Wausau Paper Corp. (WPP, Financial) filed Quarterly Report for the period ended 2012-06-30.
Wausau Paper Corp. has a market cap of $400.9 million; its shares were traded at around $8.03 with a P/E ratio of 23.9 and P/S ratio of 0.4. The dividend yield of Wausau Paper Corp. stocks is 1.5%.
For the six months ended June 30, 2012, we reported net earnings from continuing operations of $3.6 million, or $0.07 per share, compared to net earnings from continuing operations of $4.6 million, or $0.09 per share, in the first six months of 2011. Net earnings from continuing operations during the first six months of 2012 included after-tax capital-related expenses of $2.2 million, or $0.04 per share, due to an expansion in our Tissue segment, and after-tax expenses of $1.4 million, or $0.03 per share, related to settlement charges associated with a defined benefit pension plan. In addition, the first half of 2012 included after-tax expenses of $2.1 million, or $0.04 per share, related to a natural gas transportation contract for our former Groveton, New Hampshire paper mill. Net earnings from continuing operations during the first half of 2011 included after-tax capital-related expenses of $3.0 million, or $0.06 per share, due to the paper machine rebuild within our Paper segment and an expansion in our Tissue segment, and after-tax gains on sales of timberlands of $0.2 million, or less than $0.01 per share.
Gross profit for the three months ended June 30, 2012, was $25.7 million compared to $26.2 million for the three months ended June 30, 2011. Gross profit in the second quarter of 2012 included capital-related charges of $1.1 million related to the expansion in our Tissue segment, while gross profit in the second quarter of 2011 included capital-related charges of $1.1 million related to a paper machine rebuild at our Paper segment and the expansion in our Tissue segment. Our timberland sales program favorably impacted gross profit in the three months ended June 30, 2011 by $0.3 million. There were no timberland sales in 2012. Comparing the three months ended June 30, 2012 with the same period in 2011, on a consolidated basis, sales price and mix deterioration offset decreases in fiber and energy costs of $5 million and almost $2 million, respectively.
Tissue net sales and product shipments increased more than 2% and almost 1%, respectively, during the second quarter of 2012 compared to the same period in 2011, due to mid-2011 pricing actions and growth in total cases shipped of 2%. Average net selling price increased more than 1%, or more than $2 million, in the second quarter of 2012 over the second quarter of 2011, with actual selling price improvements contributing to more than half of the increase, while product mix improvements provided the remaining increase. Gross profit for the three months ended June 30, 2012 and 2011 included $1.1 million and $0.4 million, respectively, of capital-related expenses due to the expansion to our facility in Harrodsburg, Kentucky. Comparing the second quarter of 2012 to the same period in 2011, a combined decrease in wastepaper, purchased parent rolls, and energy costs of more than $4 million positively impacted gross profit margin.
Net sales and product shipments for the first six months of 2012, as compared to the same period in 2011, increased 4% and almost 3%, respectively. Average net selling price increased approximately 1%, or more than $2 million, in the first half of 2012 compared to the first half of 2011. Gross profit margin increased 4 percentage points in the six months ended June 30, 2012, as compared to the same period in 2011. Gross profit for the first half of 2012 and 2011 included capital-related expenses of $2.2 million and $0.6 million, respectively, associated with the expansion of production capabilities at our Harrodsburg, Kentucky facility. During the first half of 2012 as compared to the same period in 2011, a more than $6 million decrease in the cost of wastepaper and purchased parent rolls, as well as an almost $1 million decrease in the cost of energy, positively affected gross profit margin.
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Wausau Paper Corp. has a market cap of $400.9 million; its shares were traded at around $8.03 with a P/E ratio of 23.9 and P/S ratio of 0.4. The dividend yield of Wausau Paper Corp. stocks is 1.5%.
