The increase for the three months to 30 September was driven by $334m in pricing and an improved volume/mix of $380m.
Driven by global demand for sustainable, fibre-based consumer packaging solutions, Graphic Packaging ’s net organic sales rose by 5% in Q3 and 4% in the year to date.
The company reported that its net income for the quarter stood at $193m, up from $73m in the same period of FY21, while its adjusted net income was $207m.
Its earnings per diluted share were $0.62, an increase from $0.24 in Q3 2021.
Graphic Packaging’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the quarter was $441m, against $284m a year earlier.
Graphic Packaging president and CEO Michael Doss said: “Strong organic sales growth of 5% accelerated during the third quarter fuelled by our innovation pipeline and demand for more sustainable, fibre-based packaging solutions.
“We are excited to be partnering with new and existing customers globally as they package more consumer goods in recyclable, fibre-based solutions.
“We are uniquely positioned to service increased demand for recycled content in paperboard packaging as our state-of-the-art coated recycled board machine in Kalamazoo, Michigan, continues to ramp up production.
“During the quarter, Foodservice sales improved 29% year over year, while Food, Beverage and Consumer sales grew 20% before acquisitions.
“Backlogs across all substrates remain strong at eight-plus weeks, reflecting a healthy demand environment.”
In the year to date, Graphic Packaging recorded net sales of $7.05bn and a net income of $366m.
The company’s earnings per share (EPS) for the nine months stood at $1.18, against $0.56 in the same period of FY21.