KapStone Paper and Packaging Corporation today reported record results for the third quarter ended September 30, 2013. As compared to 2012's third quarter, results for 2013's third quarter are below:
Net sales of $539 million up $229 million, or 74 percent
Net income of $44 million up $26 million, or 144 percent
Adjusted net income of $51 million up $31 million, or 155 percent
Adjusted EBITDA of $117 million up $68 million, or 139 percent
Adjusted EBITDA margin of 21.7 percent up from 15.8 percent
Diluted EPS of $0.92 up $0.54 per share, or 142 percent
Adjusted diluted EPS of $1.05 up $0.64 per share, or 156 percent
Roger W. Stone, Chairman and Chief Executive Officer, stated, "The third quarter was an exceptional quarter for KapStone. On July 18, 2013, we completed the Longview acquisition and while our third quarter results include only 75 days of Longview's operations, the benefits of the acquisition are clear as Longview generated $54 million of adjusted EBITDA in the period.
"Excluding the impact of the Longview acquisition, legacy KapStone delivered all-time record adjusted EBITDA of $63 million due to higher containerboard and corrugated products prices despite higher fiber costs from the unusually wet summer. Our consolidated adjusted EBITDA soared to a record $117 million, and we generated $75 million of free cash flow which we used to reduce our debt."
