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.
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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.
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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.
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