Highlight of Business Operations:
In the second quarter of 2012, we reported net earnings from continuing operations of $2.1 million, or $0.04 per share, compared to prior-year net earnings from continuing operations of $4.8 million, or $0.10 per share. Net earnings from continuing operations for the second quarter of 2012 included after-tax capital-related expenses of $0.9 million, or $0.02 per share, related to an expansion project in our Tissue segment, and after-tax expenses of $1.4 million, or $0.03 per share, related to settlement charges associated with a defined benefit pension plan. Net earnings from continuing operations for the second quarter of 2011 included after-tax capital-related expenses of $0.7 million, or $0.01 per share, due to the rebuild of a paper machine in our Paper segment and an expansion project in our Tissue segment. In addition, net earnings from continuing operations for the second quarter of 2011 included after-tax gains on sales of timberlands of $0.2 million, or less than $0.01 per share.For the six months ended June 30, 2012, we reported net earnings from continuing operations of $3.6 million, or $0.07 per share, compared to net earnings from continuing operations of $4.6 million, or $0.09 per share, in the first six months of 2011. Net earnings from continuing operations during the first six months of 2012 included after-tax capital-related expenses of $2.2 million, or $0.04 per share, due to an expansion in our Tissue segment, and after-tax expenses of $1.4 million, or $0.03 per share, related to settlement charges associated with a defined benefit pension plan. In addition, the first half of 2012 included after-tax expenses of $2.1 million, or $0.04 per share, related to a natural gas transportation contract for our former Groveton, New Hampshire paper mill. Net earnings from continuing operations during the first half of 2011 included after-tax capital-related expenses of $3.0 million, or $0.06 per share, due to the paper machine rebuild within our Paper segment and an expansion in our Tissue segment, and after-tax gains on sales of timberlands of $0.2 million, or less than $0.01 per share.
Gross profit for the three months ended June 30, 2012, was $25.7 million compared to $26.2 million for the three months ended June 30, 2011. Gross profit in the second quarter of 2012 included capital-related charges of $1.1 million related to the expansion in our Tissue segment, while gross profit in the second quarter of 2011 included capital-related charges of $1.1 million related to a paper machine rebuild at our Paper segment and the expansion in our Tissue segment. Our timberland sales program favorably impacted gross profit in the three months ended June 30, 2011 by $0.3 million. There were no timberland sales in 2012. Comparing the three months ended June 30, 2012 with the same period in 2011, on a consolidated basis, sales price and mix deterioration offset decreases in fiber and energy costs of $5 million and almost $2 million, respectively.
Tissue net sales and product shipments increased more than 2% and almost 1%, respectively, during the second quarter of 2012 compared to the same period in 2011, due to mid-2011 pricing actions and growth in total cases shipped of 2%. Average net selling price increased more than 1%, or more than $2 million, in the second quarter of 2012 over the second quarter of 2011, with actual selling price improvements contributing to more than half of the increase, while product mix improvements provided the remaining increase. Gross profit for the three months ended June 30, 2012 and 2011 included $1.1 million and $0.4 million, respectively, of capital-related expenses due to the expansion to our facility in Harrodsburg, Kentucky. Comparing the second quarter of 2012 to the same period in 2011, a combined decrease in wastepaper, purchased parent rolls, and energy costs of more than $4 million positively impacted gross profit margin.
Net sales and product shipments for the first six months of 2012, as compared to the same period in 2011, increased 4% and almost 3%, respectively. Average net selling price increased approximately 1%, or more than $2 million, in the first half of 2012 compared to the first half of 2011. Gross profit margin increased 4 percentage points in the six months ended June 30, 2012, as compared to the same period in 2011. Gross profit for the first half of 2012 and 2011 included capital-related expenses of $2.2 million and $0.6 million, respectively, associated with the expansion of production capabilities at our Harrodsburg, Kentucky facility. During the first half of 2012 as compared to the same period in 2011, a more than $6 million decrease in the cost of wastepaper and purchased parent rolls, as well as an almost $1 million decrease in the cost of energy, positively affected gross profit margin.
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