Packaging Corporation of America Reports Third Quarter 2020 Results
Packaging Corporation of America reported third quarter 2020 net income of $139 million, or $1.46 per share, and net income of $149 million, or $1.57 per share, excluding special items. Third quarter net sales were $1.69 billion in 2020 and $1.75 billion in 2019. Excluding special items, the ($.35) per share decrease in third quarter 2020 earnings compared to the third quarter of 2019 was driven primarily by lower prices and mix in our Packaging segment ($.36) and Paper segment ($.07), lower volumes in our Paper segment ($.33), higher scheduled maintenance outage costs ($.04), and higher freight expense ($.02). These items were partially offset by higher volumes in our Packaging segment $.22, lower operating costs $.20, and lower converting $.04 and other costs $.01.