Packaging Corporation of America Reports Second Quarter 2021 Results

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LAKE FOREST, Ill.--Jul. 26, 2021-- Packaging Corporation of America (NYSE: PKG) today reported second quarter 2021 net income of $207 million, or $2.17 per share, and net income of $207 million, or $2.17 per share, excluding special items. Second quarter net sales were $1.9 billion in 2021 and $1.5 billion in 2020.

Diluted earnings per share attributable to Packaging Corporation of America shareholders

pca 2aug21 2

(1) For descriptions and amounts of our special items, see the schedules with this release.


Reported earnings in the second quarter of 2021 include special items expense and income rounding to a negligible impact, while reported earnings in the second quarter of 2020 include $.79 per share of special items expense primarily for the impairment of goodwill associated with our Paper segment.

Excluding special items, the $.79 per share increase in second quarter 2021 earnings compared to the second quarter of 2020 was driven primarily by higher prices and mix $1.01 and volume $.74 in our Packaging segment, higher volume in our Paper segment $.03, and lower non-operating pension expense $.03. These items were partially offset by higher operating costs ($.57), higher annual outage expenses ($.19), higher freight and logistics expenses ($.19), higher converting costs ($.05), higher depreciation expense ($.01), and lower prices and mix in our Paper segment ($.01).

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Source: PCA

 

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