Graphic Packaging Holding Company Reports Strong Fourth Quarter and Full Year 2015 Results
Including the tax impact, fourth quarter 2015 Net Income was negatively impacted by $5.8 million of special charges (primarily Charges Associated with Business Combinations). When adjusting for these charges, Adjusted Net Income for the fourth quarter of 2015 was $63.0 million, or $0.19 per diluted share. This compares to fourth quarter 2014 Adjusted Net Income of $70.1 million or $0.21 per diluted share. The decline versus the prior year was driven by non-recurring tax benefits in Q4 2014.
For the full year 2015, Net Income was $230.1 million, or $0.70 per share, based on 330.7 million weighted average diluted shares. This compares to 2014 Net Income of $89.7 million, or $0.27 per share, based on 330.5 million weighted average diluted shares. Including the tax impact, full year 2015 Net Income was negatively impacted by $16.9 million of special charges (primarily Charges Associated with Business Combinations). When adjusting for these charges, 2015 Adjusted Net Income was $247.0 million, or $0.75 per diluted share, compared to full year 2014 Adjusted Net Income of $238.1 million, or $0.72 per diluted share.
"We delivered a very strong quarter in the face of difficult markets and foreign exchange headwinds," said President and CEO Michael Doss. "Sales increased 2.4% and we continue to gain share in many of our markets. Strong performance drove Adjusted EBITDA Margin higher by 40 basis points to 17.6%. We continued to execute on our operating improvement programs across the organization, achieving $74 million of performance improvements in 2015."