Packaging Corporation of America Reports Fourth Quarter and Full Year 2023 Results
Packaging Corporation of America (NYSE: PKG) reported fourth quarter 2023 net income of $189 million, or $2.10 per share, and full year 2023 net income of $765 million, or $8.48 per share. The company's fourth quarter net sales were $1.94 billion in 2023, and full year net sales were $7.8 billion in 2023, showing a decrease from the previous year. The Packaging segment experienced a decrease in earnings driven primarily by lower prices and mix, while the Paper segment saw lower sales volume. However, the company's CEO, Mark W. Kowlzan, expressed optimism for the future, expecting higher total corrugated products shipments and improved mix for the first quarter of 2024.
Positive
Reported net income of $189 million for the fourth quarter of 2023
Full year 2023 net income was $765 million
Fourth quarter net sales were $1.94 billion in 2023
Full year net sales were $7.8 billion in 2023
Packaging segment experienced a decrease in earnings driven primarily by lower prices and mix
Paper segment saw lower sales volume
CEO expressed optimism for the future, expecting higher total corrugated products shipments and improved mix for the first quarter of 2024
Negative
Decrease in full year net sales in 2023 compared to 2022
Lower earnings in the Packaging segment due to lower prices and mix
Lower sales volume in the Paper segment
The reported financial results from Packaging Corporation of America (PCA) indicate a year-over-year decline in both quarterly and annual net income and net sales. This downward trend in earnings per share (EPS) and sales figures is a critical indicator of the company's performance and can influence investor sentiment. The decrease in net sales from $8.5 billion in 2022 to $7.8 billion in 2023 and the drop in annual EPS from $11.03 to $8.48 reflect challenges in the packaging and paper industry, possibly due to pricing pressures and shifts in demand.
PCA's results were impacted by lower prices and mix in both Packaging and Paper segments, which could suggest a competitive market environment leading to pricing concessions. However, it is noteworthy that the company managed to offset some of these negative impacts through higher volume in the Packaging segment and lower operating costs, indicating effective cost management strategies. The detailed segment performance, particularly the increase in containerboard production and shipments, provides insight into market demand dynamics, which is vital for forecasting future performance.
Investors should consider the implications of the operational adjustments mentioned, such as the paper-to-containerboard conversion at the Jackson, AL mill and how these strategic moves could position PCA in the evolving market landscape. Additionally, the emphasis on cost management and process efficiencies may serve as a buffer against market volatility and could be a point of interest for stakeholders analyzing the company's operational resilience.
PCA's results underscore significant trends in the packaging and paper industry. The increase in containerboard shipments and production aligns with the growing demand for sustainable packaging solutions, driven by e-commerce and environmental considerations. The company's ability to increase shipments by 6.9% compared to the previous year's quarter reflects a robust demand for containerboard products, which is a positive sign for the industry's growth prospects.
However, the decline in the Paper segment's sales volume could be indicative of the broader challenges facing the paper industry, such as digitalization and the reduction in paper usage. This trend may have long-term implications for PCA's product mix and necessitates strategic pivots to align with market demands. The focus on operational efficiencies and cost management, as highlighted by PCA's CEO, is a testament to the company's proactive approach in navigating industry headwinds.
Understanding the interplay between pricing, volume and mix is crucial for stakeholders. The announced price increases and expected improvements in product mix could potentially enhance PCA's revenue streams in the near term. However, investors should remain cognizant of the external factors such as recycled fiber and energy prices, which are projected to rise and their potential impact on PCA's cost structure and margins.
From an economic perspective, PCA's financial performance is a microcosm of the broader macroeconomic environment. The reported decline in EPS and net sales amidst higher volumes suggests that PCA, like many other firms, may be facing margin compression due to cost inflation in raw materials and logistics. This is particularly relevant given the mention of expected increases in recycled fiber and energy prices.
The company's strategic investments, such as the conversion of paper machinery to containerboard production, reflect a response to structural shifts in the economy, including the rise of sustainable packaging and the decline in conventional paper usage. These investments are likely aimed at optimizing the company's product portfolio to meet future demand trends, which may have positive long-term implications for PCA's market positioning and financial health.
