Packaging Corp Q1 net income falls 16.1% to $170.9 million; net sales rise 10.6% to $2.37 billion

Packaging Corporation of America

Packaging Corporation of America

PKG

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  • Packaging Corporation of America posted first-quarter net sales of USD 2.37 billion, up 10.6%, while net income fell to USD 170.9 million.
  • Diluted EPS dropped to USD 1.91 from the year-ago quarter; results included USD 44 million of special items expense, primarily tied to Wallula mill restructuring activities.
  • Packaging segment operating income slid to USD 260.3 million, while corrugated product shipments rose 21.8% per day and 19.9% in total.
  • Interest expense, net widened to USD 32.6 million, up USD 19.7 million, primarily reflecting financing for the Greif acquisition.
  • Management expects second-quarter earnings to be lower than the first quarter excluding special items, with higher mill maintenance outage expense and higher freight, fiber and chemicals costs.


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