SEATTLE (Scrap Monster): Packaging Corporation of America (PCA) reported second quarter 2021 results.
The company posted Q2 2021 net income of $207 million or $2.17 per share. The net sales during the quarter stood at $1.9 billion, compared to $1.5 billion a year before. The increase in earnings excluding special items was mainly driven by higher prices and mix, higher volumes in Packaging and Paper segments and lower non-operating pension expenses, said the company press release.
The company’s per day corrugated products shipments surged higher by 9.6% over prior year second quarter. The containerboard production was up by 1.192 million tons over the year. The containerboard inventory reported increase by 20,000 tons, compared with the prior quarter. The Paper segment sales volume was up by 21,000 tons from the corresponding quarter last year.
Mark W. Kowlzan, Chairman and CEO, PCA noted that it experienced strong demand in its Packaging segment. The mills executed the planned maintenance outages as per plan. The company continued to deliver on various initiatives and capital projects aimed at reducing costs and improving efficiencies across its mills and corrugated plants.
The company expects continued strong demand for containerboard and corrugated products in Packaging segment. The Paper segment volumes are expected to remain flat. It projects Q3 earnings of $2.37 per share.