Furthermore, the operational challenges posed by cold weather and the associated impact on energy usage and yields point to the vulnerability of industrial operations to climate variability. PCA's proactive management of these challenges, as evidenced by their cost control measures, may serve as a buffer, but it also highlights the importance of incorporating climate risk into financial planning and analysis.
01/24/2024 - 04:59 PM
LAKE FOREST, Ill. --(BUSINESS WIRE)--
Packaging Corporation of America (NYSE: PKG) today reported fourth quarter 2023 net income of $189 million $2.10 $192 million $2.13 $1.94 billion $1.98 billion $765 million $8.48 $784 million $8.70 $7.8 billion $8.5 billion
Diluted earnings per share attributable to Packaging Corporation of America shareholders
Three Months Ended
Full Year Ended
December 31
December 31
2023
2022
Change
2023
2022
Change
Reported Diluted EPS
$
2.10
$
2.31
$
(0.21)
$
8.48
$
11.03
$
(2.54)
Special Items Expense (1)
0.03
0.04
(0.01)
0.21
0.11
0.10
Diluted EPS excluding Special Items (2)
$
2.13
$
2.35
$
(0.22)
$
8.70
$
11.14
$
(2.44)
(1) For descriptions and amounts of our special items, see the schedules with this release.
(2) Amounts may not foot or crossfoot due to rounding.
Reported earnings in the fourth quarter and full year 2023 include special items primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities and closure and other costs related to corrugated products facilities and design centers.
Excluding special items, the $(.22) per share decrease in fourth quarter 2023 earnings compared to the fourth quarter of 2022 was driven primarily by lower prices and mix ($1.93 $.04 ) and volume ($.03 ) in the Paper segment, and higher depreciation expense ($.10 ). These items were partially offset by higher volume in the Packaging segment $1.07 $.51 , lower scheduled maintenance outage expenses $.19 , lower freight and logistics expenses $.03 , lower other expenses $.04 , and a lower share count resulting from share repurchases $.04 .
Results were $.37 above fourth quarter guidance of $1.76
Financial information by segment is summarized below and in the schedules with this release.
(dollars in millions)
Three Months Ended
Full Year Ended
December 31
December 31
2023
2022
2023
2022
Segment income (loss)
Packaging
$
263.8
$
282.4
$
1,074.3
$
1,423.7
Paper
28.1
31.9
118.9
103.0
Corporate and Other
(30.4
)
(26.2
)
(118.1
)
(106.0
)
$
261.5
$
288.1
$
1,075.1
$
1,420.7
Segment income (loss) excluding special items
Packaging
$
265.0
$
284.4
$
1,088.7
$
1,428.7
Paper
30.7
34.4
130.0
111.8
Corporate and Other
(30.4
)
(26.2
)
(118.1
)
(106.0
)
$
265.3
$
292.6
$
1,100.6
$
1,434.5
EBITDA excluding special items
Packaging
$
384.7
$
392.2
$
1,555.7
$
1,848.6
Paper
35.2
39.4
150.6
132.4
Corporate and Other
(26.4
)
(22.9
)
(102.5
)
(95.5
)
$
393.5
$
408.7
$
1,603.8
$
1,885.5
In the Packaging segment, shipments per day were up 5.1% and total corrugated products shipments, with one extra shipping day, were up 6.9% versus last year’s fourth quarter. Shipments per day were up 5.2% versus the third quarter of 2023. Containerboard production was 1,213,000 tons, and containerboard inventory was up 15,000 tons from the fourth quarter of 2022 and up 32,000 tons compared to the third quarter of 2023. In the Paper segment, sales volume was down 4,000 tons compared to the fourth quarter of 2022 and down 8,000 tons from the third quarter of 2023.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, “Throughout the quarter, demand in the Packaging segment was stronger than our expectations. In addition, the higher volume along with the operational benefits of our capital spending program and continued emphasis on cost management and process efficiencies across our manufacturing and converting facilities drove operating and converting costs lower as well. We had an excellent restart of our Wallula, WA mill and the No. 3 machine to meet the stronger demand and build some needed inventory during the quarter. We plan to restart the No. 2 machine at the Wallula mill in the first quarter to help manage our expectations in the first half of 2024 for continued strong demand together with scheduled mill maintenance outages and the final phase of the containerboard conversion of the No. 3 machine at our Jackson, AL mill. The Paper segment had very good results with volume slightly higher than expected and costs managed extremely well.”
