GPHC dévoile les résultats du second trimestre de 2019

ATLANTA, July 23, 2019 /PRNewswire/ —

Faits saillants

  • Les ventes nettes au 2er trimestre ont été de 1 552,8 millions de dollars comparativement à 1 510,9 millions de dollars pour la même période l'année précédente.
  • Le résultat par action diluée au 2er trimestre a été de 0,22 $ comparativement à 0,16 $ pour la même période l'année précédente.
  • Le bénéfice ajusté par action diluée au 2er trimestre a été de 0,24 $ comparativement à 0,18 $ pour la même période l'année précédente.
  • Le revenu net au 2er trimestre a été de 63,8 millions de dollars comparativement à 49,4 millions de dollars pour la même période l'année précédente.
  • Le résultat avant intérêts, impôts et amortissements (BAIIA) ajusté au 2er trimestre a été de 267,1 millions de dollars comparativement à 235,8 millions de dollars pour la même période l'année précédente.
  • 47 millions de dollars retournés aux parties prenantes au 2er trimestre, dont 18 millions de dollars en rachats d'actions, 22 millions de dollars en dividende et 6 millions de dollars au partenaire GPIP.
  • Reached agreement to acquire Artistic Carton Company, a diversified producer of folding cartons and coated recycled paperboard (CRB).

Graphic Packaging Holding Company (NYSE : GPK), (l'« entreprise »), un chef de file en matière de solutions d'emballage en carton pour les aliments, les boissons, les services alimentaires et d'autres entreprises de produits de consommation, a annoncé aujourd'hui un résultat net pour le second trimestre de 2019 de 63,8 millions de dollars ou 0,22 $ par action, basé sur 295,7 millions d'actions en circulation (moyenne pondérée). This compares to second quarter 2018 Net Income of $49.4 million, or $0.16 per share, based on 311.3 million weighted average diluted shares.

Second quarter 2019 Net Income was impacted by a net $5.8 million of special charges that are detailed in the Reconciliation of Non-GAAP Financial Measures table attached. When adjusting for these charges, Adjusted Net Income for the second quarter of 2019 was $69.6 million, or $0.24 per diluted share. This compares to second quarter 2018 Adjusted Net Income of $54.5 million or $0.18 per diluted share.

"We reported strong results in the second quarter as our Adjusted EBITDA margin increased 160 basis points year-over-year to 17.2%. Second quarter Adjusted EBITDA of $267 million was ahead of our expectations driven by strong execution on pricing, performance, growth initiatives, and synergies" said President and CEO Michael Doss. "Pricing improved by $40 million during the quarter reflecting the benefits of our pricing initiatives. Importantly, our pricing to commodity input cost relationship was a positive $26 million in the quarter and $41 million in the first half of 2019. We are pleased to be increasing our 2019 Adjusted EBITDA guidance to reflect continued strong execution and a more favorable pricing to commodity input cost relationship. In addition, our commercial teams have been successful in customer negotiations to reduce our pricing lags to 6-months compared to 8-months previously. This reduction is an important milestone as it provides the opportunity to adjust pricing two times per year, on average, to better reflect market conditions. Overall, we operated well in the quarter generating $22 million in performance improvements driven by a continued emphasis on cost efficiencies, benefits from capital projects, and realization of synergies."

Acquisition of Artistic Carton Company

Graphic Packaging Holding Company also announced today that it has reached an agreement to acquire substantially all the assets of Artistic Carton Company through a subsidiary, subject to standard closing conditions. The business includes one coated recycled paperboard (CRB) mill located in White Pigeon, Michigan with annual production capacity of approximately 70,000 tons and two converting facilities located in Auburn, IN and Elgin, IL. The business generated $63 million in revenue during the twelve months ended June 30, 2019. The business is expected to generate approximately $10 million in annualized EBITDA including anticipated synergies over the next 12-18 months. The transaction is expected to close in the third quarter of 2019.

“We are pleased to announce the acquisition of Artistic Carton as it will provide compelling optimization and growth opportunities for our paperboard mill and converting platforms in North America” said President and CEO Michael Doss. “The acquisition will drive converting end-market diversification, enhance our converting platform, and we expect will allow us to deliver significant synergies driven by paperboard integration, mill and converting manufacturing optimization, and supply chain efficiencies.”

