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Graphic Packaging Holding Co (NYSE:GPK)
Q3 2019 Earnings Call
Oct 22, 2019, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good morning, my name is Siya and I will be the conference operator today. At this time, I would like to welcome everyone to the Graphic Packaging Third Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

At this time, I would like to turn the conference over to Melanie Skijus, Vice President of Investor Relations. Please go ahead.

Melanie Skijus -- Vice President, Investor Relations

Good morning and welcome to Graphic Packaging Holding Company's conference call to discuss our third quarter 2019 results. Speaking on the call will be Mike Doss, the Company's President and CEO; and Steve Scherger, Executive Vice President and CFO.

To help you follow along with today's call, we have provided a slide presentation, which can be accessed on the Investor Section of our website at www.graphicpkg.com.

I would like to remind everyone that statements of our expectations, plans, estimates and beliefs regarding future performance and events constitute forward-looking statements. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations. Information regarding these risks and uncertainties is contained in the Company's periodic filings with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, as such statements speak only as of the date on which they are made, and the Company undertakes no obligation to update such statements, except as required by law.

Mike, I'll turn it over to you.

Michael P. Doss -- President and Chief Executive Officer

Thank you, Melanie. Good morning and thank you for joining us to discuss our third quarter 2019 results. Thank you as well to those of you who attended our Investor Day last month, either in person or on webcast. Our remarks today regarding future plans and expectations will be very consistent with those we provided to you last month.

Turning to the third quarter, we reported solid operating and financial results, with volume up 2.6% and net revenue up 3.3% on a year-over-year basis. Adjusted EBITDA of $244 million was at the high-end of our expectations. Notably, we delivered organic growth in the quarter and are on track for 100 basis points of net organic volume growth for the second half of the year. The quarter benefited from $34 million of improved pricing, Importantly, our pricing to commodity input cost relationship was a positive $26 million in the third quarter and $67 million for the first nine months of 2019, reflecting our pricing initiatives and modest inflation. Steve will discuss our third quarter financial results in greater detail shortly, but favorable pricing in the quarter was offset by inflation both commodity input costs as well as labor and benefits.

In addition, and as expected, our results were impacted by the previously announced and planned extensive maintenance outage at our Texarkana SBS mill. As a result, adjusted EBITDA of $244 million decline from prior-year period, but was at the high-end of our expectations and we continue to expect to deliver approximately $1.03 billion in adjusted EBITDA for the full-year. This reflects an increase of approximately 6% when compared to 2018 and is higher than our projections when we began the year.

Moving now key operational trends in the quarter. Volume in our global paperboard packaging business was up 2.6% in the third quarter, driven by acquisitions and net organic volume growth in the quarter. We are capturing growth opportunities as customers shift into our innovative paperboard solutions. New product wins in foodservice including insulated paperboard cups and bowls, new beverage categories and beverage packaging wins, to name a few, position our business for a 100 basis points of net organic volume growth for the rest of the year and 100 to 200 basis points in 2020.

I will talk more about new business we are capturing in a moment.

Our mills and converting assets ran well during the quarter. Work at the new Monroe converting facility continues as we approach full run-rate. We are meeting the needs of our customers, as we continue to enhance and optimize our mill and converting facility footprint.

The AF&PA reported Q3 2019 operating rates of 98% for CRB and 93% for SBS. Graphic Packaging CUK operating rate remains over 95%. Backlogs remain healthy -- remain healthy five plus weeks for CUK, four weeks for CRB and three weeks for SBS. As you know, one of our key strategic priorities is to increase our integration rates. CRB and CUK mill operations are highly integrated with our converting platform today, and we are focused on driving integration rates higher across all three substrates over time.

Our combined integration rate is currently 68%. As a reminder, we defined integration as paperboard tons we manufacture and convert at our facilities into products we sell to our end-use customers.

Shifting to performance. While overall productivity levels met expectations for the third quarter, net productivity was impacted by the planned extensive mill outage at Texarkana. Importantly, the completion of this large maintenance project, which included structural modifications to the recovery boiler was completed on time and on budget. The work done is expected to yield long-term safety, efficiency and reliability improvements and is reflective of our ongoing focus on productivity and operational efficiencies.

Our business generates significant cash flow, which provides us with flexibility to execute on our balanced approach to capital allocation. I will wrap up my prepared remarks with the discussion of capital allocation while quickly touching on some of the initiatives we shared with you at our Investor Day in our Vision 2025. Productivity-based margin improvement, a pivot toward organic volume growth, coupled with targeted acquisitions are keys to our 2025 vision.

A discussion of some of the new wins and product development initiatives will provide insight into the organic volume component of our vision and why we see a 100 to 200 basis points of net organic volume growth in 2020. As we released late last week, AB InBev will be one of the first to commercialize our new KeelClip paperboard packaging solution for beverage cans, beginning in the first quarter of 2020. Last quarter, we shared with you the customer interest in the KeelClip clip, food and beverage solution remain very high and we were building new packaging machinery for several large customers.

We are excited that AB InBev has announced that its brands in the UK market will be the first to leverage the KeelClip. We believe our innovative solution offers both sustainability advantage and merchandising benefits over other packaging alternatives and we expect demand for KeelClip to accelerate.

Another encouraging development for our business is the move within the foodservice market to paper-based packaging solutions to replace other alternatives. Customers are choosing Graphic Packaging for their conversion from foam and plastic cups and containers into insulated paperboard cups and containers.

The previously announced Artistic Carton acquisition, which was completed in the third quarter is an example of targeted acquisitions we will continue to pursue. With the acquisition we added two converting plants located in Auburn, Indiana and Elgin, Illinois and one CRB mill in White Pigeon, Michigan. The transaction drives compelling optimization and growth opportunities for our paperboard mill and converting platforms in North America, including expansion and diversification into new end-markets.

Artistic serves several market verticals we weren't participating in before. This was a great acquisition and supports our priority to drive integration rates higher. Finally, the $600 million transformative CRB platform investment in Kalamazoo, Michigan announced during the quarter will drive meaningful cost reduction and consolidation as we move from operating five CRB mills to three. The capital we are investing in this project over the next two years will yield significant quality and cost benefits for years to come and positions us for long-term leadership in the coated recycled paperboard market.

