Graphic Packaging Holding Company reported fourth quarter 2024 net income of $138 million, or $0.46 per share, and adjusted net income of $179 million, or $0.59 per diluted share. For the full year 2024, net income was $658 million, or $2.16 per share, with adjusted net income reaching $759 million, or $2.49 per diluted share.
Net sales for the fourth quarter decreased 7% to $2,095 million, and full-year net sales decreased 7% to $8,807 million, primarily due to the Augusta divestiture and reduced open market sales. Adjusted EBITDA for Q4 2024 was $404 million, and for the full year was $1,682 million, both showing declines from the prior year. The Adjusted EBITDA Margin for Q4 was 19.3% and for the full year was 19.1%.
The company's net leverage ratio improved to 3.0x at the end of Q4 2024, down from 3.1x in Q3 2024. Capital expenditures for the full year 2024 were $1,203 million, an increase from $804 million in 2023, reflecting accelerated project spending. Graphic Packaging returned approximately $322 million to stockholders during 2024 through dividends and share repurchase activity.
Looking ahead to 2025, the company expects net sales between $8.6 billion and $8.8 billion, adjusted EBITDA between $1.66 billion and $1.76 billion, and adjusted EPS between $2.48 and $2.73, including foreign exchange headwinds. Capital spending for 2025 is projected to be $700 million, a significant reduction from 2024, as the Waco, Texas recycled paperboard investment nears completion. The Board of Directors also approved a 10% increase in the quarterly dividend to $0.11 per common share, effective for the first quarter 2025.
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