Graphic Packaging reports Q3 adjusted EPS 58c, consensus 56c

Reports Q3 revenue $2.19B, consensus $2.16B. Michael Doss, the company’s President and CEO said, “Against a backdrop of sluggish consumer volumes, we executed well in the quarter, reduced inventory, and saw our innovation engine open new markets for paperboard packaging. As food affordability challenges ease, the full power of our business model and its cash generating potential will become even more apparent. I am pleased to announce that our Waco, Texas recycled paperboard manufacturing facility produced its first commercially saleable rolls in October, well ahead of plan. I congratulate our team and our contractors for their exceptional work. I also want to thank the Waco community, Governor Abbott, and the state of Texas for their steadfast support. We expect to reach full production in 12 to 18 months. Waco will be the world’s most efficient producer of recycled paperboard, with the highest quality available anywhere outside of our own Kalamazoo, Michigan facility. This marks the completion of our Vision 2025 transformation, and we now turn our full attention to our Vision 2030 priorities: innovation, execution, reaching investment grade, and returning cash to stockholders.”