We continue to expect the new machine to be operational in early 2022. With our strong balance sheet and cash flow model, we maintain the financial flexibility to continue to deploy a balanced capital approach to capital allocation. This was demonstrated in the third quarter of 2019, where we generated $187 million in cash flow, paid approximately $51 million for Artistic Carton acquisition, invested $72 million in capital projects and returned $79 million of capital to stakeholders.

With that, I'll turn the call over to Steve for a more detailed discussion of our financials. Steve?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Thanks, Mike, and good morning. We reported third quarter earnings of $0.18 per diluted share, down compared to $0.30 in the third quarter of 2018. Third quarter 2019 net income was negatively impacted by a net $5.3 million of special charges. Third-quarter 2018 net income was positively impacted by a net $25.2 million of special charges and credits.

Details can be found in the reconciliation of non-GAAP financial measures table attached to the earnings release. When adjusting for these charges and credits, adjusted net income for the third quarter was $57.4 million or $0.20 per diluted share. This compares to third quarter 2018, adjusted net income of $69.1 million or $0.22 per diluted share.

Focusing on third quarter net sales, revenue increased 3.3% driven primarily by $34 million higher pricing and $28 million of volume mix related to acquisitions and organic volume growth. These benefits were partially offset by $12 million of unfavorable foreign exchange.

Turning to third quarter adjusted EBITDA, the $12 million decrease to $244 million was driven by $20 million of operating items, primarily the previously announced and planned extensive maintenance outage at the Texarkana mill. $8 million of commodity input cost inflation, primarily wood, $12 million of other inflation, primarily labor and benefits, $3 million of unfavorable foreign exchange and $3 million of volume mix.

Importantly, these items were partially offset by a favorable $34 million in pricing during the quarter. Pricing will remain favorable in the fourth quarter and as noted at our Investor Day, we expect pricing of approximately $120 million for the year.

In Q3 we repurchased $50 million of shares at values we estimate to be below the intrinsic value of Graphic Packaging. Over the last 12 months we've repurchased $248 million of shares, successfully reducing share count by meaningful 6%. Since February 2015, when we began the repurchase program, we repurchased $538 million of shares, resulting in a 11% net reduction of shares outstanding, a program inception. We ended the third quarter with roughly $1.5 billion of global liquidity and $2.9 billion of net debt.

Total net debt decreased $52 [Phonetic] million during the quarter. In the third quarter, we invested $72 million in capital expenditures, repurchased $50 million of shares, paid $23 million in dividends and made a $6 million distribution to our GPIP Partner.

Third quarter pro forma net leverage ratio was 2.9 times. We remain committed to our long-term net leverage target of 2.5 to 3 times and expect we will end the year with leverage of approximately 2.6 times. There is no change to the 2019 adjusted EBITDA guidance of approximately $1.03 billion, we provided at our Investor Day, representing 6% growth over 2018.

We expect 2019 cash flow will be approximately $525 million. We also established initial 2020 EBITDA range at our Investor Day of $1.04 billion to $1.1 billion. The remainder of our guidance for 2019 and our initial guidance for 2020 is included in the presentation on our website.

Thank you for your time this morning. And I'll turn the call back to Mike. Mike?

Michael P. Doss -- President and Chief Executive Officer

Thanks, Steve. As outlined during our Investor Day last month, our Vision 2025 redefines leadership in our industry. We intend to continue to invest in our business to drive innovation, growth and productivity improvements while delivering value to our stakeholders.

I'll now turn the call back to the operator for Q&A.

Questions and Answers:

Operator

[Operator Instructions] The first question will come from George Staphos with Bank of America. Please go ahead.

George Staphos -- Bank of America -- Analyst

Hi, thanks everyone. I appreciate the details. Two questions for me to start. Mike, can you talk at all in terms of what you might be seeing in terms of potential growth opportunities in the CRB market, in light of ultimately the KZ PAM-3 coming up in a couple of years. It's obvious, why you'd be seeing more opportunities in some of the other grades but curious to see what CRB is looking like in terms of perhaps new products? And are you seeing any related share shift away from paper? Have you lost anything in paper to plastic in the last couple of months? And I had a follow-on.

Michael P. Doss -- President and Chief Executive Officer

Yeah. Thanks, George for that. Yeah, as we talked about at our Investor Day, one of the things we're really excited about our investment in that new paper machine in Kalamazoo, is going to be the actual quality that we're able to produce, it'll have the smoother surface. So that will provide opportunities for different types of emerging digital printing, which right now on CRB, we're really not capable of providing. The other thing that it's going to have is a much wider range -- profile range from the caliper standpoint, we'll comfortably be able to go down and run 14 point as an example, where right now we struggle with that. And so that's going to give us some opportunities to work on some new products for our customers for sure.

In regards to any shift -- material shifts out of paperboard and into plastic in the last few months, I mean none really come to mind that I can think of. We track that still pretty closely as you know, George. And I'm not able to comment on anything specific there that I'm aware of.

George Staphos -- Bank of America -- Analyst

Okay, I appreciate that. My second question, I'll turn it over. When I look at the EBITDA bridge, the volume mix was a minus $3 million rounding up. It's not a big deal obviously and we're pleased to see the organic growth, but what was driving the price mix actually maybe the volume mix being negative given what looks to be a little bit better volume momentum for the company going forward? Thank you.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Hey, George, it's Steve. Yes. Just with regard to that modest negative, obviously, we've got positive net organic volume growth that's flowing through. We also have some positives relative to our acquisition. What's offsetting that modestly are two things. One, we do continue to see a little bit of a negative mix rolling through the business, mostly focused around some of the erosion in the kind of center of the store, some of the more traditional applications. And we're working through that as we round out here at the end of the year. And also we're on-boarding a lot of new business, a lot of what we're talking about, is exciting the new and we're ramping up relative to our margin profiles and the return. So a little bit of negativity as we round out the end of this year. We expect that to turn modestly positive, driven by the net organic volume growth as we round into 2020.

George Staphos -- Bank of America -- Analyst

Thank you, Steve.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

You bet.

Michael P. Doss -- President and Chief Executive Officer

Thank you.

Operator

The next question is from Mark Wilde with Bank of Montreal. Please go ahead.