Second Quarter 2019 Operating Results

Ventes nettes

Net Sales increased 3% to $1,552.8 million in the second quarter of 2019, compared to $1,510.9 million in the prior year period. L'augmentation de 41,9 millions de dollars comprend 39,8 millions de dollars attribuables aux prix plus élevé et 16,3 millions de dollars attribuables au rapport volume/composition amélioré lié aux acquisitions. Ces bénéfices ont été en partie contrebalancés par des pertes de 14,2 millions de dollars attribuables à des opérations de change défavorables.

Attached is supplemental data highlighting Net Tons Sold for the first and second quarters of 2019 and 2018.

BAIIA 

EBITDA for the second quarter of 2019 was $257.2 million, or $30.0 million higher than the second quarter of 2018. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA increased $31.3 million to $267.1 million in the second quarter of 2019 from $235.8 million in the second quarter of 2018. When comparing against the prior year quarter, Adjusted EBITDA in the second quarter of 2019 was positively impacted by $39.8 million of higher pricing and $22.1 million of improved net operating performance. Ces bénéfices ont été en partie contrebalancés par des pertes de 14,2 millions de dollars attribuables à la hausse des coûts des intrants (surtout le bois), de 12,3 millions de dollars attribuables à la hausse d'autres coûts (particulièrement la main d'œuvre et les profits), de 3,0 millions de dollars attribuables à des opérations de change défavorables et de 1,1 millions de dollars attribuables à un rapport volume/composition défavorable.

Autres résultats

Total Debt (Long-Term, Short-Term and Current Portion) decreased $118.1 million during the second quarter of 2019 to $3,070.6 million compared to the first quarter of 2019. Total Net Debt (Total Debt, net of Cash and Cash Equivalents) decreased $120.5 million during the second quarter of 2019 to $3,005.9 million compared to the first quarter of 2019. The Company's second quarter 2019 pro forma Net Leverage Ratio was 2.91 times Adjusted EBITDA compared to 3.13 times at the end of the first quarter of 2019.

At June 30, 2019, the Company had available liquidity of $1,455.8 million, including the undrawn availability under its global revolving credit facilities.

Net Interest Expense was $35.5 million in the second quarter of 2019, up compared to the $30.3 million reported in the second quarter of 2018, primarily reflecting higher average borrowing rates.

Capital expenditures for the second quarter of 2019 were $78.3 million compared to $81.3 million in the second quarter of 2018.

Second quarter 2019 Income Tax Expense was $23.0 million, compared to a $18.5 million expense in the second quarter of 2018.

Please note that a tabular reconciliation of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Total Net Debt and pro forma Net Leverage Ratio is attached to this release.

Conférence téléphonique au sujet des résultats

The Company will host a conference call at 10:00 am eastern time today (July 23, 2019) to discuss the results of second quarter 2019. Pour participer à la conférence téléphonique, rendez-vous à la section Relations avec les investisseurs du site Web de Graphic Packaging (http://www.graphicpkg.com) et cliquez sur le lien audio de l'émission Web. Les personnes qui appellent de l'Amérique du Nord doivent composer le 800-392-9489 au moins 10 minutes avant le début de la conférence téléphonique (conférence nº 1586689). Les documents d'accompagnement de la conférence téléphonique ont aussi été publiés sur le site Web. Des reprises de l'appel seront disponibles pendant une semaine une fois qu'elle sera terminée; vous pourrez y accéder en composant le 855-859-2056.

Énoncés prévisionnels

Any statements of the Company's expectations in this press release, including but not limited to the expected closing of and EBITDA from the Artistic Carton Company acquisition, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations. Ces risques et incertitudes comprennent, sans s'y limiter, la hausse et la volatilité des coûts matériels et énergétiques bruts, la pression constante de produire à moindre coût, la capacité de l'Entreprise à mettre en œuvre ses stratégies d'entreprise, y compris les initiatives en matière de productivité, les plan de réduction des coûts et les activités d'intégration ainsi que le niveau d'endettement de l'Entreprise, les fluctuations des devises et d'autres risques inhérents au commerce international, l'influence des questions relatives aux règlements et aux litiges, y compris la possibilité continue de compenser les pertes d'exploitation nettes de l'Entreprise en les déduisant du bénéfice imposable. Il est risqué d'accorder une importance démesurée à ces énoncés prévisionnels, car ceux-ci ne valent que pour la date à laquelle ils sont communiqués, et l'Entreprise ne s'engage pas à mettre à jour ces énoncés, sauf si la loi l'exige. Des renseignements supplémentaires concernant ces risques et d'autres risques sont contenus dans les dossiers remis périodiquement par l'Entreprise à la SEC.

