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Pactiv Posts Record EPS of $0.69 and Significant Free Cash Flow in First Quarter.

Article Excerpt
LAKE FOREST, Ill. -- For the quarter ended March 31, 2009, Pactiv Corporation (NYSE: PTV) today announced that income from continuing operations was a record $91 million, or $0.69 per share, compared with $35 million, or $0.26 per share, in 2008. Excluding a charge of $0.07 per share related to a restructuring program, first quarter 2008 earnings per share were $0.33. First quarter 2009 sales declined 5 percent to $766 million from $808 million, reflecting a 3-percent volume decline, 1-percent lower pricing, and 1-percent unfavorable foreign exchange.

"Compared with the first quarter of last year, we benefited from lower raw material costs, as well as lower logistics costs, and improved productivity. Our volume decline was mitigated by continued strong growth in cups and cutlery products. When we look at our performance compared with our January outlook, volume was better than we expected. That better performance, combined with strong productivity and other cost control measures, accounted for more than half of the improvement, while the remainder resulted from better spread (the difference between selling prices and raw material costs). We are managing our business well in this difficult and unpredictable economic...

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