RockTenn reports 2Q net income of $37 million
Apr 26, 2011. RockTenn Co. reported 2Q net income attributable to shareholders of $37 million or $0.92 per share, compared to $32.8 million or $0.83 per share in the prior-year period. Net sales of $792.9 million for the 2Q of fiscal 2011 increased $61 million, or 8.3% over the 2Q of fiscal 2010.
Apr 26, 2011. /Lesprom Network/. RockTenn Co. reported 2Q net income attributable to shareholders of $37 million or $0.92 per share, compared to $32.8 million or $0.83 per share in the prior-year period. Net sales of $792.9 million for the 2Q of fiscal 2011 increased $61 million, or 8.3% over the 2Q of fiscal 2010, as the company said in a press release received by Lesprom Network.
Segment income of $87.9 million was $13 million, or 17.4% over the prior year quarter excluding $8.1 million of alternative fuel mixture credit in the prior year quarter.
Consumer Packaging segment net sales increased 6.2% in the 2Q of fiscal 2011 compared to the prior year quarter, due to higher paperboard selling prices, increased recycled paperboard tons shipped and higher folding carton volumes. Segment income increased $6.6 million to $43.4 million in the 2Q of fiscal 2011, excluding $8.1 million of alternative fuel mixture credit in the prior year quarter.
Corrugated Packaging segment net sales increased $18.4 million to $209.4 million in the 2Q of fiscal 2011 compared to the prior year quarter, due to higher selling prices and volumes. Segment income increased $8.2 million to $29.1 million in the 2Q of fiscal 2011 and segment return on sales was 13.9%.
Specialty Paperboard Products segment net sales increased $7.1 million in the 2Q of fiscal 2011 compared to the prior year quarter primarily due to increased paperboard selling prices and volume and increased solid fiber interior packaging sales due to a 4Q of fiscal 2010 acquisition. Segment income was $5.2 million in the 2Q of fiscal 2011 and $6.0 million in the prior year quarter.
RockTenn Chairman and CEO 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.”
RockTenn is one of North America’s leading manufacturers of paperboard, containerboard and consumer and corrugated packaging.