CG Stocks Review= Graphic Packaging Holding Company (NYSE:GPK), Tesla Motors Inc (NASDAQ:TSLA)

Graphic Packaging Holding Company (GPK) recently stated Net Income for fourth quarter 2016 of $34.9 million, or $0.11 per share, based upon 317.9 million weighted average diluted shares.  This compares to fourth quarter 2015 Net Income of $57.2 million, or $0.17 per share, based on 329.6 million weighted average diluted shares.

Fourth quarter 2016 Net Income was negatively influenced by $9.8 million (net of a $4.1 million tax benefit) of business combinations and other special charges. When adjusting for these charges, Adjusted Net Income for the fourth quarter of 2016 was $44.7 million, or $0.14 per diluted share. This compares to fourth quarter 2015 Adjusted Net Income of $63.0 million or $0.19 per diluted share.

For the full year 2016, Net Income was $228.0 million, or $0.71 per share, based upon 321.5 million weighted average diluted shares.  This compares to 2015 Net Income of $230.1 million, or $0.70 per share, based on 330.7 million weighted average diluted shares.

Full year 2016 Net Income was negatively influenced by $27.8 million (net of a $12.6 million tax benefit) of business combinations and other special charges, and positively influenced by a $22.4 million discrete tax benefit recorded in the second quarter 2016. When adjusting for these charges, Adjusted Net Income for the full year 2016 was $233.4 million, or $0.73 per diluted share. This compares to full year 2015 Adjusted Net Income of $247.0 million or $0.75 per diluted share.

“While our fourth quarter Adjusted EBITDA was down modestly as contrast to the prior year period because of accelerating commodity input costs and foreign exchange headwinds, we were encouraged by a return of core volume during the quarter and strong operating performance. Volume in our core business improved in the fourth quarter contrast to the third quarter, and our mill and converting facilities operated well,” said President and CEO Michael Doss. “Net sales were up 3.2% mostly driven by acquisitions. Volume in our core business was flat in the fourth quarter as contrast to the prior year period, contrast to a 1.4% decline in the third quarter. Adjusted EBITDA was $175.1 million, down 3.1% contrast to the prior year period of $180.7 million. For the full year 2016, Adjusted EBITDA was $763.8 million, up 1.7% contrast to the prior year period of $751.2 million reflecting the benefits of acquisitions and strong productivity, partly offset by lower pricing, accelerating commodity input costs in the fourth quarter, and foreign exchange headwinds.”

“Cash flow generation in the business remains strong as we generated $358 million in 2016. Our focus on growing cash flow and returning more of it to shareholders over time has not changed. We returned $229 million to shareholders in 2016 through dividends and share repurchases, counting $59 million in share repurchases during the fourth quarter. Our Board of Directors declared a 50% increase in the quarterly dividend paid in January 2017 to $0.075 per share on October 24, 2016 and approved a new $250 million share repurchase authorization on January, 10, 2017. The material increase in the quarterly dividend and new share repurchase authorization demonstrates the confidence we have in our cash flow profile. We remain committed to a balanced capital allocation strategy, which includes reinvesting in our business to drive strong cash returns on cash invested, planned acquisitions at compelling post-synergy multiples, and returning cash to shareholders through dividends and share repurchases.”

Tesla Motors Inc (TSLA) will post its financial results for the fourth quarter and full year ended December 31, 2016 after market close on Wednesday, February 22, 2017. At that time, Tesla will issue a brief advisory containing a link to the Q4 and full year 2016 Update Letter, which will be available on the Tesla IR website. Tesla management will hold a live question and answer webcast that day at 2:30pm Pacific Time (5:30pm Eastern Time) to discuss the Company’s financial and business results and outlook.

What: Date of Tesla Q4 and full year 2016 Financial Results and Q&A Webcast

When: Wednesday, February 22, 2017

Time: 2:30pm Pacific Time / 5:30pm Eastern Time

Shareholder Letter: http://ir.tesla.com

Webcast: http://ir.tesla.com (live and replay)

Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company’s website.

For additional information, please visit ir.tesla.com.

 

 

 

 

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