Packaging Corporation of America posted Q2 net income of USD 192.1 million, down 20.5%, with diluted EPS of USD 2.15.
Net sales rose 14.7% to USD 2.49 billion, led by Packaging net sales of USD 2.31 billion, up 15.2%.
Packaging segment operating income fell 9.6% to USD 313.2 million, while Paper segment operating income climbed 33.06% to USD 34.3 million.
Special items and outlook
Special items were a USD 18 million expense, mainly tied to facility closures, Wallula mill restructuring, and acquisition and integration-related costs.
Outlook calls for higher Q3 earnings excluding special items on stronger Packaging price and mix, with freight costs expected to stay elevated.
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