Graphic sees FY24 adj. EPS below midpoint of previous guidance $2.65-$2.85

Graphic Packaging Holding Company provided an update on operating conditions in the Q3 and on its FY24 outlook. During July, severe weather conditions led to modestly reduced production at two paperboard manufacturing facilities. In August, an electrical substation was damaged at a third facility, resulting in additional disruption, lost production, and restart costs. While not material individually, as a group these events and added costs are expected to reduce Adjusted EBITDA by approximately $20M-$25M in the Q3. As a result, the Company now expects FY24 results will fall below the midpoint of the previously announced $1.730B-$1.830B Adjusted EBITDA guidance range and the $2.65-$2.85 Adjusted EPS guidance range. Each of the affected facilities resumed normal operations, and customer service levels were not affected.