“Looking ahead as we move from the fourth and into the first quarter,” Mr. Kowlzan continued, “in our Packaging segment, we expect higher total corrugated products shipments from continued strong demand and two additional shipping days in the first quarter. Despite restarting the No. 2 machine at our Wallula Mill, containerboard volume will be lower due to downtime associated with the conversion of the No. 3 machine at our Jackson Mill and a scheduled maintenance outage at our Counce, TN mill. Prices and mix should be slightly higher with the implementation of our announced January price increases partially offset by a decrease in the published benchmark prices that occurred late in 2023, with export prices fairly flat. In our Paper segment, we expect an improved mix to move prices slightly higher with flat sales volume. Recycled fiber and energy prices will be higher, and unusually cold seasonal weather will negatively impact usages and yields for energy, wood and chemicals along with higher operating costs associated with the restart of full operations at the Wallula mill compared to fourth quarter operations. Labor and benefits costs will have seasonal timing-related increases that occur at the beginning of a new year related to annual wage and benefit increases, the restart of payroll taxes, and share-based compensation expenses. Scheduled outage expenses will be higher and will include the significant first quarter impact of the conversion outage at our Jackson Mill which is estimated to be ($.16 ) per share. Considering these items, we expect first quarter earnings of $1.54
We present various non-GAAP financial measures in this press release, including diluted EPS excluding special items, segment income excluding special items and EBITDA excluding special items. We provide information regarding our use of non-GAAP financial measures and reconciliations of historical non-GAAP financial measures presented in this press release to the most comparable measure reported in accordance with GAAP in the schedules to this press release. We present our earnings expectation for the upcoming quarter excluding special items as special items are difficult to predict and quantify and may reflect the effect of future events. We currently anticipate special items in the first quarter of 2024 to include charges, fees, and expenses for paper-to-containerboard conversion related activities at the Jackson, AL mill. We do not currently expect any additional significant special items during the first quarter; however, additional special items may arise due to first quarter events.
PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America . PCA operates eight mills and 86 corrugated products plants and related facilities.
Some of the statements in this press release are forward-looking statements. Forward-looking statements include statements about our future earnings and financial condition, the impact of the COVID-19 pandemic on our business, expected benefits from acquisitions and restructuring activities, our industry and our business strategy. Statements that contain words such as “will”, “should”, “anticipate”, “believe”, “expect”, “intend”, “estimate”, “hope” or similar expressions, are forward-looking statements. These forward-looking statements are based on the current expectations of PCA. Because forward-looking statements involve inherent risks and uncertainties, the plans, actions and actual results of PCA could differ materially. Among the factors that could cause plans, actions and results to differ materially from PCA’s current expectations include the following: the impact of general economic conditions; conditions in the paper and packaging industries, including competition, product demand and product pricing; fluctuations in wood fiber and recycled fiber costs; fluctuations in purchased energy costs; the possibility of unplanned outages or interruptions at our principal facilities; and legislative or regulatory requirements, particularly concerning environmental matters, as well as those identified under Item 1A. Risk Factors in PCA’s Annual Report on Form 10-K for the year ended December 31, 2022, and in subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available at the SEC’s website at “www.sec.gov ”.
