Packaging Corporation of America Reports Fourth Quarter and Full Year 2023 Results

Packaging Corporation of America (NYSE: PKG) today reported fourth quarter 2023 net income of $189 million, or $2.10 per share, and net income of $192 million, or $2.13 per share, excluding special items. Fourth quarter net sales were $1.94 billion in 2023 and $1.98 billion in 2022. Full year 2023 net income was $765 million, or $8.48 per share, and net income of $784 million, or $8.70 per share, excluding special items. Full year net sales were $7.8 billion in 2023 and $8.5 billion in 2022.

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 ($1.93) in the Packaging segment, lower prices and mix ($.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, lower operating and converting costs $.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 per share primarily due to higher volume in the Packaging segment, lower operating and converting costs, and lower freight and logistics expenses.
more at: https://ir.packagingcorp.com/news-releases/news-release-details/packaging-corporation-america-reports-fourth-quarter-and-full-12

Related Posts

SEE and Koenig & Bauer Announce Strategic Partnership to Shape the Digital Future of Packaging

Sealed Air and Koenig & Bauer AG announced they have signed a non-binding letter of intent to expand their strategic partnership for digital printing machines. The partnership aims to significantly improve packaging design capabilities by developing state-of-the art digital printing technology, equipment, and services. Solutions developed by SEE and Koenig & Bauer will scale and deliver digitally printed materials dramatically faster, enabling brand owners to promote products by connecting with consumers through a digitally enhanced package. The Koenig & Bauer RotaJET-series of digital printing presses will feature SEE’s prismiq™ intellectual property, software and hardware. By accelerating the digitalization of printing platforms, both companies will drive expansion of their portfolio of solutions. The partnership will expand market opportunities for both companies and result in co-branded digital printing presses.

Pactiv Evergreen and AmSty Launch Circular Polystyrene Food Packaging Products

To help major food brands achieve important sustainability goals, Pactiv Evergreen, a leading manufacturer of fresh food and beverage packaging in North America, is teaming up with AmSty, the leading manufacturer of polystyrene in North America and a pioneer in circular recycling of polystyrene. Pactiv Evergreen will soon offer customers innovative foam polystyrene packaging products with AmSty’s post-consumer recycled content derived from advanced recycling technologies. “Pactiv Evergreen produces thousands of products in more than a dozen materials that protect, package and display fresh food and beverages,” said Eric Wulf, president of Pactiv Evergreen’s food merchandising business unit. “Our broad material expertise enables us to support our customers quickly and effectively as they seek more sustainable products. Our collaboration with AmSty expands our portfolio of circular packaging, and we’re pleased to offer this solution to our customers.”

Smurfit Kappa celebrates 50 years of innovative paper solutions in Mengíbar

Smurfit Kappa’s Mengíbar Paper Mill in Spain is celebrating its 50th anniversary. The mill first opened its doors in 1968 and quickly established itself as a strategic partner for innovative paper solutions. The Mengíbar Paper Mill uses recycled fibres to make high-quality containerboard for corrugated packaging. The mill’s location in Southern Spain puts it in a prime position to serve Smurfit Kappa’s extensive network of corrugated plants. The close integration between the Mengibar Paper Mill and the corrugated plants enables Smurfit Kappa to facilitate customers’ needs at a moment’s notice. With 121 employees, the mill is a key local employer with many families having two and sometimes even three generations working there since the mill opened 50 years ago. Click Read More below for additional information.
Back To Top
×Close search
Search