Kapstone Paper and Packaging Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earning Guidance for the Full Year 2017
For the nine months, the company reported net sales of $2,456,978,000 compared to $2,299,762,000 a year ago. Operating income was $121,064,000 compared to $133,121,000 a year ago. Income before provision for income taxes was $85,106,000 compared to $100,959,000 a year ago. Net income was $55,794,000 or $0.57 per diluted share compared to $67,914,000 or $0.70 per diluted share a year ago. EBITDA (non-GAAP) was $262,175,000 compared to $266,452,000 a year ago. Adjusted EBITDA (non-GAAP) was $301,225,000 compared to $292,410,000 a year ago. Adjusted net income (non-GAAP) was $80,200,000 or $0.81 per diluted share compared to $84,138,000 or $0.86 per diluted share a year ago. Net cash provided by operating activities was $175,919,000 compared to $212,387,000 a year ago. Capital expenditures were $108,012,000 compared to $99,246,000 a year ago. Net debt decreased $81 million to $1.475 billion from second quarter due to a $75 million early principal payment made in September.
For the full year 2017, the company expected CapEx is to be around $136 million with $29 million in fourth quarter. The effective income tax rate to be 34% and cash taxes should be 30%.