Mark Wilde -- BMO Capital Markets -- Analyst

Good morning, Mike. Good morning, Steve.

Michael P. Doss -- President and Chief Executive Officer

Good morning, Mark.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Hey, Mark.

Mark Wilde -- BMO Capital Markets -- Analyst

I wondered either Mike or Steve, if you can talk a little bit about kind of conditions over in Europe and any changes you might be seeing in terms of behavior in front of Brexit?

Michael P. Doss -- President and Chief Executive Officer

Yeah, that's a great question. And as you know the Brexit, it's almost like a daily thing right now in terms of where it stands relative to parliament and how that's all playing out. So like you were watching pretty carefully, we have seen the pound strengthened a little bit. That's a good thing for us, obviously, on a translation basis. But in terms of overall demand, our demand has held up well in that market. And again, the majority of what we manufacture in the UK is consumed in the UK, we're not exporting out of the UK and into Mainland Europe or Central Europe. So we're little insulated in terms of what that profile looks like and we'll be watching, obviously, here this week to see if in fact there is a vote and an exit here at the end of October.

Mark Wilde -- BMO Capital Markets -- Analyst

And certainly hasn't had any impact on the momentum around sustainability driven conversions in light of that momentum, that certainly just continued?

Michael P. Doss -- President and Chief Executive Officer

Yeah, I mean. And just to put a finer point on that, I mean you saw that AB InBev actually announced that they were going to use our KeelClip in the UK to get out of high-con range. So we see progress and opportunities for ourselves there.

Mark Wilde -- BMO Capital Markets -- Analyst

Okay and then just as a follow-on and kind of related to that sustainability issue, I see that there is a proposal over in Scotland sort of taxing single serve cups. I wondered if you could talk about sort of how you see that playing out and again, Mike, just to kind of recap for us where you're at in terms of your progress in improving recyclability on the paper cups?

Michael P. Doss -- President and Chief Executive Officer

Yeah, thanks for that, Mark. So, yeah, we saw that and we see those from time-to-time, there's been some in certain counties and cities here, as you know, here in the US as well. And what we found, at least up to this point, has been our cup is -- the paper cup is appreciated by the end-use consumer and demand for that has grown at the expense of foam. It is a single-use cup at the end of the day, but a lot of that stuff is sold through drive-throughs and it's take out, out of the store. And so, we're going to watch that carefully to see how that all plays out. As you alluded to, I mean, you're correct, our focus is really on how do we get to a solution that doesn't require PE coatings on the inside of our cups. We actually have a commercial solution today that PLA that we outlined -- the PLA coating that we took all of you through at the Investor Day, and we continue to work very hard to ramp that up and we expect to have a win on that here in 2020.

We've got a couple of customers that have expressed interest in that. And we're working to bring those to commercial reality. So that's really how we're thinking that through and that puts us in a situation then where from a sustainability standpoint, from an ESG standpoint, we've got even better story to tell than we do today.

Operator

The next question is from Mark Connelly with Stephens Inc. Please go ahead.

Mark Connelly -- Stephens Inc. -- Analyst

Thanks. Just two things. How should we think of 2019 maintenance, should we think of this as an unusually high year, given the big outage or is next year going to be similar. I appreciate you may not have estimates. Just trying to put it in perspective. And then second question, just following up on this price leakage issue, you mentioned last quarter that you've got a new price review group, but can you tell us how we should be thinking about progress that you might make? Is it going to come in more changes to contracts or just tightening up the way you're negotiating and/or you're looking to make meaningful progress or discrete progress? Just curious.

Michael P. Doss -- President and Chief Executive Officer

Yeah. Thanks, Mark. I'll take the maintenance and I'll let Steve talk a little bit about what we're doing with -- in regards to pricing. In regards to maintenance, in 2020 as we mentioned, I think it was our second quarter call, we have a recovery boiler project that we're going to do in West Monroe, we'll do that in April of next year, it will be similar to what you just saw in Texarkana. So we would expect that to be on an year-over-year basis, not a pickup, if you will, it won't be more, but it won't be a pick up, per se.

Once we're done with that particular project, based on what we know and the inspections we've done on all our recovery boilers, as you recall, we did a big project in Augusta last year, we did Texarkana this year, next year we've got West Monroe, that we believe that will be good for about the next decade in terms of major maintenance that needs to be done in our recovery boilers. So that would actually in fact be more of a pickup in 2021, is how I'd have you think about that.

And with that, I'll let you comment a little bit on the pricing, Steve.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah. You touched on it, Mark. We feel very good about the investment that we've made in additional pricing resources focused on locking down and eliminating leakage and tighter contract language and the like and success, that has been a big part of why you've seen our positive pricing momentum this year. And what that gives us is, some of the confidence we have that at this point we have continuation of some positive pricing momentum heading into 2020, as we continue to execute on our contracts, or renew contracts and keep the terms and conditions good and tight. We'll provide more guidance on next year's pricing in January, but the investment has yielded very real and identifiable results. We track that at a -- as you would expect, at the customer and product level to ensure that we, in fact, are holding on to the pricing that we've been executing in the market.

Michael P. Doss -- President and Chief Executive Officer

And the only other thing I'd add to the pricing that we talked about is, we made a very strong commercial push to reduce our lags down to six months, which is a big change from where we were a year ago at this time. So that's been the other thing we've done with regards to pricing.

Mark Connelly -- Stephens Inc. -- Analyst

Big help. Okay. Thank you.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Thanks, Mark.

Michael P. Doss -- President and Chief Executive Officer

Thank you.

Operator

The next question is from Anthony Pettinari with Citi. Please go ahead.

Anthony Pettinari -- Citi -- Analyst

Good morning.

Michael P. Doss -- President and Chief Executive Officer

Good morning.

Anthony Pettinari -- Citi -- Analyst

You've kind of highlighted a number of growth opportunities in the slides and at the Analyst Day. And I'm just wondering, beyond the CapEx programs that you've outlined, are there investments on the SG&A side, maybe in people and processes? Do you have to make to pursue these opportunities? And just culturally can you talk about how you kind of go from being a company that has maybe been more focused on cost management in a kind of flat declining market to an organization that can kind of capture some of these new opportunities?

