In This Story
Graphic Packaging Holding Company (GPK+0.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $8.807 billion, a decrease from $9.428 billion in the previous year. The decline in sales was attributed to the divestiture of the Augusta facility and reduced open market paperboard volumes.
Income from operations was $1.119 billion, down from $1.174 billion in the prior year. This decrease was primarily due to lower pricing and packaging volumes, as well as higher maintenance and market downtime costs.
The company reported a net income of $658 million, compared to $723 million in the previous year. The effective tax rate for 2024 was 25.8%, impacted by the write-off of non-deductible goodwill and tax benefits related to credits.
Graphic Packaging completed the sale of its Augusta, Georgia bleached paperboard manufacturing facility to Clearwater Paper Corporation for $711 million. The divestiture resulted in a gain of $75 million.
During the year, the company closed multiple packaging facilities and announced plans to build a new recycled paperboard manufacturing facility in Waco, Texas. These actions are part of its strategy to optimize capacity and reduce costs.
Capital expenditures for 2024 were $1.203 billion, driven by investments in the new Waco facility and other process improvements.
The company repurchased $200 million of its common stock under its share repurchase program and paid $122 million in dividends.
Graphic Packaging's long-term debt was $5.145 billion as of December 31, 2024, with a portion subject to variable interest rates.
The filing also details various risk factors, including competition, raw material costs, and regulatory compliance that could impact future financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Graphic Packaging Holding Company annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.