PCA Corrugated Products Shipments Recorded Notable Surge
The first quarter 2021 net sales stood at $1.8 billion, as compared with $1.7 billion in the corresponding quarter a year before.
SEATTLE (Scrap Monster): Packaging Corporation of America (PCA) reported first quarter 2021 results.
The company reported net income of $167 million, or $1.75 per share during the quarter. Excluding special items, it reported net income of $169 million, or $1.77 per share. The first quarter 2021 net sales stood at $1.8 billion, as compared with $1.7 billion in the corresponding quarter a year before.
In the Packaging segment, the total corrugated products shipments surged higher by 6.6% over the year. The containerboard production totalled 1.195 million tons during the quarter, with inventory levels rising by 41,000 tons, compared with Q1 2020. Meantime, the Paper segment sales volume was down by 48,000 tons compared with the first quarter last year, said the company press release.
Commenting on the results, Mark W. Kowlzan, Chairman and CEO, PCA noted that the Packaging sector demand remained extremely strong throughout the first quarter. However, the Paper segment volumes and prices were lower. The company experienced higher-than expected inflation as well as higher freight and logistics expenses. Looking forward to the second quarter, it expects strong demand in Packaging segment. Furthermore, Paper segment volumes are likely to be fairly flat with higher average prices and mix, he added.
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