Michael P. Doss -- President and Chief Executive Officer

Yeah, thanks for that, Anthony. I mean we are making investments to do in fact, exactly what you just talked about, I think your characterization is spot on. To that end, we're actually building out our talent acquisition and management group. As I talked about in the Investor Day, we've got a new EVP of HR. She is building out her team. We've actually -- we're putting dedicated resources into that organization that's focused on specifically that. We actually are actively recruiting for someone to lead our new product development organization and we're going bigger in that role, in terms of how we're thinking about it and putting resources to work, to help us drive the innovation and new product development pipeline.

Because there is a cultural shift that has to occur here at Graphic, we are very good operators and very good at controlling costs and we need to continue to do that in many parts of our business, but there are certain parts of our business where we think we can leverage for growth. As you're going to see us allocate some of that savings that we've driven on the SG&A line, push it around into areas that are going to help us drive and accelerate this growth. So that's how we're talking about in the Boardroom, that's how we're managing the company and what you can expect to see us continue to do as we head into 2020.

Anthony Pettinari -- Citi -- Analyst

Okay, that's very helpful. And then I just had a different question on the cost side, specifically fiber costs. As you think about the coming year, there is a number of recycle containerboard machines coming online, maybe driving some demand for OCC, there's some argument that at $25 a ton, maybe some recyclers just stop collecting. How do you think about kind of upside or downside risks to this current OCC price $25? It's been pretty stable over the last few months. Is this sort of a new normal or just how do you think about the recycled fiber outlook going forward?

Michael P. Doss -- President and Chief Executive Officer

I would answer. I'll start to answer off this way that every time I tried to predict what would OCC will do, I've been wrong. And so, that's probably not the best place for me to spend my time, but you can see a plausible argument for many of the things that you just talked about there, the lower for longer is certainly something that we've seen written about, we know that there's probably a fairly good likelihood that China continues to tighten down the amount of material that's imported into their country, which this year out of the United States was over 11 million tons. So that stuff arguably needs to find a home. There are the cash collection costs that you talked about, but there is new capacity coming online that will consume some of that, particularly on the containerboard side of the equation. So we are adopting a -- we're watching those markets very carefully. As you can expect, we buy a 1 million tons -- a little over 1 million tons of recycled fiber to run our business and we'll continue to look to be aggressive in that regard and manage our costs. So in terms of a point of view, specifically for 2020, we expect there's probably going to be some modest inflation, that's what we're assuming, in regards to fiber and we'll see how that plays out and be able to give you a finer point on that when we talk again in January.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

And as you know, Anthony, for us given it is a commodity and does move, it's really critical for us to just have the pricing mechanisms in place that allow for recovery over a reasonable period of time, which is where we've put most of our emphasis there around price recovery, supply demand, that's for us what we can influence and control.

Anthony Pettinari -- Citi -- Analyst

Okay, that's helpful. I'll turn it over.

Operator

The next question is from Chip Dillon with Vertical Research. Please go ahead.

Chip Dillon -- Vertical Research -- Analyst

Hi, good morning, Mike and Steve.

Michael P. Doss -- President and Chief Executive Officer

Hi, Chip.

Chip Dillon -- Vertical Research -- Analyst

First question is, I've heard that there has been a very low operating rate in recent weeks and believe support in the United States and you did mention your backlogs on the slides were the lowest among the three substrates. I didn't know if there is anything unusual about this or does it just happened to be the timing of downtime and maybe that your competitors machine closure or is there more going on there?

Michael P. Doss -- President and Chief Executive Officer

I think you summarized it actually pretty well. You got to remember, we were down the majority of the month of September in Texarkana. So that has a big influence on a monthly operating rate in the month of September, as an example. As you mentioned, one of our competitors is shutting down a mill, so I would imagine that that played into that a little bit, and from what we understand others in the space were doing some third quarter maintenance as well. So that probably all factors into what that looks like. I think if you really want a total picture of how a substrate is performing, you've got to look at the backlog, the operating rates and production year-over-year, which if you take a look at production year-over-year, SBS is down, I think 40,000 tons year-to-date, which is a little less than 1%. Probably, it gives you a good harbinger on how it's actually operating.

Chip Dillon -- Vertical Research -- Analyst

Got you. And then just my follow-up is in your guidance for the -- for next year, which is effectively unchanged from whatever -- from the numbers you provided in September, you do have this wide range of free cash flow or cash flow as you call it $75 million much wider than, for example -- well, I guess it is consistent with the EBITDA guidance, but is there anything there other than just the EBITDA range that would cause a $75 million difference? Are you looking at working capital could go one way or the other or how should we think about that range?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah. Chip, it's Steve. The range is for the most part the EBITDA range, as we've articulated to you, CapEx will be in the $600 million range, our interest and taxes and pension, we don't expect anything necessarily material there, on an operating basis, we still won't be a material US cash taxpayer. So probably the only a little bit of governor there is a little bit of around working capital, we'll refine that as we march into the end of the year and into the guide that we'll provide in January, we'll probably -- you will see us tighten up that cash flow range, most likely.

Chip Dillon -- Vertical Research -- Analyst

Okay, thank you.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

You bet.

Operator

The next question is from Debbie Jones with Deutsche Bank. Please go ahead.

Debbie Jones -- Deutsche Bank -- Analyst

Hi, good morning.

Michael P. Doss -- President and Chief Executive Officer

Hey, Debbie.

Debbie Jones -- Deutsche Bank -- Analyst

I wanted to just ask -- I might have missed this, but it does seem like your days of mill maintenance in Q4 jumped based on what you had in the Q3 presentation, and then Q3 really didn't change much. So I'm just wondering what was going on there?

Michael P. Doss -- President and Chief Executive Officer

Yeah, thanks for that, Debbie. What we actually did is we added White Pigeon into the Q4 outage schedule. Obviously, we just acquired it here in Q3, so it won't be in there on a year-over-year basis. And Steve, I actually talked about that when we saw your initial write-up this morning. We're actually giving some thought to how we provide a little bit better insight into what those things cost, because as you can appreciate a day of White Pigeon at up 70,000 tons CRB mills is same as a day at making. So we're going to spend a little time thinking about how we may be able to do that even a little better going forward.

