Corrugated and consumer packaging specialist Rock-Tenn (NYSE:RKT) reported fourth-quarter results yesterday after the markets closed, showing that it posted net revenues of $2.49 billion, a near 6% increase from the same period in the previous year, but shy of the $2.58 billion Capital IQ consensus estimate.
However, adjusted net income came in at $195.6 million, or $2.66 per share, almost double the $100.4 million, or $1.39 per share, in the same period in 2012, which was $0.20-per-share better than the CapIQ estimates of $2.46 per share.
Rock-Tenn says it took charges in the quarter related to facility closures that came as a result of its acquisition of Smurfit-Stone, but it also experienced lower shipments of containerboard in the quarter, particularly due to lower domestic sales, though consumer packaging increased and benefited from higher prices.
The packaging specialist didn't provide guidance for the coming quarter, but it did hike the quarterly dividend over 16% to $0.35 per share, which annualizes to a rate of $1.40 per share yielding 1.3% based on Rock-Tenn's closing price yesterday of $109.42 per share. Analysts anticipate Rock-Tenn will post earnings of $2.28 per share in the first quarter of 2014 on revenues of $2.5 billion.
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