Packaging Corporation of America Reports Third Quarter 2022 Results

Financial News
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

LAKE FOREST, Ill.--Oct. 24, 2022-- Packaging Corporation of America (NYSE: PKG) today reported third quarter 2022 net income of $262 million, or $2.80 per share, and net income of $266 million, or $2.83 per share, excluding special items. Third quarter net sales were $2.1 billion in 2022 and $2.0 billion in 2021.

Diluted earnings per share attributable to Packaging Corporation of America shareholders

pca 26oct22 

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

Reported earnings in the third quarter of 2022 include special items primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities.

Excluding special items, the $.14 per share increase in third quarter 2022 earnings compared to the third quarter of 2021 was driven primarily by higher prices and mix in our Packaging $1.60 and Paper $.23 segments, lower interest expense $.04, a lower share count resulting from share repurchases $.04, and a lower tax rate $.02. These items were partially offset by higher operating costs ($.77), lower volume in our Packaging ($.52) and Paper ($.05) segments, higher freight and logistics expenses ($.20), higher scheduled outage expenses ($.10), higher depreciation expense ($.07), higher converting costs ($.04), and other expenses ($.04).

Results were $.03 above third quarter guidance of $2.80 per share primarily due to higher prices and mix in our Packaging and Paper segments and lower operating costs.

Read more...

Source: PCA

 

Legal Notice: Paper Advance is not responsible for the accuracy or availability of content on external websites.