0.19 versus $0.22 in the prior year period.
• Adjusted Earnings per Diluted Share were $0.26 versus $0.24 in the prior year period.
• Adjusted EBITDA was $260.0 million versus $267.1 million in the prior year period.
• Global liquidity was $1,412.9 million at quarter end.
• Net organic sales increased 1.5% in Q2 and 3% in the first half of 2020 versus the prior year periods.
• Continue to operate safely and effectively; investing in multiple protocols focused on the well-being of employees and serving customers globally.
• Successfully closed the 70,000 ton White Pigeon, Michigan Coated Recycled Board (CRB) mill and shut down the 120,000 ton West Monroe, Louisiana PM1 containerboard machine.
• Repurchased $38.0 million in common shares during the quarter; delivered $64.9 million to stakeholders in share repurchases, dividends and partnership distributions.
• Reinstating guidance for Full Year 2020 with Adjusted EBITDA range of $1.05 billion to $1.09 billion; Adjusted Cash Flow range of $200 million to $275 million.

"We delivered excellent performance in the second quarter as the Company adapted to changing demand patterns resulting from the global COVID-19 pandemic. Sales improved 4% year over year driven by acquisitions and net organic sales growth of 1.5%, which was partially offset by a decline in open market paperboard sales. The recession resistant nature of our business was quite apparent during the quarter and I am proud of the work our employees accomplished in successfully serving customers and ensuring continuity of supply globally," said President and CEO Michael Doss. "We have taken decisive actions in our business to grow annual EBITDA year over year while generating significant operating cash flow. We remain committed to achieving the long-term goals established in our Vision 2025."

Doss added, "I am very pleased with our performance in the first half of the year and that we are in a position to reinstate full year 2020 guidance. It is a testament to our entire organization that the growth and financial goals we established at the beginning of the year, prior to the pandemic, remain achievable."

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