Packaging Corporation of America (PCA) reported 1Q 2017 net income of $117 million, or $1.24 per share and $1.27 per share excluding special items. 1Q net sales were $1.5 billion in 2017 and $1.4 billion in 2016, as the company said in the press release received by Lesprom Network.
Reported earnings include the impact of $.03 of special items expense in the 1Q 2017 and $.02 of special items expense in 2016.
Commenting on the quarter, Mark W. Kowlzan, Chairman and CEO, said, “Our results were driven by strong demand and higher prices for containerboard and corrugated products as well as from the benefits of our recent TimBar and Columbus Container acquisitions.
“We continued to implement our announced containerboard and corrugated products price increases throughout the quarter, which helped us offset higher inflation in many of our manufacturing and converting costs and higher freight costs. The integration of our recent corrugated plant acquisitions has gone very well and is ahead of schedule, and 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.
