Business

Packaging Corp. of America reports earnings

Posted January 28, 2021 10:00 pm

LAKE FOREST - Packaging Corp. of America reported fourth quarter 2020 net income of $124 million, or $1.30 per share, and net income of $127 million, or $1.33 per share, excluding special items. Fourth quarter net sales were $1.7 billion in both 2020 and 2019.

Full year 2020 net income was $461 million, or $4.84 per share, and net income of $550 million, or $5.78 per share, excluding special items. Full year net sales were $6.7 billion in 2020 and $7.0 billion in 2019.

"Demand in our Packaging segment remained very strong as sales volumes in both our containerboard mills and our corrugated products plants set all-time records," said Mark W. Kowlzan, chairman and CEO. "Even though we postponed a large discretionary outage during the quarter, as well as utilized our Jackson, Alabama, mill for additional containerboard production, we again ended the period with inventory levels lower than planned.

"Late in the quarter, we began to realize our previously announced Packaging segment price increases. Market conditions in our Paper segment continue to be challenged due to the nationwide responses to help control the spread of the pandemic."

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