Graphic Packaging provides fibre-based packaging solutions for the food, beverage and foodservice markets among others. Credit: Richard Says / Flickr (Creative Commons).

US-based paper packaging company Graphic Packaging has reported net sales of $2.45bn for the third quarter (Q3) of fiscal 2022 (FY22), up from $1.78bn in the same quarter of fiscal 2021 (FY21).

The increase for the three months to 30 September was driven by $334m in pricing and an improved volume/mix of $380m.

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Driven by global demand for sustainable, fibre-based consumer packaging solutions, Graphic Packaging’s net organic sales rose by 5% in Q3 and 4% in the year to date.

The company reported that its net income for the quarter stood at $193m, up from $73m in the same period of FY21, while its adjusted net income was $207m.

Its earnings per diluted share were $0.62, an increase from $0.24 in Q3 2021.

Graphic Packaging’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the quarter was $441m, against $284m a year earlier.

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Graphic Packaging president and CEO Michael Doss said: “Strong organic sales growth of 5% accelerated during the third quarter fuelled by our innovation pipeline and demand for more sustainable, fibre-based packaging solutions.

“We are excited to be partnering with new and existing customers globally as they package more consumer goods in recyclable, fibre-based solutions.

“We are uniquely positioned to service increased demand for recycled content in paperboard packaging as our state-of-the-art coated recycled board machine in Kalamazoo, Michigan, continues to ramp up production. 

“During the quarter, Foodservice sales improved 29% year over year, while Food, Beverage and Consumer sales grew 20% before acquisitions.

“Backlogs across all substrates remain strong at eight-plus weeks, reflecting a healthy demand environment.”

In the year to date, Graphic Packaging recorded net sales of $7.05bn and a net income of $366m.

The company’s earnings per share (EPS) for the nine months stood at $1.18, against $0.56 in the same period of FY21.