Stock Monitor: Berry Global Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 9, 2018 / If you want access to our free earnings report on Packaging Corp. of America (NYSE: PKG) ("Packaging Corp."), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PKG. Packaging Corp. reported its first-quarter fiscal 2018 operating and financial results on April 24, 2018. The maker of containerboard and corrugated packaging products reported better than expected revenue and earnings results. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Berry Global Group, Inc. (NYSE: BERY), which also belongs to the Consumer Goods sector as the Company Packaging Corp. of America. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Packaging Corp. most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=PKG
Earnings Highlights and Summary
Packaging Corp.'s net sales were $1.69 billion in first quarter 2018 compared to $1.54 billion in Q1 2017. The Company's reported numbers beat analysts' estimates of $1.63 billion.
During Q1 2018, Packaging Corp.'s total earnings before interest, tax, depreciation, and amortization (EBITDA), excluding special items, was $322 million compared to $299 million in Q1 2017.
Packaging Corp. reported net income of $140.1 million, or $1.48 per share, in Q1 2018 compared to $117.4 million, or $1.24 per share, in Q1 2017. The Company's reported quarter results included $0.07 per share of special items expense, primarily related to the discontinuing paper operations associated with of the No. 3 paper machine at Packaging Corp.'s Wallula Washington Mill to linerboard. The Company had recorded $0.03 per share of special items expense in Q1 2017.
Excluding special items, Packaging Corp.'s net income was $147 million, or $1.55 per share, in Q1 2018 compared to net income of $120 million, or $1.27 per share, in Q1 2017. The increase in adjusted earnings was driven primarily by higher prices and mix in its Packaging segment, higher volumes in the Company's Paper segment $0.02, and a favorable tax rate $0.19 resulting from Tax Reform changes. Packaging Corp.'s adjusted earnings numbers came in ahead of Wall Street's estimates of $1.53 per share.
Packaging Corp. of America's Segment Results
During Q1 2018, Packaging Corp.'s EBITDA, excluding special items, was $308 million with sales of $1.4 billion resulted in a margin of 22% versus EBITDA of $274 million and sales of $1.3 billion, or a 21.7% margin, in Q1 2017.
In the Packaging segment, total corrugated products shipments with one less workday were up 6.0% and shipments per day were up 7.7% on a y-o-y basis. The segment's Containerboard production was 953,000 tons, and containerboard inventory was down 23,000 tons from Q4 2017 and up 31,000 tons compared to Q1 2017, primarily due to the addition of recently acquired Sacramento Container.
For Q1 2018, the Paper segment's EBITDA, excluding special items, was $31 million with sales of $269 million, or 12% margin, compared to EBITDA of $42 million and sales of $259 million, or 16% margin, in Q1 2017. In the Paper segment, office paper and printing and converting paper sales volumes were up 33,000 tons on a y-o-y basis, and production volume was up 10,000 tons primarily due to no scheduled maintenance outages in the reported quarter.
Cash Matters
Packaging Corp. ended Q1 2018 with $102 million of cash on hand. The Company's primary uses of cash during the reported quarter included $150 million for the March retirement of the note. Packaging Corp. incurred capital expenditures of $108 million, common stock dividends totaling $59 million, $10 million for state tax payments, and interest payments of $9 million in Q1 2018.
Stock Performance Snapshot
May 8, 2018 - At Tuesday's closing bell, Packaging Corp.'s stock marginally declined 0.30%, ending the trading session at $113.76.
Volume traded for the day: 601.80 thousand shares.
Stock performance in the last month — up 2.45%; and past twelve-month period — up 12.29%
After yesterday's close, Packaging Corp.'s market cap was at $10.64 billion.
Price to Earnings (P/E) ratio was at 18.92.
The stock has a dividend yield of 2.22%.
The stock is part of the Consumer Goods sector, categorized under the Packaging & Containers industry.
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