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