Debbie Jones -- Deutsche Bank -- Analyst

Okay, thanks for that. And my second question is, very briefly you touched on ESG investing in the focus on your Investor Day, kind of driving probably some of your customer behavior. But I'm wondering, if you look at kind of the ESG strategy for Graphic Packaging if there is anything that you've reviewed or seen that has changed your behavior and the way you operate Graphic? Thank you.

Michael P. Doss -- President and Chief Executive Officer

Well there is no doubt, we spent a lot of time talking about it internally. And as I mentioned at the Investor Day, one of the great things for us is in addition to doing the right things by using less natural resources. These projects tend to come with savings, I profiled a couple of them in an example, what we're doing in Kalamazoo, we're going to use 300 million gallons less water a year, as an example. We're going to cut down on our greenhouse gases by almost 20%. We're going to use less fossil fuel electricity -- generated fossil fuel electricity by almost 20%. So those all things that as you kind of take a look at our balanced capital allocation approach, over time, we do factor into how do we stack up on these ESG scores and it's part of our sustainability report which at Graphic we publish every other year and refresh -- this year will be refresh. So we're spending time talking about it as a management team, and in the Boardroom.

Debbie Jones -- Deutsche Bank -- Analyst

Great, thanks. I'll turn it over.

Operator

The next question is from Brian Maguire with Goldman Sachs. Please go ahead.

Brian Maguire -- Goldman Sachs -- Analyst

Hey, good morning, guys.

Michael P. Doss -- President and Chief Executive Officer

Hi, Brian.

Brian Maguire -- Goldman Sachs -- Analyst

I just wanted to follow up on George's question on the volumes, I wonder if you could help me out by maybe breaking out the 100 basis points of organic volume growth by region, and maybe even by end-market within beverages, foodservice? And if you could comment also just on kind of how that broke out between machinery and gardens [Phonetic]?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, Brian, it's Steve. I'll give it to you at a bit of a high level, because we don't really typically go into that level, but what we're pleased with is that the targeted areas that we've identified and that we share with you at the Investor Day and in today's material around global beverage volumes, cups and bowls, that's really where we're seeing the majority of the growth that drove the net organic volume growth. So it's in those categories. So it is -- SBS supported cup and bowls. It is CUK supported beverage, we're pleased with the order rate that we're seeing for machinery on the KeelClip side, that really wasn't a factor in this quarter because that's kind of a to come, and a to be growth that we've outlined for you as we look out to 2020 with a $100 plus million of growth from those two categories.

But we're pleased with the Europe continuing to see good solid low to high -- actually mid single-digit volume growth consistent with what we shared with you last quarter. So Europe continues to lead the way a bit, but overall it's in those two -- really those two major categories.

Brian Maguire -- Goldman Sachs -- Analyst

Okay, thanks for that. And then just on the cost side, and the wood fiber costs continue to kind of remain elevated, even through the summer. Am I right thinking that's mostly impacting the SBS business and just wondering if SBS -- it seems like of all the grades, the one that may be hasn't gotten the margins back to where they were a couple of years ago? Is even more pricing kind of needed in that market before we get back to prior margin levels?

Michael P. Doss -- President and Chief Executive Officer

Yes. So you got a couple of questions there. Let me cover the wood question first. You are correct. I mean the majority of the input cost inflation we've seen on wood through the first nine months of this year has been in fact hardwood which is used in both Augusta and Texarkana, as you know. What, I'm happy to report is that if you look at where we were at the end of our second quarter relative to the amount of wood we had -- hardwood we had in inventory at those two mills, we were pretty down from our targeted levels. And what we were able to do over our Q3 was build those inventories back. Actually we're above, where we have targeted historically and at the highest level since Graphic has operated those mills. So we're very pleased, going into the rainy season we've been able to build those inventories back. We have started to see some reduction on hardwood costs here in Q4, but to be fair, we're also heading into the rainier part of the year and -- but our strategy there was to build those inventories back and we in fact have been able to do that.

In regards to pricing and margin actually dislocation, if you think about price cost spread and SBS, you're correct of all three grades, that's the one that we're still a little behind the curve on relative to our recovery above the inflation that we incurred between 2016 and 2018. So, we'll actively work, to find ways to reduce our input costs and over time, determine what we need to do. But what we don't do, as you know, Brian, on a call like this, is speculate about forward pricing actions.

Brian Maguire -- Goldman Sachs -- Analyst

Right. Yeah, understood. Okay, thanks very much.

Michael P. Doss -- President and Chief Executive Officer

Thanks, Brian.

Operator

The next question is from Ghansham Panjabi with Baird. Please go ahead.

Matthew T. Krueger -- Robert W. Baird & Co. Incorporated -- Analyst

Hi, good morning. This is actually Matt Krueger sitting in for Ghansham.

Michael P. Doss -- President and Chief Executive Officer

Hi, Matt.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Hi Matt.

Matthew T. Krueger -- Robert W. Baird & Co. Incorporated -- Analyst

Hi, yeah. So I just wanted to touch on some of the new business wins that we've talked about. How much of your new business wins, would you characterize is coming from new customers versus existing customers? And then maybe could you provide some added detail on how these contracts are structured in terms of price pass-through mechanisms, take or pay clauses and any other kind of nuances that we should kind of know about the new contract push?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, Matt, it's Steve. Just in terms of the existing versus new, many of the customers are in fact existing customers making decisions to transition into paper-based solutions, so like you saw with AB InBev, with others, traditional beverage providers. So a lot of them are existing, but what we are finding in the cup side of the business is a good example of that, where we're seeing some new customers who may have been an alternative substrate, that we may not have a relationship with that are moving into paper-based cups or bowls. So I would say the majority has been existing customers making transitions. But we are seeing a nice mix of some new -- the terms and conditions are very common with those that we were describing earlier from some of the earlier questions. So common terms, common -- typically two, three-year relationships with them, because we are entering into on the machinery side for example on the beverage those tend to be two to four-year type agreements that come along with the machinery. So I would say overall, it might chime in here, but it's very consistent with what we're seeing across our customer base relative to the nature of the contractual relationship.

