Packaging Corporation of America (PCA) reported 2Q 2017 net income of $143 million, or $1.52 per share and $1.52 per share excluding special items. 2Q net sales were $1.6 billion in 2017 and $1.4 billion in 2016, as the company said in the press release received by Lesprom Network.
In the Packaging segment, total corrugated products shipments with one less workday were up 10% and shipments per day were up 11.7% over last year’s 2Q. Containerboard production was 947,000 tons, and containerboard inventory was down 25,000 tons compared to the second quarter of 2016 and 14,000 tons below the 1Q 2017. In the Paper segment, price and mix as well as sales volumes were lower than the 2Q 2016 and the 1Q 2017.
Commenting on the quarter, Mark W. Kowlzan, Chairman and CEO, said, “Our results were driven by continued strong demand as well as from the benefits of our recent TimBar and Columbus Container acquisitions. The containerboard and corrugated products price increases were implemented as planned, which helped us offset higher inflation in many of our manufacturing and converting costs and higher freight costs. Our containerboard inventory levels were below those of a year ago and year-end levels despite the additional containerboard inventory requirements of our acquisitions.”
PCA is the fourth largest producer of containerboard and corrugated packaging products and the third largest producer of uncoated freesheet paper in the United States.