À propos de Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), établie à Atlanta, en Géorgie, s'engage à offrir des emballages de vente qui font toute la différence au monde. L'entreprise est un important fournisseur de solutions d'emballage en carton pour une grande variété d'entreprises d'aliments, de boissons, de services alimentaires et d'autres biens de consommation. L'Entreprise exerce ses activités dans le monde entier, est l'un des plus importants fabricants de boîtes pliantes et de produits de service alimentaire en carton aux États-Unis et occupe une position dominante dans les marchés du carton couché recyclé, du carton couché non blanchi et du carton plat en pâte de sulfate blanchie. Un grand nombre des entreprises et des marques les plus prestigieuses au monde comptent parmi les clients de l'entreprise. Pour en savoir plus sur Graphic Packaging, ses affaires et ses produits, consultez le site Web de l'entreprise au www.graphicpkg.com.

 

GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

In millions, except per share amounts

2019

2018

2019

2018

Ventes nettes

$

1,552.8

$

1,510.9

$

3,058.7

$

2,988.3

Cost of Sales

1,265.0

1,273.4

2,504.8

2,526.9

Selling, General and Administrative

131.8

116.1

256.5

238.8

Other Expense, Net

1.7

2.5

2.9

3.4

Business Combinations and Shutdown and Other Special Charges, Net

9.9

8.6

16.1

34.9

Income from Operations

144.4

110.3

278.4

184.3

Nonoperating Pension and Postretirement Benefit Income (Expense)

4.1

(0.1)

8.3

Interest Expense, Net

(35.5)

(30.3)

(70.5)

(59.1)

Loss on Modification or Extinguishment of Debt

(1.9)

Income before Income Taxes and Equity Income of Unconsolidated Entity

108.9

84.1

207.8

131.6

Income Tax Expense

(23.0)

(18.5)

(44.0)

(23.6)

Income before Equity Income of Unconsolidated Entity

85.9

65.6

163.8

108.0

Equity Income of Unconsolidated Entity

0.2

0.4

0.4

0.7

Net Income

86.1

66.0

164.2

108.7

Net Income Attributable to Noncontrolling Interest

(22.3)

(16.6)

(42.5)

(29.4)

Net Income Attributable to Graphic Packaging Holding Company

$

63.8

$

49.4

$

121.7

$

79.3

Net Income Per Share Attributable to Graphic Packaging Holding
Company  —  Basic

$

0.22

$

0.16

$

0.41

$

0.26

Net Income Per Share Attributable to Graphic Packaging Holding
Company  —  Diluted

$

0.22

$

0.16

$

0.41

$

0.25

Weighted Average Number of Shares Outstanding – Basic

295.2

310.7

296.3

310.6

Weighted Average Number of Shares Outstanding – Diluted

295.7

311.3

297.0

311.3

 

 

GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In millions, except share and per share amounts

June 30,
2019

December 31,
2018

ASSETS

Current Assets:

Cash and Cash Equivalents

$

64.7

$

70.5

Receivables, Net

639.9

572.9

Inventories, Net

1,099.5

1,014.4

Other Current Assets

56.7

106.0

Total Current Assets

1,860.8

1,763.8

Property, Plant and Equipment, Net

3,199.4

3,239.7

Goodwill

1,467.0

1,460.6

Intangible Assets, Net

485.4

523.8

Other Assets

272.5

71.3

Total Assets

$

7,285.1

$

7,059.2

LIABILITIES

Current Liabilities:

