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Packaging Corporation of America Q4 net income $104 million

Staff writer |
Packaging Corporation of America (PCA) reported fourth quarter net income of $104 million, or $1.07 per share.

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Earnings included net charges for special items, primarily for the Boise integration, of $0.4 million. Excluding special items, fourth quarter 2015 net income was $105 million, or $1.08 per share, compared to fourth quarter 2014 net income of $114 million, or $1.16 per share. Fourth quarter net sales were $1.4 billion in both 2015 and 2014.

Full year 2015 earnings were $437 million, or $4.47 per share, compared to 2014 earnings of $393 million, or $3.99 per share. Full year earnings, excluding special items, were $443 million, or $4.53 per share, compared to 2014 earnings of $459 million, or $4.66 per share. Full year 2015 net sales were $5.74 billion compared to 2014 net sales of $5.85 billion.

Excluding special items, the $.08 per share reduction in fourth quarter 2015 earnings, compared to the fourth quarter of 2014, was driven primarily by lower white paper prices and mix ($.10), higher annual mill outage costs ($.03), lower corrugated volume ($.02), containerboard production ($.02), and export containerboard prices ($.02), and higher depreciation expense ($.02).

These items were partially offset by lower costs for energy ($.05), mill repair costs ($.03), and freight ($.02) as well as lower income taxes of ($.04) per share.

Packaging segment EBITDA in the fourth quarter of 2015, excluding special items, was $252 million with sales of $1.09 billion compared to fourth quarter 2014 packaging EBITDA of $250 million with sales of $1.12 billion. Corrugated products shipments were 1% lower than last year’s record fourth quarter with the same number of workdays.

Containerboard production was 903,000 tons which was a 24,000 ton decrease compared to last year’s fourth quarter as PCA ran to demand and, unlike last year’s fourth quarter, did not need to prebuild any inventory to support first quarter maintenance outages. Containerboard inventories ended the year 2,500 tons lower than the third quarter and flat compared to 2014 year-end levels.

Full year 2015 packaging EBITDA, excluding special items, was $1,009 million with sales of $4.48 billion compared to full year 2014 EBITDA of $1,015 million with sales of $4.54 billion.

Paper segment EBITDA in the fourth quarter of 2015 was $28 million with sales of $273 million compared to fourth quarter 2014 paper EBITDA, excluding special items, of $45 million with sales of $284 million.

Sales prices were lower and volume was essentially equal to the fourth quarter of last year. In addition, the Jackson, Alabama paper mill was down for an extended period for a planned rebuild of the recovery boiler which reduced production by 28,000 tons and increased operating costs.

Full year 2015 paper EBITDA, excluding special items, was $161 million and sales were $1.14 billion compared to full year 2014 EBITDA of $186 million with sales of $1.20 billion.


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