RockTenn recently reported earnings for the quarter ended March 31, 2011 of $0.92 per diluted share. The Company's adjusted earnings were $1.04 per diluted share compared to the prior year quarter adjusted earnings of $0.70 per diluted share.
Second Quarter Results
Net sales of $792.9 million for the second quarter of fiscal 2011 increased $61.0 million, or 8.3% over the second quarter of fiscal 2010.
Segment income of $87.9 million was $13.0 million, or 17.4% over the prior year quarter excluding $8.1 million of alternative fuel mixture credit in the prior year quarter.
RockTenn's pre-tax restructuring and other costs, net of related noncontrolling interest, were $6.2 million, or $0.10 per diluted share after-tax, for the second quarter of fiscal 2011 consisting primarily of acquisition and preliminary integration expenses associated with the pending Smurfit-Stone Container Corporation acquisition.
RockTenn incurred pre-tax operating losses at previously closed facilities, net of related noncontrolling interest, of $0.6 million, or $0.02 per diluted share after-tax.
Chairman and Chief Executive Officer's Statement
RockTenn Chairman and Chief Executive Officer James A. Rubright stated, "Adjusted earnings per share increased 49% over the prior year quarter driven by higher sales volumes and pricing in our two largest businesses, consumer and corrugated packaging. Earnings again translated into strong free cash flow as we reduced net debt by $46 million in the quarter, after paying dividends of $8 million and investing $32 million in our businesses."
