Graphic Packaging Q3 Earnings Rise, But Results Miss Estimates

(RTTNews) - Graphic Packaging Holding Co. (GPK) Tuesday said its third-quarter profit increased, as a sharp decline in cost of sales helped offset a drop in revenues. Profit, however, missed analysts' estimates, as did revenues.

Net profit rose to $53 million or $0.16 per share, from $44.5 million or $0.13 per share a year earlier.

Excluding certain items, the company recorded a profit of $57.5 million or $0.17 per share. On average, eight analysts polled by Thomson-Reuters estimated earnings to be $0.20. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA increased to $190.6 million from $175.2 million in the previous year.

Net sales declined to $1.05 billion from last year's $1.16 billion, which included $162.3 million of sales from divested businesses. Analysts expected sales of $1.08 billion.