Total Packaging Papers shipments were up 3.0 percent compared to May 2017 but down 0.2 percent year-to-date. Bag & Sack shipments were essentially flat year-to-date, Multiwall shipments were down 3.3 percent, Converting shipments were down 0.4 percent and Food Wrapping shipments were up 3.5 percent. The operating rate for May increased to 94.5 percent from 92.9 percent in April. Inventories were down 3.6 percent since April.
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Q2 2017 Highlights
• Sales of $1,130 million (compared to $1,006 million in Q1 2017 (+12%) and $998 million in Q2 2016 (+13%))
• As reported (including specific items) • Operating income of $48 million (compared to $31 million in Q1 2017 (+55%) and $65 million in Q2 2016 (-26%))
• OIBD 1 of $104 million (compared to $78 million in Q1 2017 (+33%) and $112 million in Q2 2016 (-7%))
• Net earnings per common share of $3.41 (compared to net earnings of $1.70 in Q1 2017 and net earnings of $0.38 in Q2 2016)
• Adjusted (excluding specific items) 2 • Operating income of $51 million (compared to $28 million in Q1 2017 (+82%) and $65 million in Q2 2016 (-22%)). Click Read More below for additional detail.