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Multi Packaging Solutions’ Q3 net income rises

Multi Packaging Solutions (MPS) International has reported a net income of $10.8m, or $0.14 diluted earnings per share, for the third quarter ended 31 March 2017, compared to $3.8m, or $0.05 diluted earnings per share, for the same period in 2016.

Net sales declined to $382.6m in Q3, compared $399.2m reported in the year-ago period.

On a segment basis, North American sales decreased $8.4m from the prior year principally because of the decline in the multi-media market and some weakness in the healthcare market.

Sales in Europe decreased $9.4m principally due to foreign exchange. Asia sales increased $1.2m due to increased demand from certain customers, offset partially by negative foreign exchange effects.

Multi Packaging Solutions CEO Marc Shore said: “Although we continued to face headwinds in our fiscal 3rd quarter, we are beginning to see progress as a result of the steps we have taken to drive organic growth and operational improvements, which includes new customer contracts.

“We completed the acquisition of Paris Art Label which enhances our offering to our customers and part of our strategic goals. Finally, we are excited about the previously announced and currently pending merger with WestRock which is expected to take place in the fourth quarter.”

Earlier this year, American corrugated packaging firm WestRock agreed to acquire Multi Packaging Solutions for an enterprise value of $2.3bn.

The transaction was approved by MPS’ shareholders in April and the acquisition is expected be completed in the company’s fourth fiscal quarter, subject to regulatory approvals and other customary closing conditions.