KapStone Paper and Packaging Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Capex Guidance for the Third Quarter of 2017 and Earnings Guidance Full Year of 2017
For the six months, the company reported net sales of $1,588,560,000 against $1,523,126,000 a year ago. Operating income was $61,319,000 against $78,113,000 a year ago. Income before provision for income taxes was $40,070,000 against $57,321,000 a year ago. Net income was $25,768,000 against $36,896,000 a year ago. Diluted net income per share was $0.26 against $0.38 per share diluted a year ago. EBITDA (non -GAAP) was $154,513,000 against $167,712,000 a year ago. Adjusted EBITDA (non -GAAP) was $180,504,000 against $184,831,000 a year ago. Adjusted net income (non -GAAP) was $42,012,000 against $48,255,000 a year ago. Adjusted diluted EPS (non -GAAP) was $0.43 against $0.49 a year ago. Net cash provided by operating activities was $49,497,000 compared to $89,625,000 a year ago. Capital expenditures were $73,778,000 against $72,373,000 a year ago. Net debt increased $32 million to $1.555 billion from first quarter due to increased working capital on the capital lease obligation related to the API acquisition.
The company provided capex guidance for the third quarter of 2017 and earnings guidance full year of 2017. For the quarter, CapEx will be $30 million.
For the year, the company estimates capex at $136 million. And finally, they expect an effective income tax rate of 34% and cash tax rate of 28%.