Short-Term Debt and Current Portion of Long-Term Debt

$

58.9

$

52.0

Accounts Payable

644.7

711.6

Other Accrued Liabilities

390.4

408.7

Total Current Liabilities

1,094.0

1,172.3

Long-Term Debt

2,997.5

2,905.1

Deferred Income Tax Liabilities

488.4

462.2

Other Noncurrent Liabilities

378.7

225.3

Redeemable Noncontrolling Interest

269.6

275.8

SHAREHOLDERS’ EQUITY

Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or
outstanding

Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 293,970,406 and
299,891,585 shares issued and outstanding at June 30, 2019 and December 31, 2018,
respectively

2.9

3.0

Capital in Excess of Par Value

1,916.3

1,944.4

Retained Earnings

44.7

10.0

Accumulated Other Comprehensive Loss

(379.3)

(377.9)

Total Graphic Packaging Holding Company Shareholders’ Equity

1,584.6

1,579.5

 Noncontrolling Interest

472.3

439.0

Total Equity

2,056.9

2,018.5

Total Liabilities and Shareholders’ Equity

$

7,285.1

$

7,059.2

 

 

GRAPHIC PACKAGING HOLDING COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

June 30,

In millions

2019

2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

$

164.2

$

108.7

Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:

Depreciation and Amortization

227.3

221.1

Deferred Income Taxes

26.8

7.6

Amount of Postretirement Expense Greater (Less) Than Funding

5.1

(1.9)

Gain on the Sale of Assets

(1.5)

Other, Net

5.9

24.5

Changes in Operating Assets and Liabilities

(369.5)

(658.7)

Net Cash Provided by (Used in) Operating Activities

59.8

(300.2)

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital Spending

(146.2)

(167.3)

Packaging Machinery Spending

(12.1)

(6.1)

Acquisition of Businesses, Net of Cash Acquired

(2.0)

3.4

Beneficial Interest on Sold Receivables

309.6

624.0

Beneficial Interest Obtained in Exchange for Proceeds

(156.9)

(150.9)

Other, Net

(2.4)

(3.4)

Net Cash (Used in) Provided by Investing Activities

(10.0)

299.7

CASH FLOWS FROM FINANCING ACTIVITIES:

Repurchase of Common Stock

(78.7)

Payments on Debt

(18.3)

(134.1)

Proceeds from Issuance of Debt

300.0

Borrowings under Revolving Credit Facilities

1,303.4

961.1

Payments on Revolving Credit Facilities

(1,495.3)

(779.4)

Repurchase of Common Stock related to Share-Based Payments

(4.0)

(4.1)

Debt Issuance Costs

(4.2)

(7.9)

Dividends and Distributions Paid

(58.3)

(52.5)

Other, Net

(1.0)

1.7

Net Cash Used in Financing Activities

(56.4)

(15.2)

Effect of Exchange Rate Changes on Cash

0.8

(0.8)

Net Decrease in Cash and Cash Equivalents

(5.8)

(16.5)

Cash and Cash Equivalents at Beginning of Period

70.5

67.4

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

64.7

$

50.9

 

GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company's earnings before interest expense, income tax expense, equity income of unconsolidated entities, depreciation and amortization, including pension amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, Net Leverage Ratio and Total Net Debt. Adjusted EBITDA and Adjusted Net Income exclude charges (income) associated with: the Company's business combinations, facility shutdowns, extended mill outage, sale of assets and other special charges. The Company's management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), and are not measures of net income, operating income, operating performance or liquidity presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.

Three Months Ended

Six Months Ended

June 30,

June 30,

In millions, except per share amounts

2019

2018

2019

2018

Net Income Attributable to Graphic Packaging Holding Company

$

63.8

$

49.4

$

121.7

$

79.3

Add (Subtract):

Net Income Attributable to Noncontrolling Interest

22.3

16.6

42.5

29.4

Income Tax Expense

23.0

18.5

44.0

23.6

Equity Income of Unconsolidated Entity

(0.2)

(0.4)

(0.4)

(0.7)

Interest Expense, Net

35.5

30.3

70.5

59.1

Depreciation and Amortization

112.8

112.8

232.4

224.1

BAIIA 

257.2

227.2

510.7

414.8

Gain on Sale of Assets

(1.5)

Charges Associated with Business Combinations and Shutdown and Other Special
Charges(a)