Conference Call Information:
WHAT:
Packaging Corporation of America’s 4th Quarter and Full Year 2023 Earnings Conference Call
Conference ID: Packaging Corporation of America
WHEN:
Thursday, January 25, 2024 at 9:00am Eastern Time
PRE-REGISTRATION:
https://dpregister.com/sreg/10184908/fb32b1ccf8
CALL-IN NUMBER:
(833) 816-1102 (U.S. ); (866) 605-3852 (Canada ) or (412) 317-0684 (International)
Dial in by 8:45am Eastern Time
WEBCAST INFO:
www.packagingcorp.com
REBROADCAST DATES:
January 25, 2024 through February 8, 2024
REBROADCAST NUMBERS:
(877) 344-7529 (U.S. ); (855) 669-9658 (Canada ) or (412) 317-0088 (International)
Passcode: 5364844
Packaging Corporation of America
Consolidated Earnings Results
Unaudited
(dollars in millions, except per-share data)
Three Months Ended Full Year Ended
December 31, December 31,
2023
2022
2023
2022
Net sales
$
1,937.9
$
1,978.4
$
7,802.4
$
8,478.0
Cost of sales
(1,527.8
)
(1)
(1,528.1
)
(2)
(6,103.5
)
(1)
(6,387.4
)
(2)
Gross profit
410.1
450.3
1,698.9
2,090.6
Selling, general, and administrative expenses
(142.8
)
(145.6
)
(580.9
)
(1)
(608.6
)
Other expense, net
(5.8
)
(1)
(16.6
)
(2)
(42.9
)
(1)
(61.3
)
(2)
Income from operations
261.5
288.1
1,075.1
1,420.7
Non-operating pension (expense) income
(1.9
)
3.6
(7.7
)
14.5
Interest expense, net
(11.1
)
(15.1
)
(53.3
)
(70.4
)
Income before taxes
248.5
276.6
1,014.1
1,364.8
Provision for income taxes
(59.3
)
(64.9
)
(248.9
)
(335.0
)
Net income
$
189.2
$
211.7
$
765.2
$
1,029.8
Earnings per share:
Basic
$
2.11
$
2.32
$
8.52
$
11.08
Diluted
$
2.10
$
2.31
$
8.48
$
11.03
Computation of diluted earnings per share under the two class method:
Net income
$
189.2
$
211.7
$
765.2
$
1,029.8
Less: Distributed and undistributed income available to participating securities
(1.4
)
(1.6
)
(6.2
)
(7.9
)
Net income attributable to PCA shareholders
$
187.8
$
210.1
$
759.0
$
1,021.9
Diluted weighted average shares outstanding
89.3
90.9
89.5
92.7
Diluted earnings per share
$
2.10
$
2.31
$
8.48
$
11.03
Supplemental financial information:
Capital spending
$
141.1
$
247.1
$
469.7
$
824.2
Cash, cash equivalents, and marketable debt securities
$
1,205.6
$
470.1
$
1,205.6
$
470.1
(1)
The three and twelve months ended December 31, 2023 include the following:
a.
$2.9 million $11.1 million Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
b.
$0.9 million $14.4 million
(2)
The three and twelve months ended December 31, 2022 include the following:
a.
$4.7 million $14.1 million Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.
b.
$1.2 million $0.7 million
c.
