Rock-Tenn Co. (RKT) reported that its second-quarter net income attributable to shareholders rose to $324.7 million or $4.45 per share, from $31.9 million or $0.44 per share in the same quarter last year.
Adjusted net income for the quarter increased to $81.7 million from $69.6 last year. Adjusted earnings per share for the quarter were $1.02year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the second quarter of fiscal 2013 increased $2.32 million compared to the $2.28 in the same quarter of fiscal 2012. Ten analysts had consensus revenue estimate of $2.34 billion for the quarter.
RockTenn Chairman and Chief Executive Officer James Rubright stated, "RockTenn's strong earnings growth over the prior year quarter reflects continued improvements in our operating performance and higher containerboard and box pricing. Our supply chain performed well managing constrained containerboard supply during the first half of our spring outage season and our box plants performance improved as we have consolidated our system and grown our sales and unit pricing in a relatively flat domestic market."
RockTenn's restructuring and other costs and operating losses and transition costs due to plant closures were $0.14 per share after-tax, for the second quarter of fiscal 2013. These costs consisted primarily of $8 million of pre-tax facility closure charges and $4 million of pre-tax integration costs.
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