Marco Hilty, (49), Ph.D. in Business Administration from University of St. Gallen (Switzerland), has been appointed President, Flexible Packaging and a member of the Global Executive Team at Huhtamaki as of September 1, 2021. He will report to President and CEO Charles Héaulmé and will be based in Ronsberg, Germany. Marco joins Huhtamaki from Rubicon, a software platform that provides smart waste and recycling solutions for businesses and governments worldwide. Prior to Rubicon, he held several leadership roles with Amcor in Switzerland and in the United States, covering Group Sales and Commercial Excellence, lastly as Vice President for Amcor Flexibles in North America. Prior to Amcor, Marco worked as an Engagement Manager at McKinsey & Company in the United States and Switzerland.
KapStone Paper and Packaging Corporation (NYSE:KS) today reported preliminary results for the fourth quarter and year ended December 31, 2017.
As compared to 2016’s fourth quarter, results for 2017’s fourth quarter:
•Net sales of $859 million, up $81 million, or 10 percent
•Net income of $188 million, up $169 million, or 924 percent
•Diluted EPS of $1.90, up $1.71 per share, or 900 percent
Non U.S. GAAP financial measures for 2017’s fourth quarter as compared to 2016’s fourth quarter:
•Adjusted EBITDA of $136 million, up $44 million, or 48 percent
•Adjusted net income of $50 million, up $27 million, or 115 percent
•Adjusted diluted EPS of $0.51, up $0.27 per share, or 113 percent
As compared to the year ended December 31, 2016, results for the year ended December 31, 2017:
•Net sales of $3,316 million, up $239 million, or 8 percent
•Net income of $244 million, up $158 million, or 182 percent
•Diluted EPS of $2.47 up $1.59 per share, or 181 percent
Non U.S. GAAP financial measures for the year ended December 31, 2017 as compared to 2016’s year:
•Adjusted EBITDA of $437 million, up $53 million, or 14 percent
•Adjusted net income of $130 million, up $23 million, or 21 percent
•Adjusted diluted EPS of $1.32, up $0.22 per share, or 20 percent
Matthew Kaplan, President and Chief Executive Officer, stated, “Eleven years ago, we began a journey to build a world-class paper and packaging company with the resources and skills of our largest competitors— that focused on maximization of stockholder value and that treated our customers and employees like a small, family-oriented company. On January 29, 2018, we announced signing a definitive agreement to be acquired by WestRock for $35.00 per share, subject to customary closing conditions, including KapStone stockholder approval. We believe this acquisition is a compelling transaction for our stockholders and an exciting development for both KapStone and WestRock.”
Consolidated net sales of $859 million in the fourth quarter of 2017 were $81 million higher than 2016, reflecting higher prices for containerboard and corrugated products. Tons of paper sold in the paper and packaging segment increased to 731,000 tons during the fourth quarter of 2017 compared to 724,000 tons a year earlier. The Company’s average mill selling price of $698 per ton in the fourth quarter of 2017 was higher by $81 per ton compared to the fourth quarter of 2016 due to the combined impact of higher export and domestic containerboard selling prices and kraft paper prices. Average mill selling prices were flat compared to the third quarter of 2017. Distribution segment sales increased by $14 million compared to the prior year quarter due to higher prices, partially offset by lower volume.
Net income of $188 million for the 2017 fourth quarter increased by $169 million compared to the 2016 fourth quarter. The current quarter includes a provisional tax benefit of $144 million associated with the passage of the Tax Cuts and Jobs Act on December 22, 2017. The tax benefit consists of a non-cash adjustment to re-measure deferred income tax liabilities at the new 21 percent federal statutory income tax rate compared to the prior 35 percent income tax rate.
Consolidated net sales for the year ended December 31, 2017, were $3,316 million, an increase of 8 percent, compared to 2016 sales of $3,077 million. The increase was due to higher prices, a better product mix and higher volumes in the paper and packaging segment. The Company’s average mill selling price of $677 per ton in 2017 was higher by $54 per ton compared to 2016 due to the combined impact of higher export and domestic containerboard selling prices and kraft paper prices. Distribution segment sales increased by $31 million compared to 2016 due to higher prices, partially offset by lower volume.
Net income of $244 million for the year ended December 31, 2017 was higher than 2016’s $86 million by $158 million. The increase was mainly due to a provisional tax benefit of $144 million based on the new tax law enacted on December 22, 2017.
more detail at: http://ir.kapstonepaper.com/phoenix.zhtml?c=190219&p=irol-newsArticle&ID=2331080