$1.4 million $1.0 million
Packaging Corporation of America
Segment Information
Unaudited
(dollars in millions)
Three Months Ended Full Year Ended
December 31, December 31,
2023
2022
2023
2022
Segment sales
Packaging
$
1,776.9
$
1,809.1
$
7,135.6
$
7,780.7
Paper
143.8
153.5
595.4
622.1
Corporate and Other
17.2
15.8
71.4
75.2
$
1,937.9
$
1,978.4
$
7,802.4
$
8,478.0
Segment income (loss)
Packaging
$
263.8
$
282.4
$
1,074.3
$
1,423.7
Paper
28.1
31.9
118.9
103.0
Corporate and Other
(30.4
)
(26.2
)
(118.1
)
(106.0
)
Income from operations
261.5
288.1
1,075.1
1,420.7
Non-operating pension (expense) income
(1.9
)
3.6
(7.7
)
14.5
Interest expense, net
(11.1
)
(15.1
)
(53.3
)
(70.4
)
Income before taxes
$
248.5
$
276.6
$
1,014.1
$
1,364.8
Segment income (loss) excluding special items (1)
Packaging
$
265.0
$
284.4
$
1,088.7
$
1,428.7
Paper
30.7
34.4
130.0
111.8
Corporate and Other
(30.4
)
(26.2
)
(118.1
)
(106.0
)
$
265.3
$
292.6
$
1,100.6
$
1,434.5
EBITDA excluding special items (1)
Packaging
$
384.7
$
392.2
$
1,555.7
$
1,848.6
Paper
35.2
39.4
150.6
132.4
Corporate and Other
(26.4
)
(22.9
)
(102.5
)
(95.5
)
$
393.5
$
408.7
$
1,603.8
$
1,885.5
(1)
Segment income (loss) excluding special items, earnings before non-operating pension (expense) income, interest, income taxes, and depreciation, amortization, and depletion (EBITDA), and EBITDA excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our segments and our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and the performance of their segments. The tables included in "Reconciliation of Non-GAAP Financial Measures" on the following pages reconcile the non-GAAP measures with the most directly comparable GAAP measures. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Three Months Ended Full Year Ended
December 31, December 31,
2023
2022
2023
2022
Packaging
Segment income
$
263.8
$
282.4
$
1,074.3
$
1,423.7
Facilities closure and other costs
0.9
1.2
14.4
0.7
Jackson mill conversion-related activities
0.3
2.2
-
5.3
Acquisition and integration-related activities
-
(1.4
)
-
(1.0
)
Segment income excluding special items (1)
$
265.0
$
284.4
$
1,088.7
$
1,428.7
Paper
Segment income
$
28.1
$
31.9
$
118.9
$
103.0
Jackson mill conversion-related activities
2.6
2.5
11.1
8.8
Segment income excluding special items (1)
$
30.7
$
34.4
$
130.0
$
111.8
Corporate and Other
Segment loss
$
(30.4
)
$
(26.2
)
$
(118.1
)
$
(106.0
)
Segment loss excluding special items (1)
$
(30.4
)
$
(26.2
)
$
(118.1
)
$
(106.0
)
Income from operations
$
261.5
$
288.1
$
1,075.1
$
1,420.7
Income from operations, excluding special items (1)
$
265.3
$
292.6
$
1,100.6
$
1,434.5
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
Net Income and EPS Excluding Special Items (1)
Three Months Ended December 31,
2023
2022
Income before taxes Income Taxes Net Income Diluted EPS Income before taxes Income Taxes Net Income Diluted EPS
As reported
$
248.5
$
(59.3
)
$
189.2
$
2.10
$
276.6
$
(64.9
)
$
211.7
$
2.31
Special items (2) :
Jackson mill conversion-related activities
2.9
(0.7
)
2.2
0.02
4.7
(1.1
)
3.6
0.04
Facilities closure and other costs
0.9
(0.2
)
0.7
0.01
1.2
(0.3
)
0.9
0.01
Acquisition and integration-related activities
-
-
-
-
(1.4
)
0.3
(1.1
)
(0.01
)
Total special items
3.8
(0.9
)
2.9
0.03
4.5
(1.1
)
3.4
0.04
Excluding special items
$
252.3
$
(60.2
)
$
192.1
$
2.13
$
281.1
$
(66.0
)
$
215.1
$
2.35
Full Year Ended December 31,
2023
2022
Income before taxes Income Taxes Net Income Diluted EPS Income before taxes Income Taxes Net Income Diluted EPS
As reported
$
1,014.1
$
(248.9
)
$
765.2
$
8.48
$
1,364.8
$
(335.0
)
$
1,029.8
$
11.03
Special items (2) :
Facilities closure and other costs
14.4
(3.6
)
10.8
0.12
0.7
(0.2
)
0.5
0.01
Jackson mill conversion-related activities
11.1
(2.7
)
8.4
0.09
14.1
(3.5
)
10.6
0.11
Acquisition and integration-related activities
-
-
-
-
(1.0
)
0.3
(0.7
)
(0.01
)
Total special items
25.5
(6.3
)
19.2
0.21
13.8
(3.4
)
10.4
0.11
Excluding special items
$
1,039.6
$
(255.2
)
$
784.4
$
8.70
(3)
$
1,378.6
$
(338.4
)
$
1,040.2
$
11.14
(1)
Net income and earnings per share excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and their performance. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
(2)
Pre-tax special items are tax-effected at a combined federal and state income tax rate in effect for the period the special items were recorded and this rate is adjusted for each subsequent quarter to be consistent with the estimated annual effective tax rate, in accordance with ASC 270, Interim Reporting , and ASC 740-270, Income Taxes – Intra Period Tax Allocation . For all periods presented, income taxes on pre-tax special items represent the current amount of tax. For more information related to these items, see the footnotes to the Consolidated Earnings Results on page 1.
