US-based paper packaging company Graphic Packaging has reported sales of $2.24bn for the first quarter (Q1) of the fiscal year 2022 (FY22).
This figure represents an increase of 596m from the same period of FY21, up by 36% year-on-year.
The increase in sales was driven by positive price and improved volume or mix related to organic growth from conversions to fibre-based packaging solutions and acquisitions.
For the three months to 31 March, the company’s net organic sales rose by 3% from the prior-year quarter.
Graphic Packaging’s net income for Q1 was $107m compared with $54m in the same period of FY21. Its adjusted net income for the quarter was $149m.
The company’s earnings per diluted share (EPS) were $0.35 against $0.19 in Q1 2021, while its adjusted EPS were $0.48 compared with $0.27 a year earlier.
Graphic Packaging president and CEO Michael Doss said: “During the first quarter, we achieved important milestones on the journey to realise our enhanced Vision 2025 goals.
“While executing another solid quarter with 3% net organic sales growth, we continued to integrate our recently expanded European platform and began operating the new K2 CRB machine in Kalamazoo, Michigan.
“While we continue to strengthen capabilities and expand innovative offerings for customers, we are also optimising our global production network, driving efficiencies and best-in-class customer service.
“We remain fully committed to achieving strong growth and profitability as reflected in our financial guidance for 2022 and are on track to accomplish the long-term goals established with our enhanced Vision 2025.”
Last month, Graphic Packaging launched EnviroClip, a paperboard alternative to plastic rings and shrink film for beverage cans.
The packaging is made from a single paperboard ply produced using renewable fibre from sustainably managed forests. It does not use any adhesive or plastic laminations.