Graphic Packaging Holding Q2 Profit Falls

(RTTNews) - Graphic Packaging Holding Co. (GPK),announced a sharp fall in second quarter net income to $21.2 million, or $0.06 per share from $42.4 million, or $0.11 per share last year.

Adjusted net income for the quarter was $44.1 million, or $0.13 per share, compared to adjusted net income of $45.6 million or $0.11 per share last year.

On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.13 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net Sales increased 2.5% to $1.139 billion $1.111 billion a year ago. Street estimate was $1.17 billion.

CEO David Scheible said, "Volumes in both beer and soft drink were undoubtedly impacted by cooler and wetter than normal weather during the Memorial Day weekend through the end of June. At the same time, year over year pricing was down about $16 million, mostly due to contractual resets related to 2012 commodity input deflation. We were able to offset these headwinds by delivering $29 million of benefit from improved operating performance and cost reductions, which keeps us on track to achieve our full year savings target of $100-$120 million."