04.29.19
Packaging Corporation of America reported first quarter 2019 net income of $187 million, or $1.97 per share and $1.98 per share excluding special items. First quarter net sales were $1.73 billion in 2019 and $1.69 billion in 2018.
In the Packaging segment, total corrugated products shipments and shipments per day were up 0.7% over last year’s first quarter. Containerboard production was 1,037,000 tons, and containerboard inventory was up 9,000 tons from the fourth quarter of 2018 and up 42,000 tons compared to the first quarter of 2018. In the Paper segment, compared to the first quarter of 2018, sales volume was 21% lower and production volume was 14% lower, primarily due to discontinuing the paper business at the Wallula Mill.
“In our Packaging segment, we had record first quarter volumes in both our containerboard mills and corrugated products plants as well as higher prices and mix, compared to the first and fourth quarters of 2018,” said Mark W. Kowlzan, chairman and CEO. “We ran our containerboard system to demand, and our production allowed us to supply the necessary containerboard to achieve a first quarter record for box shipments per day. In our Paper segment, prices and mix continued to move higher due to the successful execution of our announced price increases, and sales volume improved as we moved out of the seasonally slower fourth quarter.”
In the Packaging segment, total corrugated products shipments and shipments per day were up 0.7% over last year’s first quarter. Containerboard production was 1,037,000 tons, and containerboard inventory was up 9,000 tons from the fourth quarter of 2018 and up 42,000 tons compared to the first quarter of 2018. In the Paper segment, compared to the first quarter of 2018, sales volume was 21% lower and production volume was 14% lower, primarily due to discontinuing the paper business at the Wallula Mill.
“In our Packaging segment, we had record first quarter volumes in both our containerboard mills and corrugated products plants as well as higher prices and mix, compared to the first and fourth quarters of 2018,” said Mark W. Kowlzan, chairman and CEO. “We ran our containerboard system to demand, and our production allowed us to supply the necessary containerboard to achieve a first quarter record for box shipments per day. In our Paper segment, prices and mix continued to move higher due to the successful execution of our announced price increases, and sales volume improved as we moved out of the seasonally slower fourth quarter.”