LAKE FOREST, Ill.--Jul. 24, 2019-- Packaging Corporation of America (NYSE: PKG) today reported second quarter 2019 net income of $194 million, or $2.04 per share. Second quarter net sales were $1.8 billion in both 2019 and 2018.
Diluted earnings per share attributable to Packaging Corporation of America shareholders
(1) For descriptions and amounts of our special items, see the schedules with this release.
Reported earnings in the second quarter of 2018 include $.11 per share of special items expense primarily for certain costs related to discontinuing paper operations associated with the previously announced conversion of the No. 3 paper machine at our Wallula, Washington mill to linerboard.
The ($.04) per share decrease in second quarter 2019 earnings compared to second quarter 2018, excluding special items, was driven primarily by higher operating costs ($.27), higher converting costs ($.05), lower Paper segment volume ($.04), higher annual outage expenses ($.06), and a higher tax rate ($.01). These items were partially offset by higher Packaging segment volume $.09 and prices and mix $.08, higher Paper segment prices and mix $.16, lower Wallula No. 3 paper machine conversion-related costs $.04, and lower freight costs $.02.
Source: Packaging Corporation of America (PCA)