Boston, MA 05/21/2014 (wallstreetpr) – The largest provider of packaging solutions in the U.S., Graphic Packaging Holding Company (NYSE:GPK) has revealed its intention of making a public offering of shares. Further, it has also announced its 1Q2014 results thereby providing deeper insights into its performance and outlook. GPK is focusing towards combating the obstacles and registering stronger outcomes in its coming quarters.
Disclosure of Offering
One of the leading companies, Graphic Packaging Holding Company (NYSE:GPK) has recently revealed to offer approximately 43.6 million of underwritten secondary public offering of its common stock shares. The offering is in relation to some of its existing stockholders. However, GPK has revealed that it will refrain from using the net proceeds in any manner.
Thus, the number of shares of its outstanding common stock will remain unchanged despite the offering. The leading firm of Goldman, Sachs & Co. is acting as the prime book running manager for managing the offering. A shelf registration statement is already been filed by the GPK with the U.S. Securities and Exchange Commission.
Release of 1Q2014 result
Graphic Packaging Holding Company (NYSE:GPK) has recently disclosed its 1Q2014 results. The company registered net sales worth $27.8 million and adjusted earnings per diluted share as $0.13 as compared to year 2013. Adjusted EBITDA accounted for $157.6 million in comparison to $161.6 million in the same period of year 2013. GPK accounted for a reduction in net debt by $24.9 million. Net income for the 1Q2014 of GPK equaled to $35.2 million. The CEO of GPK, Mr. David Scheible highlighted that the rough weather conditions acted as a major contributing factor in the decline, in its core production.
However, he has also highlighted a positive leap towards operational and financial sector. Additionally stormy weather conditions also affected the production in its mills situated in the southeast region. This also led to adding up to the total cost by demanding an increased supply of products, energy and power cost. Consequently, Graphic Packaging Holding Company (NYSE:GPK) suffered a burden of approximately $15 million in its first quarter.
