Winpak Ltd., $11.47, symbol WPK on Toronto (Shares outstanding: 65 million; Market cap: $751.4 million; www.winpak.com), makes and distributes packaging materials and packaging machines. Winpak’s products are mainly used for perishable food, beverages, drugs, and in medical applications.
The U.S. is Winpak’s largest market, accounting for 78% of its sales. Canada supplies 17%, and the rest of world accounts for the remaining 5%.
Winpak sold 6.9% more packaging in the three months ended March 27, 2011. That pushed up its revenue by 11.8%, to $148.5 million from $132.9 million a year earlier (all figures except share price and market cap in U.S. dollars). Earnings fell 3.2%, to $15.1 million, or $0.23 a share, from $15.6 million, or $0.23 a share. The company paid higher prices for raw materials, such as plastic resins and aluminum. Its income-tax bill also rose.
Winpak’s balance sheet is strong. It has no long-term debt, and holds cash of $94.9 million, or $1.46 a share.
The company aims…
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