Michael P. Doss -- President and Chief Executive Officer

Yeah, the only thing I'd add, I mean, as Steve said, the nature of the contractual relationships we've got with our customers didn't change. Our resolve coming into the year to shorten that lag did and that's why we placed a lot of our commercial focus in those negotiations. And that's what resulted in our ability to shrink that lag a little bit.

Matthew T. Krueger -- Robert W. Baird & Co. Incorporated -- Analyst

Great, that's helpful. And just a follow-up on volumes a little bit. I guess heading into next year, how would you expect volume growth to flow through the business kind of on a quarter-by-quarter basis? Would you expect volume improvement to kind of reach its run-rate by the end of this year and flatten out in the next year? Would you expect to kind of ramp higher as you win new business and reaching toward the end of next year?

Michael P. Doss -- President and Chief Executive Officer

Yeah, it's a little tough to be that precise Matt, because obviously the folks ramp up as they do, but I think what you're seeing is with this quarter being a 100 basis points that we've kind of gotten to a place where the confidence around next year is 100 to 200 should be there really throughout the year. And then whether it's nuanced slightly less early and slightly more late that's plausible. But we really haven't gone to that granular level relative to quarter-by-quarter, we'll work to do that as we refine next year's plans.

Matthew T. Krueger -- Robert W. Baird & Co. Incorporated -- Analyst

Okay, I understood. That's helpful. Thank you.

Michael P. Doss -- President and Chief Executive Officer

You bet, Matt.

Operator

The next question is from Arun Viswanathan with RBC Capital Markets. Please go ahead. Arun your line is open.

Michael P. Doss -- President and Chief Executive Officer

Arun will be next one operator.

Operator

Thank you, sir. The next question will come from Adam Josephson with KeyBanc. Please go ahead.

Adam Josephson -- KeyBanc -- Analyst

Mike and Steve, good morning.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Good morning, Adam.

Unidentified Participant

Hey, Adam.

Adam Josephson -- KeyBanc -- Analyst

Hey Mike or Steve, one on volume and then just one on price cost. On the volume, can you just clarify what net organic volume growth is just net of what? And then just on the same -- along the same lines, why our backlog is down if volume growth is positive? I would have thought that backlogs and volume growth would move in the same direction, but at least, in this case, they didn't?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, thanks Adam, it's Steve. I'll take net organic and Mike will touch on your backlog question. For us, and we are very specific in our definition around this, net organic volume growth is that we are producing an end product that we're selling to our customers and that we can see actual tonnage and as such volume growth roll through with excluding acquisition-based, and so it's meant to be as defined net organic volume, it's tonnage in volume-based, trackable for us in terms of the actual output and it's converting products. So it's products that we're making, end products like cups, bowls, folding cartons, it -- and that's important for us as well given the integrated nature of the business. So we're going to continue to refine and be specific about that definition, but that's -- when we talk about, it's volume, it's converting and it's actual product out the door that we're producing.

Michael P. Doss -- President and Chief Executive Officer

Yeah and Adam, just in regards to your question, which is a good one relative to backlogs, we would agree over time, you would expect, if you see organic growth, the backlog should grow or at least production should grow year-on-year. But if you take a step back and think about it for a minute and look at our experience here, we were actually minus one on organic growth in Q1, we were flat in Q2 and we're plus one here in Q3. So we just inflected on this and we expect that continue to be the case here in Q4 and obviously into 2020 as we've hung our target out there of 100 to 200 basis points.

If you look at actual the three substrates, as I mentioned earlier, SBS production is down 40,000 tons year-on-year, which is a little less than 1%, CRB -- coated recycled paperboard is essentially flat year-on-year in terms of production and CUK even though you can see it, at Graphic is actually up. And so we are starting to see that kind of come through in terms of the substrates that we're making. But I would expect as we go into next year, Q1 in particular, once there is some of the noise relative to our competitors shut down of one of their mills, and that kind of all flows through, as you know, it usually takes three or four months for that to occur. That into Q1 we will start to see some of that reflected in the backlogs.

Adam Josephson -- KeyBanc -- Analyst

Thanks, Mike. And just on the price cost issue, I think you previously said you expected about a positive 70 for the year, a year-to-date it's positive 67. So you're basically there already. Can you just remind me what your expectation was and if you think there's going to be considerably more such that you'll end up north of the 70?

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, Adam, it's Steve. Relative to the pricing, pricing momentum is positive, as we said, heading into fourth quarter relative to $120 million, we are lapping some of the positive pricing that we had last year in Q4, but overall high confidence there. As you mentioned on inflation, year-to-date, we're now just under $40 million. We're still guiding to $50 million. There may be some modest positive there if we have about $8 million of inflation in Q3. So there is some potential for that number to move up modestly but I'd put it in the context of the -- all within the $1.03 billion that we're guiding to, we're not seen a movement in that, there's obviously puts and takes among the pieces but we've started to see, as Mike said earlier, some positive out of the woods side here, finally, in Q4, but we're entering into the rainy season, we'll see if that upholds itself for the remainder of the quarter and into next year.

Adam Josephson -- KeyBanc -- Analyst

Thanks a lot, Steve.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

You bet.

Operator

The next question is from Daniel Rizzo with Jefferies.

Daniel Rizzo -- Jefferies -- Analyst

Hi, guys. You mentioned wood and OCC, I was just wondering what your chemical intermediate costs were doing and what you expect going forward?

Michael P. Doss -- President and Chief Executive Officer

Just in terms of currently, Dan, pretty benign inflation as you would know on chemicals, energy, logistics costs have all stepped back a bit relative to the significant inflation that we were enduring. So in the quarter pretty neutral for us relative to year-over-year inflation for those major categories. For us the inflation in the quarter was driven by wood, as we talked about, as well as some of the external paper that we buy. We haven't provided forward thinking yet with regards to those costs which we'll do in January.

Daniel Rizzo -- Jefferies -- Analyst

And then you mentioned, I mean, and you've talked a lot about the shift in the sustainable initiatives shifting to paper from plastic, but is there a specific like end product or specific area where that's happening more than others? Is there something that's leading the way?

