LAKE FOREST, Ill.--Oct. 25, 2021-- Packaging Corporation of America (NYSE: PKG) today reported third quarter 2021 net income of $251 million, or $2.63 per share, and net income of $257 million, or $2.69 per share, excluding special items.
Third quarter net sales were $2.0 billion in 2021 and $1.7 billion in 2020.
Diluted earnings per share attributable to Packaging Corporation of America shareholders
(1) For descriptions and amounts of our special items, see the schedules with this release.
Reported earnings include $.06 per share of special items expense in the third quarter of 2021, primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities, and $.11 per share of special items expense in the third quarter of 2020, primarily for costs associated with Hurricane Laura which made landfall approximately 100 miles south of the DeRidder, LA mill, resulting in production being down a total of approximately 12 days.
Excluding special items, the $1.12 per share increase in third quarter 2021 earnings compared to the third quarter of 2020 was driven primarily by higher prices and mix $1.58 and volume $.62 in our Packaging segment, higher production volume $.06 and prices and mix $.05 in our Paper segment, lower non-operating pension expense $.03, and lower interest expense $.01. These items were partially offset by higher operating costs ($.84), higher freight and logistics expenses ($.23), higher converting costs ($.10), higher scheduled outage expenses ($.04), and lower sales volume in our Paper segment ($.02).
Results were $.32 above third quarter guidance of $2.37 per share primarily due to higher realization of prices and mix in our Packaging segment.
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Source: Packaging Corporation of America
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