Consumer packaging company Graphic Packaging has witnessed its net income fall to $165m in the first quarter (Q1) of financial year 2024 (FY24), from the $207m reported in the corresponding period of FY23.

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 of 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 sales of paperboard, 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.  

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“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 amortisation] margin while choosing to significantly reduce bleached paperboard production to match supply with demand.” 

The company’s EBITDA for the quarter stood at $426m, which was $43m less than the same quarter in the previous year. 

Total debt increased by $160m to $5.70bn as of the end of the quarter.