Packaging Corporation of America Reports Second Quarter 2023 Results

Packaging Corporation of America (NYSE: PKG) today reported second quarter 2023 net income of $203 million, or $2.24 per share, and net income of $209 million, or $2.31 per share, excluding special items. Second quarter net sales were $2.0 billion in 2023 and $2.2 billion in 2022.

Reported earnings in the second quarter of 2023 include special items for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities and closure costs related to corrugated products facilities and design centers.

Excluding special items, the ($.92) per share decrease in second quarter 2023 earnings compared to the second quarter of 2022 was driven primarily by lower volumes in the Packaging ($.90) and Paper ($.07) segments, lower price and mix in the Packaging segment ($.47), higher depreciation expense ($.09), and higher other converting costs ($.03). These items were partially offset by lower operating costs $.34, higher prices and mix in the Paper segment $.12, a lower share count resulting from share repurchases in the second half of 2022 $.13, lower scheduled maintenance outage expenses $.03, and a lower tax rate $.02.

Results were $.35 above second quarter guidance of $1.96 per share primarily due to lower operating costs resulting from efficiency and usage initiatives and lower freight and logistics expenses.
details at: https://ir.packagingcorp.com/news-releases/news-release-details/packaging-corporation-america-reports-second-quarter-2023

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