US provider of packaging solutions Graphic Packaging has reported an adjusted net income of $33.8m for the third quarter of 2011, compared with $24.1m in the same period last year.
The company’s net sales for the quarter increased by 2.9% to $1.07bn compared with $1.04bn a year ago.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter stood at $54.4m compared with $144.8m in the same period last year.
The firm’s Paperboard Packaging segment sales increased by 2.4% and net sales in the flexible packaging segment increased by 5.7% compared with the third quarter of 2010.
Capital expenditures during the quarter increased to $37.6m compared with $34.2m in the third quarter of 2010, which was driven by additional investments to improve process capability and reduce costs.
Graphic Packaging CEO David Scheible said the ongoing cost reduction programmes and supply chain optimisation initiatives resulted in another $17m of benefit during the quarter.