(RTTNews) - Graphic Packaging Holding Company (GPK) Tuesday reported lower profit for the third quarter impacted by decline revenue. The company also cut its full-year profit outlook.
Graphic Packaging posted net income of $165 million or $0.55 per share for the third quarter, compared with $170 million or $0.55 per share in the same quarter a year ago.
Excluding one-time items, earnings were $194 million or $0.64 per share, that missed the average analysts estimate of $0.67 per share.
Sales for the quarter declined to $2.216 billion or $2.349 billion in the previous year. The consensus estimate was for $2.27 billion.
For the full year, the company now expects adjusted earnings per share in the range of $2.49 to $2.61, down from the previous outlook of $2.65 to $2.85. The Street is looking for earnings of $2.63 per share.
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