(3)
Amount may not foot due to rounding.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
EBITDA and EBITDA Excluding Special Items (1)
EBITDA represents income before non-operating pension expense (income), interest, income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA and EBITDA excluding special items:
Three Months Ended Full Year Ended
December 31, December 31,
2023
2022
2023
2022
Net income
$
189.2
$
211.7
$
765.2
$
1,029.8
Non-operating pension expense (income)
1.9
(3.6
)
7.7
(14.5
)
Interest expense, net
11.1
15.1
53.3
70.4
Provision for income taxes
59.3
64.9
248.9
335.0
Depreciation, amortization, and depletion
130.8
118.8
517.7
456.8
EBITDA (1)
$
392.3
$
406.9
$
1,592.8
$
1,877.5
Special items:
Facilities closure and other costs
0.9
1.0
8.9
0.4
Jackson mill conversion-related activities
0.3
2.2
2.1
8.6
Acquisition and integration-related activities
-
(1.4
)
-
(1.0
)
EBITDA excluding special items (1)
$
393.5
$
408.7
$
1,603.8
$
1,885.5
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures.
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
The following table reconciles segment income (loss) to EBITDA excluding special items:
Three Months Ended Full Year Ended
December 31, December 31,
2023
2022
2023
2022
Packaging
Segment income
$
263.8
$
282.4
$
1,074.3
$
1,423.7
Depreciation, amortization, and depletion
119.7
108.0
472.5
420.2
EBITDA (1)
383.5
390.4
1,546.8
1,843.9
Facilities closure and other costs
0.9
1.0
8.9
0.4
Jackson mill conversion-related activities
0.3
2.2
-
5.3
Acquisition and integration-related activities
-
(1.4
)
-
(1.0
)
EBITDA excluding special items (1)
$
384.7
$
392.2
$
1,555.7
$
1,848.6
Paper
Segment income
$
28.1
$
31.9
$
118.9
$
103.0
Depreciation, amortization, and depletion
7.1
7.5
29.6
26.1
EBITDA (1)
35.2
39.4
148.5
129.1
Jackson mill conversion-related activities
-
-
2.1
3.3
EBITDA excluding special items (1)
$
35.2
$
39.4
$
150.6
$
132.4
Corporate and Other
Segment loss
$
(30.4
)
$
(26.2
)
$
(118.1
)
$
(106.0
)
Depreciation, amortization, and depletion
4.0
3.3
15.6
10.5
EBITDA (1)
(26.4
)
(22.9
)
(102.5
)
(95.5
)
EBITDA excluding special items (1)
$
(26.4
)
$
(22.9
)
$
(102.5
)
$
(95.5
)
EBITDA excluding special items (1)
$
393.5
$
408.7
$
1,603.8
$
1,885.5
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240124157955/en/
Barbara Sessions
www.packagingcorp.com
Source: Packaging Corporation of America
What was Packaging Corporation of America's net income for the full year 2023?
Packaging Corporation of America reported a net income of $765 million for the full year 2023.
What were the fourth quarter net sales for Packaging Corporation of America in 2023?
Packaging Corporation of America's fourth quarter net sales were $1.94 billion in 2023.
What caused the decrease in earnings in the Packaging segment?
The decrease in earnings in the Packaging segment was primarily driven by lower prices and mix.
What did the CEO expect for the first quarter of 2024?
The CEO expects higher total corrugated products shipments and improved mix for the first quarter of 2024.
