US-based paper packaging company Graphic Packaging has registered $7.15bn in net sales for the fiscal year 2021 (FY21), a 9% increase from $6.56bn in 2020.

Net income attributable to the company was $204m, up from $167m in the prior year.

The company’s earnings per diluted share (EPS) were $0.68, against $0.60 in 2020, while its adjusted EPS were $1.14 compared with $1.12 in the previous year.

Graphic Packaging president and CEO Michael Doss said: “We met the high-end of our organic sales growth goal in 2021, generating a 2% year-over-year (YoY) growth, after generating a 4% organic sales growth in 2020.

“We are capturing new business supported by consumer preference for sustainable, fibre-based packaging solutions.

“Innovation and more circular consumer packaging solutions are consistently driving organic sales growth.

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“We are winning in existing markets while expanding our participation into new markets.”

Graphic Packaging’s net sales for the fourth quarter (Q4) of the year grew by 20% to $1.98bn, driven by a $250m favourable volume/mix and $86m positive pricing.

The company’s net income was $39m compared with $64m in Q4 2020, while its EPS was $0.13, down from $0.24 in the same period of last year.

For FY22, Graphic Packaging expects a 42% YoY growth in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA).

Last year, the company acquired Sweden-based company AR Packaging in an effort to expand its range of fibre-based packaging offerings.

Doss added: “The AR Packaging acquisition, completed in the fourth quarter, has further strengthened our innovative offerings for consumers and positions us for growth in new geographies, markets and products.

“The successful start-up of our transformational K2 coated recycled board machine and execution of our coated recycled board platform optimization project will further solidify our cost and quality leadership in the industry.”