KapStone Paper Profit Surges, Yet Misses Estimate

(RTTNews) - KapStone Paper and Packaging Corp (KS) Wednesday reported second-quarter net earnings of $51 million or $0.53 per share, compared with $21 million or $0.22 per share last year.

Excluding items, adjusted earnings for the quarter were $0.58 per share.

Revenue for the quarter surged to $590.5 million from $326.3 million in the prior year.

Analysts polled by Thomson Reuters projected earnings of $0.60 per share on revenue of $574.3 million for the quarter. Analysts' estimates typically exclude special items.

Revenue growth was due mainly to the Longview acquisition, and higher prices and sales volumes for the legacy operations, the company said.

KapStone sold 720,000 tons of products during the quarter, compared with 418,000 tons a year earlier. Average mill selling price was $685 per ton, up $21 per ton from a year ago.