Michael P. Doss -- President and Chief Executive Officer

I just point back, Dan, to some of the pictures we included in the graphics, we included in our Investor Day material. I mean, and Steve talked about this earlier too, I mean it's really conversions out of foam, both cups and containers and paperboard solutions, conversions out of high-con rings in the beverage side of the business into our KeelClip, as an example. Conversions out of CPET trays into our paperboard -- pressed paperboard trays, those are the areas where we're spending time and our focus because we have good intellectual property that allows us to protect those sales and they tend to be margin accretive to our overall profile. So that's why we're spending time in those areas. And demand from consumers and customers has been high.

Daniel Rizzo -- Jefferies -- Analyst

All right. Thank you very much.

Michael P. Doss -- President and Chief Executive Officer

You bet.

Operator

The next question is from Mark Weintraub with Seaport Global.

Mark Weintraub -- Seaport Global -- Analyst

Thank you. Maybe just first quickly following up on Matt. I did notice that Carlsberg in Denmark is exploring paperboard packaging for their beer, are you actually seeing interest from either glass or cans to go paperboard?

Michael P. Doss -- President and Chief Executive Officer

Mark, we saw that too. I mean I think what you're referencing is they're doing like a paperboard bottle. We're obviously -- we'll watch that, but that's not something we're actively participating in right now.

Mark Weintraub -- Seaport Global -- Analyst

Okay. And maybe just circling around some of the ingredients of the full-year EBITDA. It does seem that pricing is playing out perhaps as well or better than what was embedded in that guidance, and I guess on the flip side, it looked like performance in synergies, it would be a stretch to get to the number provided in the -- during the Investor Day. Am I reading that right or were there any surprises in the third quarter? It sounds like you had suggested not. So I just wanted to kind of get a better take on some of these moving variables.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, Mark, it's Steve. Overall, like I said, the overall to $1.03 billion is intact for the full-year. You're correct, there's probably a little bit of some of the momentum on price cost but overall we were very pleased with the third quarter. We had about -- Texarkana impact was about a negative $25 million for the quarter and as such the kind of minus $20 million that you saw was more of a plus $5 million and if you go underneath that, as we've mentioned before, between pension and incentive there is about a $10 million headwind. So actual kind of core productivity was around $15 million, so that met our expectations for the quarter. And so the quarter there were no major surprises.

Mark Weintraub -- Seaport Global -- Analyst

Okay. And I just -- I guess I'm just trying to understand if given the price cost maybe work out a little bit more favorably, if some of the variables that are going to keep the number where it is as expected for this year but are more easily recoverable into next year, so that you might actually have a bit of wind at your back for next year, given the way the dynamics are playing out this year? Is that a fair assessment?

Michael P. Doss -- President and Chief Executive Officer

Well, I think to the degree, it's within the range that we provided to you, Mark, that 10.40, the $1 billion, it's a pretty wide range, to be fair, but it's also early in Q4 and like can happen between now in the next time we talk to you at the end of January. So we'll be in a position to put a finer point on all of that, as we finish the year here. We've got confidence in the 10.30 that we've outlined here, I think Steve did a good job of articulating the puts and takes there. And that's how we'd ask you to think about it.

Mark Weintraub -- Seaport Global -- Analyst

Okay. Thank you.

Michael P. Doss -- President and Chief Executive Officer

You bet.

Operator

The next question is a follow-up from George Staphos with Bank of America. Please go ahead.

George Staphos -- Bank of America -- Analyst

Hi guys, thanks for taking the follow-ons. Two quick ones. First of all, with continued focus on shipping on container and the SIOC by e-tailers and related. Are you seeing any kind of increased demand for CUK as a corrugated replacement or are you seeing actually the reverse that you're seeing some of your primary packaging and boxboard being losing share to things like corrugated or other materials? How is that playing out? And I had a quick follow-on.

Michael P. Doss -- President and Chief Executive Officer

I think net-net on the margin we view that is a slight positive for us, as we talked about at our Investor Day, there are certain categories like pet food and others, where heavy caliper sauce is an example, can and is participating in the SIOC movement that you've described. But we actually see the sustainability side of that as a bigger leveraging item for us, and that's where we're spending more of our resources. We are participating with some of the e-retailers and being part of their process to make sure we understand what they need and how we can participate. But yeah, I'd focus here a little bit more. We're going to spend our time is on that -- the sustainability side of the equation, George.

George Staphos -- Bank of America -- Analyst

Mike, realizing it might be two sides of the same coin, is it more resources, you have to have people to push these different initiatives or is it -- you think the size of the pie, so to speak, is bigger in terms of sustainability as opposed to SIOC? Is it just -- it's probably both, but is it just a function of that you have enough resource to push the other -- SIOC as a bigger opportunity for you?

Michael P. Doss -- President and Chief Executive Officer

Well, I think the way I'd ask you to think about it is, we just think the price is bigger on the sustainability side of the equation. We've done a nice job of identifying what products we're going after there and why.

George Staphos -- Bank of America -- Analyst

Okay. And I had one question related to your guidance for cash flow for next year and I recognize it's still early, you'll put more of a finer point on this in the fourth quarter, but -- and you may have already mentioned at the Analyst Day, and I forget what the commentary was. But given the starting point of free cash flow this year, the $525 million, given the ramp in CapEx, which you've called out relative to Kalamazoo, you said the other line items, more or less would stay the same. So working capital is perhaps the flux.

Do you need to start building some inventory ahead of what will ultimately be line outages as you transition to Kalamazoo, you're not really doing that yet because Kalamazoo doesn't come up until the first quarter of '22 and if so, what else do I need to do to bridge from $525 million to -- at maximum, given the way you're putting at $275 million when CapEx is only $250 million decrement? Thank you and good luck on the quarter.

Michael P. Doss -- President and Chief Executive Officer

Yeah. Thanks, George. So I'm going to comment on your question regarding inventories and let Steve comment on the free cash flow implications of that. In 2020 there really been no impact on overall inventories related to the Kalamazoo ramp up. As we get toward 2021, the end of 2021, we'll be looking at, OK, how do we ramp that machine up and as we outlined during the Investor Day, we'd expect it to be a pretty vertical ramp up. And again, we're going to continue to operate the mills that we are planning to close once we have that machine running. And so we'll do qualifications, and while we're doing qualifications we'll continue to run the other machines. Once material has been fully qualified, then we look to ramp those down. So I would not have you think very large inventory build, our large drain on working capital as a result of that. It will be modest and it will be in early 2022.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

Yeah, George. Just in terms of -- and obviously, like I said earlier, we'll tighten up the range on cash flow and provide more detail in January. But there may be a modest use of working capital driven by a growth agenda. So there may be some working capital coming from growth in the business that 100 to 200 basis points guidance of modest working capital use as opposed to this year where we've got some net working capital positive.

