U.S. Packaging net sales of $666.0 million for the first quarter of 2018 represented an increase of 2.6 percent compared to the same period of 2017. The increase in net sales was driven primarily by sales price and mix partially offset by lower unit volumes of approximately 1 percent. Lower unit volumes were driven by the Company’s planned shutdown of its Shelbyville, Tennessee facility. U.S. Packaging operating profit increased to $87.2 million in the first quarter of 2018, or 13.1 percent of net sales, compared to $83.5 million, or 12.9 percent of net sales, in 2017. The increase in U.S. Packaging operating profit was driven by improved operations and cost savings from the Company’s Agility plan. Click Read More below for additional information.
Net sales for the first quarter of 2018 were $1.01 billion, an increase of $206.9 million, or 25.7 percent, as compared to $805.4 million in 2017. This increase was the result of the acquisition of the Dispensing Systems operations in April 2017 and higher net sales in each of the businesses. Income before interest and income taxes for the first quarter of 2018 was $92.2 million, an increase of $35.4 million, or 62.3 percent, as compared to $56.8 million for the first quarter of 2017, and margins increased to 9.1 percent from 7.1 percent for the same periods. Click Read More below for additional information.
Highlights: • For the first quarter 2018, the Company recorded earnings from continuing operations of $0.59 per share (diluted). This was on the upper end of management guidance of $0.55 to $0.60 per share. • Net sales were $1.7 billion, an increase of nearly 8 percent compared to the prior year, due to higher prices and favorable currency translation. Total glass container shipments in the first quarter of 2018 were comparable to the prior year quarter, with low-single-digit gains reported in the Americas. • Earnings from continuing operations before income taxes were $135 million, compared with $73 million in the prior year, driven by solid operational performance and non-recurrence of certain expenses in the prior year. Click Read More below for additional information.
Net Sales increased 39% to $1,476.0 million in the first quarter of 2018, compared to $1,061.5 million in the prior year period. The $414.5 million increase was driven by $359.5 million of revenue from the SBS mill and foodservice converting assets, $25.5 million of improved volume/mix related primarily to acquisitions, $24.0 million of favorable foreign exchange, and $5.5 million of higher pricing. EBITDA for the first quarter of 2018 was $187.6 million, or $35.3 million higher than the first quarter of 2017. After adjusting both periods for business combinations and other special charges, Adjusted EBITDA increased 43% to $230.8 million in the first quarter of 2018 from $160.9 million in the first quarter of 2017. Click Read More below for additional information.
Total boxboard production decreased 1.9 percent when compared to March 2017 but increased 5.2 percent from last month. Unbleached Kraft Boxboard production increased over the same month a year ago but decreased compared to last month. Total Solid Bleached Boxboard and Liner production increased when compared to March 2017 and increased compared to last month. The production of Recycled Boxboard decreased compared to March 2017 and increased when compared to last month.