This compares to second-quarter 2009 net income of $19.6m, or $0.06 per share based on 344.3m weighted average diluted shares.
Adjusted net income for the quarter, which excludes $46.6m of charges associated with the combination with Altivity Packaging, was $14.7m, or $0.04 per diluted share. This compares to second-quarter 2009 adjusted net income of $4.8m, or $0.01 per diluted share.
Second-quarter 2009 adjusted net income excluded charges associated with the combination with Altivity, as well as the alternative fuel tax credits net of expenses.
“Strong operating performance during the quarter offset the negative impacts of higher input costs and lower contractual pricing,” said David W Scheible, president and CEO. “Cost inflation has begun to moderate, however, particularly for secondary fibre and wood.
“We should also see year-over-year pricing turn positive in the second half of the year as our contracts reset to pass along inflation experienced in the second half of 2009. As a result, I expect to meet our full-year targets as we realise these benefits and continue to execute on our continuous improvement initiatives.”
Source: Graphic Packaging International
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