USA – Consumer packaging company Graphic Packaging has witnessed its net income fall to US$165 million in the first quarter (Q1) of financial year 2024 (FY24), from the US$207 million reported in the corresponding period of FY23.
Best Breitling Navitimer replica watches for sale, super fake Breitling Navitimer watches knockoff online with cheap price.
1:1 best fake omega watches are made of luxury materials, and the copy watches online are driven by the perfect Swiss movements.
Ich habe bei Google nach den besten Händlern für gefälschte Uhren gesucht und schließlich bei bestuhren hochwertige Replik-Uhren gefunden.
Its earnings per share also declined to $0.53 in Q1 FY24 from $0.67 in the prior year’s quarter.
The company’s adjusted net income for the first quarter 2024 was $203m, down from $237m in Q1 FY23.
During the quarter ending 31 March 2024, Graphic recorded net sales of $2.25bn, down by 7% from $2.43bn in the prior year’s quarter.
This decrease was attributed to multiple factors, including a roughly 4% drop in open-market paperboard sales, approximately 2% fewer shipping days, a 1% impact from input cost pass-through in Europe, and a 1% decline in days-adjusted sales.
Graphic president and CEO Michael Doss said: “During the first quarter, our diverse consumer packaging portfolio performed broadly as expected.
“Sales improved sequentially compared to the fourth quarter of 2023, and we generated a solid 19.6% adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] margin while reducing bleached paperboard production to match supply with demand significantly.”
The company’s EBITDA for the quarter stood at US$426 million, which was US$43 million less than in the same quarter in the previous year.
Total debt increased by US$160 million to US$5.70 billion as of the end of the quarter.
Crown Holdings reports net income of US$67m in Q1 FY24
Packaging company Crown Holdings has reported US$67 million net income attributable to the company for the first quarter (Q1) of financial year 2024 (FY24), compared with US$102 million in Q1 FY23.
This decline is reflected in the reported diluted earnings per share (EPS), which decreased from US$0.85 in the first quarter of 2023 to US$0.56 in the corresponding quarter of 2024.
The company’s adjusted diluted EPS decreased from US$1.20 to US$1.02.
Crown’s net sales for the quarter ending 31 March 2024 were US$2.78 billion, compared with US$2.97 billion reported in Q1 FY23.
This was despite higher beverage can shipments in its Americas and European Beverage segments and a favourable foreign currency impact of US$10 million.
The decrease was attributed to a US$130 million pass-through of lower material costs and reduced volumes in most other business segments.
The company’s income from operations also declined, standing at US$245 million in Q1 FY24 compared to US$269 million in the same period a year ago.
Crown chair, president, and CEO Timothy Donahue said: “The company began the year with solid performances in each beverage can business. Americas Beverage, European Beverage, and Asia Pacific combined segment incomes advanced 11% over the prior year’s first quarter.
“Global beverage shipments increased 2.5% over the prior year’s first quarter, led by 7% growth in North America and 5% in Europe. Transit Packaging performed as expected during the period, with demand anticipated to improve in the back half of the year.”
Looking ahead, Crown reaffirmed its full-year 2024 guidance, anticipating adjusted diluted EPS to be between US$5.80 and US$6.20.
For Q2 2024, adjusted diluted EPS is projected to be in the range of US$1.55 to US$1.65.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on LinkedIn and subscribe to our YouTube channel.
