) fourth-quarter fiscal 2012 earnings were $1.39 per share,
beating the Zacks Consensus Estimate of $1.37. Results declined
from the year-ago quarter's earnings of $1.70 per share.
The quarter excluded expenses related to restructuring and other
as well as operating losses and transition costs stemming from
plant closures of 19 cents per share, and loss on extinguishment
of debt of 6 cents per share.
The year-ago quarter noted expenses related to restructuring
and other as well as operating losses and transition costs
stemming from plant closures of 35 cents per share, non-cash loss
on Canadian intercompany note of 15 cents per share and expenses
due to acquisition inventory step-up of 3 cents per share.
Including these, earnings in the reported quarter were $1.14
per share compared with the prior year quarter's earnings of
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Total revenue declined 4.5% year over year to $2.354 billion,
missing the Zacks Consensus Estimate of $2.395 billion. The
top-line decreased due to lower sales in all the segments.
Cost of goods sold declined 4.7% to $1.93 billion. Gross profit
also dropped 3.3% to $419.9 million. Selling, general and
administrative expenses increased 8% to $242.4 million. Adjusted
operating income decreased 13.4% to $208.8 million.
Corrugated Packaging Segment:
Net sales in the segment declined 1.8% to $1.6 billion in the
quarter. Adjusted operating income dropped 26.6 % to $112.8
million, thereby contracting adjusted operating margin by 230
basis-points (bps) to 7.1%.
Consumer Packaging Segment:
The segment's net sales edged down 1.1% to $660.6 million.
Operating income rose 20.3% to $98.8 million. Consequently,
operating margin expanded 270 bps to 15%.
Net sales in the segment fell 25.7% to $264.4 million. Operating
loss in the quarter was $2.8 million compared with an income of
Cash and cash equivalents declined to $37.2 million as of
September 30, 2012, from $41.7 million as of September 30, 2011.
Cash provided by operating activities were $115.3 million for
fourth-quarter fiscal 2012, compared to $122 million in the
year-ago comparable period.
Fiscal 2012 Performance
RockTenn's full year adjusted earnings were $4.48 per share,
beating the Zacks Consensus Estimate of $4.47. Including special
items, earnings were $3.45 per share compared to $2.77 in fiscal
2011. Total revenue improved 70.5% year over year to $9.208
billion, missing the Zacks Consensus Estimate of $9.268.
RockTenn retains a short-term Zacks #1 Rank (Strong Buy). The
company faces tough competition from leading companies like
International Paper Company
Bemis Company, Inc.
RockTenn is one of the leading integrated manufacturers of
corrugated and consumer packaging and recycling solutions in
North America. It operates in the U.S., Canada, Mexico, Chile,
Argentina and China.