Graphic Packaging raises FY23 adjusted EPS view to $2.85-$3.00 from $2.70-$3.10

Consensus $2.84. Lowers FY23 revenue view to $9.5B-$9.6B from $10B, consensus $9.77B. Sees FY23 adjusted EBITDA $1.88B-$1.93B. Sees FY23 adjusted free cash flow $600M-$700M. The company said, “Despite the continuing modest impact to packaging volume caused by inventory normalization and some fluctuations in consumer purchasing behavior, we delivered Adjusted EBITDA growth and margin expansion in the quarter. We exercised a disciplined approach to production and actively managed our supply to the current demand environment. During the quarter, we reduced paperboard production by 150,000 tons. Importantly, we remain on track to achieve $1.9 billion in Adjusted EBITDA, the midpoint of guidance for 2023, an increase of $300 million from 2022. In addition, leverage exiting the year is expected to return to the lower end of our targeted range. We were pleased to publish our 2022 ESG Report in September, and to learn in early October the Science Based Targets initiative approved our 2032 carbon reduction goals. We are focused on driving innovation with customers and advancing the circularity of our products. As we do this, we are fulfilling our purpose to package life’s everyday moments for a renewable future.”