Graphic Packaging Holding Company, a leading provider of packaging solutions to food, beverage and consumer product companies, today reported Net Income for first quarter 2016 of $57.5 million, or $0.18 per share, based upon 324.2 million weighted average diluted shares. This compares to first quarter 2015 Net Income of $55.1 million, or $0.17 per share, based on 331.9 million weighted average diluted shares.
Including the tax impact, first quarter 2016 Net Income was negatively impacted by $7.1 million from business combinations and other special charges. When adjusting for these charges, Adjusted Net Income for the first quarter of 2016 was $64.6 million, or $0.20 per diluted share. This compares to first quarter 2015 Adjusted Net Income of $56.7 million or $0.17 per diluted share.
"We delivered a very solid first quarter," said President and CEO Michael Doss. "Sales were up 2.6% driven by both acquisitions and modest volume growth in our core legacy business. Adjusted EBITDA Margin increased 70 basis points to 18.7%. The increase was driven by $16.4 million of improved operating performance across the organization, as we remain firmly committed to our culture of continuous improvement and cost reduction."
"While we remain keenly focused on day to day execution, we had a busy quarter as we closed three strategic, tuck-under acquisitions and announced a fourth, which is expected to close in the second quarter. These transactions represent a continuation of our strategy to grow in key end-markets and geographies."
