Graphic Packaging Holding Company (GPK) Tuesday said it now expects its full-year 2024 results to fall below the mid-point of its guidance.
The company said that during July, severe weather conditions led to modestly reduced production at two paperboard manufacturing facilities. In August, an electrical substation was damaged at a third facility, resulting in additional disruption, lost production, and restart costs.
These events and added costs are expected to reduce Adjusted EBITDA by approximately $20 million to $25 million in the third quarter.
As a result, the company now expects full-year 2024 results will fall below the midpoint of the previously announced $1,730 million to $1,830 million adjusted EBITDA guidance range and the $2.65 to $2.85 adjusted EPS guidance range.
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