George Staphos -- Bank of America -- Analyst

Thank you, Steve.

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

You bet.

George Staphos -- Bank of America -- Analyst

Thank you.

Operator

The next question is a follow-up from Chip Dillon with Vertical Research. Please go ahead.

Chip Dillon -- Vertical Research -- Analyst

Hi. Yes. Just had a question about OCC. It's obviously just accepted that China is going to continue to reduce their purchases and yet, we know, given the size of their economy, they have to get the fiber somewhere, they don't have it in their country, whether it's in board or recycled pulp. We've also noticed that one of the biggest player there has postponed some recycled pulp projects here in the States. So my question is what's the real issue with pollution as you all see it? Do you all in your processing of 1 million tons of OCC, have a lot of problems or challenges landfilling or otherwise dealing with the whatever is left over when you process OCC?

Michael P. Doss -- President and Chief Executive Officer

Well, let me talk about the million tons that we actually process because that's what I can actually speak to and what I would characterize those markets is obviously, they are very favorable for us right now. We're able to get the tonnage that we need, when we need it, we're actually able to get cleaner tonnage than we were getting even a year or so ago because of the situation you just described.

Having said that, our new machine will actually have the most modern up-to-date cleaning equipment that's commercially available because we want to have the flexibility to obviously use low cost fiber going forward and we think that positions us well for the future. The modern machine that we're putting in, as I've outlined earlier, is going to have an excellent footprint from a carbon standpoint that I just talked about. So I won't go through that again. But I guess, beyond that, Chip, I don't really have a point of view on the impact in China in regards to that. You'd be in a better position than I would be probably answer that.

Chip Dillon -- Vertical Research -- Analyst

My question really had to do with what are the challenges in dealing with what's leftover. So you process OCC and one issue that Chinese have mentioned at least in their statements is that they want to reduce landfill and other pollution. And I know that Europe, which is a very environmentally conscious area, in general, and I know this industry is -- certainly has moved a lot in that direction. Is there really a challenge to dealing with the sludge or whatever is left over from processing OCC?

Michael P. Doss -- President and Chief Executive Officer

Yeah, well I think look when markets are really high, the amount of contaminants that you can get away with in the material is obviously much more. When markets are reduced and people are being more picky, they're able to kind of parse through that and find, as I mentioned, in our case cleaner material at lower prices. And so what I think people who process that stuff will have to do over time is take a look at the arbitrage on the cost to get a cleaner versus what they're able to sell it for, that will be a natural economic type driven equation there.

And what we're trying to do, Chip, is to be in a position to always be able to take lower quality material and produce higher quality product and that's why we're investing in the most modern and up-to-date cleaning systems on that machine. So that's what we're doing about it.

Chip Dillon -- Vertical Research -- Analyst

Great, thank you.

Michael P. Doss -- President and Chief Executive Officer

You bet.

Operator

The final question is from Mark Wilde with Bank of Montreal. Please go ahead.

Mark Wilde -- BMO Capital Markets -- Analyst

Yeah, Mike, just back on this waste paper issue. I mean, I'm just curious with the expansion at Kalamazoo, I mean you're going to be using a lot of, lot of weights at that one. Any advantage to you in maybe trying to set up some long-term supply agreements right now with kind of municipalities that might be struggling at the moment to kind of figure out what they do with their recyclables?

Michael P. Doss -- President and Chief Executive Officer

Yeah, it's a great point, Mark, and we are actually -- we have some of those already in that region of the country and we will look to continue to scale those. One thing as we mentioned at the Investor Day, that was a positive for us and why we selected Kalamazoo is if you look at the two mills that we'll shut down they are in that fiber basket, if you will. So we're not pressuring that fiber basket anymore. What we want to be able to do is be kind of the go-to spot for where that material goes and we're going to have the ability to quick turn those loads and really take advantage of that. So that infrastructure, I think will bode well for us over time and we'll seek ways on long-term contracts is we're going to pull to your point, close to 900,000 tons in that facility to be able to take advantage of our size and scale.

Mark Wilde -- BMO Capital Markets -- Analyst

Okay. And just one more point on that, I mean with a lot of mills going into that part of the country, they are using a lot of mixed waste and with the printing and writing paper volumes falling off pretty significantly, is that a concern at all, if we think about the long-term?

Michael P. Doss -- President and Chief Executive Officer

We always watch that stuff pretty carefully. And if you take a look on the SBS side, to your point, we've seen a new entrant come into this space. So there is competition that make decisions and does those types of things. Having said that, the integration rates of CRB are quite high. In our case as you know we're approaching 90% on CRB and so that's why it's such an important strategy for us to continue to drive our integration levels up over time. And you'll see us do that both organically and inorganically as we've done this year.

Operator

At this time, I would like to turn the conference back over to Mike Doss for any closing comments.

Michael P. Doss -- President and Chief Executive Officer

Thank you for joining us on our earnings call. We look forward to speaking with you again in January. Have a great day.

Operator

[Operator Closing Remarks}

Duration: 60 minutes

Call participants:

Melanie Skijus -- Vice President, Investor Relations

Michael P. Doss -- President and Chief Executive Officer

Stephen R. Scherger -- Executive Vice President and Chief Financial Officer

George Staphos -- Bank of America -- Analyst

Mark Wilde -- BMO Capital Markets -- Analyst

Mark Connelly -- Stephens Inc. -- Analyst

Anthony Pettinari -- Citi -- Analyst

Chip Dillon -- Vertical Research -- Analyst

Debbie Jones -- Deutsche Bank -- Analyst

Brian Maguire -- Goldman Sachs -- Analyst

Matthew T. Krueger -- Robert W. Baird & Co. Incorporated -- Analyst

Adam Josephson -- KeyBanc -- Analyst

Unidentified Participant

Daniel Rizzo -- Jefferies -- Analyst

Mark Weintraub -- Seaport Global -- Analyst

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