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rock tenn company -cl a (RKT) Key Developments

Rock-Tenn Company Seeks Acquisitions

Rock-Tenn Company (NYSE:RKT) is seeking acquisitions. Steve Voorhees, Chief Executive Officer of Rock-Tenn, said, "Our balance sheet provides us the flexibility to invest capital in our business, make acquisitions that improve our business, and/or return capital to our shareholders via dividends and share repurchases.”

Rock-Tenn Company Presents at KeyBanc Capital Markets Basic Materials & Packaging Conference, Sep-09-2014 01:05 PM

Rock-Tenn Company Presents at KeyBanc Capital Markets Basic Materials & Packaging Conference, Sep-09-2014 01:05 PM. Venue: InterContinental Boston, 510 Atlantic Ave., Boston, Massachusetts, United States. Speakers: Steven C. Voorhees, Chief Executive Officer, Director and Member of Executive Committee.

Rock-Tenn Company Presents at Credit Suisse Basic Materials Conference 2014, Sep-16-2014

Rock-Tenn Company Presents at Credit Suisse Basic Materials Conference 2014, Sep-16-2014 . Venue: Credit Suisse, One Madison Avenue - between 23rd and 24th streets, New York, NY 10010, United States.

Rock-Tenn Company Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014

Rock-Tenn Company reported earnings results for the third quarter ended June 30, 2014. For the quarter, the company reported net income attributable to the shareholders of the company was $133.3 million, or $1.82 per diluted share, compared to $140.1 million, or $1.91 per diluted share, for the same quarter ended June 30, 2013. net sales were $2.53 billion, compared to $2.45 billion for the same quarter ended June 30, 2013. Net income attributable to the shareholders of the company for the nine months ended June 30, 2014 was $325.8 million, or $4.46 per diluted share, compared to $550.8 million, or $7.55 per diluted share, for the same period ended June 30, 2013. Net sales for the nine months ended June 30, 2014 were $7.29 billion, compared to $7.06 billion for the same period ended June 30, 2013.

Rock-Tenn Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2014 and for Full Year of Fiscal 2015 and Tax Rate Guidance for the Fiscal 2016

Rock-Tenn Company reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported net sales of $2,530.9 million compared to $2,448.3 million a year ago, primarily as a result of the Tacoma Mill and specialty display acquisitions completed in May 2014 and December 2013, respectively, and higher selling prices. Operating profit was $231.0 million compared to $229.3 million a year ago. Income before income taxes was $211.3 million compared to $203.1 million a year ago. Net income attributable to the company’s shareholders was $133.3 million or $1.82 diluted per share compared to $140.1 million or $1.91 diluted per share a year ago. Net cash provided by operating activities was $218.0 million compared to $270.0 million a year ago. Capital expenditures were $150.6 million compared to $113.1 million a year ago. Adjusted net income was $143.6 million compared to $158.1 million a year ago. Adjusted earnings per diluted share were $1.97 compared to $2.16 a year ago. Due primarily to the $341 million associated with the May 16, 2014 acquisition of the Tacoma Mill, net debt increased $312 million in the June quarter to $2.95 billion and at June 30, 2014. Free cash flow for the quarter was $206 million or $2.82 per share. For the nine months period, the company reported net sales of $7,287.1 million compared to $7,060.3 million a year ago. Operating profit was $593.9 million compared to $535.1 million a year ago. Income before income taxes was $529.2 million compared to $453.9 million a year ago. Net income attributable to the company’s shareholders was $325.8 million or $4.46 diluted per share compared to $550.8 million or $7.55 diluted per share a year ago. Net cash provided by operating activities was $749.1 million compared to $722.6 million a year ago. Capital expenditures were $377.7 million compared to $307.1 million a year ago. Net debt as at June 30, 2014 was $2,946.4 million compared to $2,984.1 million a year ago. Adjusted net income was $358.0 million compared to $338.0 million a year ago. Adjusted earnings per diluted share were $4.90 compared to $4.63 a year ago. The company provided earnings guidance for the fourth quarter and full year of fiscal 2014 and for full year of fiscal 2015 and tax rate guidance for the fiscal 2016. The company expects tax rate for the fourth quarter to be between 36% and 38%. The company expects its September quarter adjusted EPS, after its 2-for-1 stock split, to be in the range of $1 to $1.10 per share. The company expects to generate over $1.70 per share in free cash flow in the quarter, putting the company at or slightly above $6 per share in free cash flow for the year. The company estimates, based on its current earnings forecast and tax credit position, a cash tax rate of approximately mid-teens percent in fiscal 2015. The company finalizing its capital expenditure plans for fiscal 2015 and expect capital expenditures next year of approximately $500 million. The company estimates, based on its current earnings forecast and tax credit position, a cash tax rate of approximately mid-20s percent in fiscal 2016. The company expects that its 2014 capital expenditures may be slightly higher than its $550 million guidance, perhaps as high as $575 million, reflecting the Tacoma acquisition and other items. The company expects slightly above $6 per share in free cash flow for the year.

 

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