KapStone Paper and Packaging Corporation (KS) today reported results for the first quarter ended March 31, 2016. As compared to 2015's first quarter, results for 2016's first quarter are below:
Net sales of $738 million up $192 million, or 35 percent
Net income of $16 million down $10 million, or 38 percent
Adjusted net income of $22 million down $7 million, or 24 percent
Adjusted EBITDA of $88 million up $1 million, or 2 percent
Diluted EPS of $0.17 down $0.10 per share, or 37 percent
Adjusted diluted EPS of $0.23 down $0.07 per share, or 23 percent
Roger W. Stone, Chairman and Chief Executive Officer, stated, "KapStone's operations performed very well in the first quarter with our mills recording record first quarter production. Our strong operating performance and benefits from Victory, though, were mostly offset by lower prices and less favorable product mix. Although first quarter cash flows are typically weak, our operating cash flow this quarter improved $63 million over the prior year benefitting from lower cash taxes and Victory. We continue to make good progress on integrating Victory's packaging needs into our mill and plant system."
