Graphic Packaging reports Q1 adj. EPS 21c, consensus 18c
Reports Q1 revenue $1.51B, consensus $1.53B. "We are very pleased with our performance in the first quarter reflecting a 160 basis point improvement in our Adjusted EBITDA margin to 17.2%. First quarter Adjusted EBITDA of $260M was ahead of our expectations driven by strong execution on pricing, performance, growth initiatives, and synergies" said President and CEO Michael Doss. "Pricing improved by $32M during the quarter reflecting the benefits of pricing initiatives executed throughout 2018. Importantly, our pricing to commodity input cost relationship was a positive $16M. The business operated well in the quarter generating $31M in performance improvements driven by a continued emphasis on cost efficiencies, benefits from capital projects, and realization of synergies. We are starting to see benefits from the shift away from plastics into our innovative paperboard solutions and this was particularly evident in our strong European sales during the first quarter. We are generating improved profitability in 2019 driven by our pricing, new product development, and productivity initiatives."