9.9

8.6

16.1

51.4

Loss on Modification or Extinguishment of Debt

1.9

Adjusted EBITDA

$

267.1

$

235.8

$

526.8

$

466.6

Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales)

17.2

%

15.6

%

17.2

%

15.6

%

Net Income Attributable to Graphic Packaging Holding Company

$

63.8

$

49.4

$

121.7

$

79.3

Gain on Sale of Assets

(1.5)

Charges Associated with Business Combinations and Shutdown and Other Special
Charges(a)

9.9

8.6

16.1

51.4

Loss on Modification or Extinguishment of Debt

1.9

Tax Impact of, Business Combinations, Shutdown and Other Special Charges, Gain
on Sale of Assets, and Loss on Modification or Extinguishment of Debt

(2.2)

(1.8)

(3.3)

(11.2)

Noncontrolling Interest, Net of Tax

(1.9)

(1.7)

(3.2)

(7.1)

Adjusted Net Income Attributable to Graphic Packaging Holding Company

$

69.6

$

54.5

$

131.3

$

112.8

Adjusted Earnings Per Share – Basic

$

0.24

$

0.18

$

0.44

$

0.36

Adjusted Earnings Per Share – Diluted

$

0.24

$

0.18

$

0.44

$

0.36

(a) For the six months ended June 30, 2018, $15.0 million is recorded in costs of sales for inventory valuation adjustments related to business combinations.

 

 

 

GRAPHIC PACKAGING HOLDING COMPANY

Reconciliation of Non-GAAP Financial Measures

(Continued)

Twelve Months Ended

June 30,

June 30,

 December 31,

In millions

2019

2018

2018

Net Income

$

263.5

$

300.5

$

221.1

Add (Subtract):

Net Income Attributable to Noncontrolling Interest

86.0

29.4

72.9

Income Tax (Benefit) Expense

75.1

(63.1)

54.7

Equity Income of Unconsolidated Entities

(0.9)

(1.5)

(1.2)

Interest Expense, Net

135.1

105.0

123.7

Depreciation and Amortization

445.2

407.7

436.9

BAIIA 

1,004.0

778.0

908.1

Charges Associated with Business Combinations and Shutdown and
Other Special Charges

34.7

74.5

70.0

Extended Augusta Mill Outage

29.6

29.6

Gain on Sale of Assets, Net

(37.1)

(5.2)

(38.6)

Loss on Modification or Extinguishment of Debt

1.9

Adjusted EBITDA

1,031.2

847.3

971.0

EBITDA Attributable to NACP from July 1, 2017 to December 31, 2017

127.0

Adjusted EBITDA for Purposes of Calculating Net Leverage Ratio

$

1,031.2

$

974.3

$

971.0

June 30,

June 30,

 December 31,

Calculation of Net Debt:

2019

2018

2018

Short-Term Debt and Current Portion of Long-Term Debt

$

58.9

$

51.5

$

52.0

Long-Term Debt (a)

3,011.7

2,936.3

2,915.7

Less:

Cash and Cash Equivalents

(64.7)

(50.9)

(70.5)

Total Net Debt

$

3,005.9

$

2,936.9

$

2,897.2

Net Leverage Ratio (Total Net Debt/Adjusted EBITDA)

2.91

3.01

2.98

(a) Excludes unamortized deferred debt issue costs.

Six Months Ended

June 30,

In millions

2019

2018

Net Cash Provided by (Used in) Operating Activities

$

59.8

$

(300.2)

Net Cash Receipts from Receivables Sold included in Investing Activities

152.7

473.1

Cash Payments Associated with Business Combinations and Shutdown and Other Special Charges

12.0

33.6

Adjusted Net Cash Provided by Operating Activities

$

224.5

$

206.5

Capital Spending

(158.3)

(173.4)

Adjusted Cash Flow

$

66.2

$

33.1

 

 

GRAPHIC PACKAGING HOLDING COMPANY

Unaudited Supplemental Data

Three Months Ended

March 31,

June 30,

September 30,

December 31,

2019

Net Tons Sold (000’s)

941.8

962.1

2018

Net Tons Sold (000’s)

963.7

961.1

968.1

916.8

 

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SOURCE : Graphic Packaging Holding Company