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KapStone Results

Posted on 19th April 2018 at 06:40

As the merger with WestRock continues to move ahead, KapStone Paper and Packaging is announcing a huge boost to profits in the first quarter of the year, mostly due to benefits from the recently-passed Tax Cut and Jobs Act. The company is reporting net sales of $799 million in the first quarter, which is $33 million higher than the first quarter of last year, an increase of four percent. Net income comes in at $33 million, $27 million higher than last year; that’s an increase of 446 percent. Diluted earnings per share of 33 cents is 27 cents above last year’s report, which is a 450-percent increase. KapStone President and CEO Matt Kaplan says that these results build on the positive momentum that was building at the end of last year, with increased demand for containerboard, corrugated boxes and kraft paper. A price increase for containerboard is paying dividends, while equipment upgrades in North Carolina is helping with reliability and efficiency. Kaplan says that Victory Packaging had a solid first quarter, and he says that work on the merger with WestRock is continuing.