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July 21, 2014
17:06 EDTPKGPackaging Corp. reports Q2 EPS ex-items $1.16, consensus $1.11
Reports Q2 revenue $1.47B, consensus $1.46B. In the packaging segment, EBITDA in Q2, excluding special items, was $259M on sales of $1.15B. Corrugated products shipments were up 4.8% compared to Q1, and excluding Boise, PCA shipments were up 5.5% in total and 3.8% per workday compared to Q2 last year. With strong internal demand, PCA reduced its outside sales of containerboard by 8,000 tons compared to last yearís Q2. Containerboard production was 846,000 tons, up 25,000 tons compared to Q1. In the paper segment, EBITDA in Q2, excluding special items, was $45M on sales of $295M. Office paper shipments were down 2%, or 4,000 tons, compared to last yearís Q2, and printing and converting and pressure sensitive paper shipments decreased by 26,000 tons as a result of 4Q13 paper machine closures at the International Falls, Minnesota mill.
News For PKG From The Last 14 Days
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October 30, 2014
11:20 EDTPKGKapStone jumps after saying MLP being studied
Shares of KapStone Paper (KS) are rising after the company said on its third quarter earnings conference call that it is studying a potential master limited partnership, or MLP. WHAT'S NEW: KapStone management stated that the company has filed a request for a PLR, or private letter ruling, with the IRS regarding a potential MLP, though added that the move "does not indicate a decision" on its future direction. "We're only just trying to get in line. We are working with a good group of outside advisers and we remain intrigued by the concept and are studying our options," KapStone management stated. KapStone cautioned that the company still has not reached a designation and an MLP plan has not been submitted to its board for approval. Last night, KapStone reported third quarter adjusted earnings per share of 60c and revenue of $598.1M, which missed consensus forecasts of 67c and $604.18M, respectively. WHAT'S NOTABLE: On July 24, Bloomberg reported that Richard Perry's Perry Capital took positions or increased holdings in containerboard names KapStone, International Paper (IP), RockTenn (RKT) and Packaging Corp. (PKG). Perry stated in the fundís Q2 letter the he believes the companies can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, according to Bloomberg. PRICE ACTION: In morning trading, shares of KapStone are up more than 6% to $31 following the MLP comments made on the call.
October 20, 2014
17:05 EDTPKGPackaging Corp. expects Q4 EPS $1.16, consensus $1.16
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17:03 EDTPKGPackaging Corp. reports ex-items Q3 EPS $1.26, consensus $1.26
Reports Q3 revenue $1.52B, consensus $1.50B. Special items excluded from EPS include after-tax charges for the Boise integration, debt refinancing and DeRidder mill restructuring of 20c per share, including cash charges of 6c per share, and non-cash charges of 14c per share.
15:30 EDTPKGNotable companies reporting after market close
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13:06 EDTPKGPackaging Corp. initiated with a Buy at Dundee (pre-open)
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