Graphic Packaging posts 3Q profit as items decline
MARIETTA, Ga. (AP) — Graphic Packaging earned $40.1 million in the third quarter, reversing a year-ago loss when results were dampened by one-time charges.
Net income was 10 cents per share, compared with a loss of $47.5 million, or 12 cents per share, a year earlier, when the company had $96 million in write-downs and restructuring costs.
The company, which makes packaging for food and consumer products, said that excluding restructuring costs it would have earned 11 cents per share in this year's quarter. Analysts expected 9 cents per share, according to FactSet.
Revenue rose 3 percent to $1.10 billion, below analysts' forecast of $1.12 billion.
Shares of Graphic Packaging Holding Co., based in Marietta, Ga., rose 32 cents, or 5.6 percent, to a 52-week high of $5.93 in midday trading.