Financial Data and Key Metrics Changes - First quarter net income was $147 million or $1.63 per share, down from $198 million or $2.20 per share in the first quarter of 2023, with adjusted net income of $155 million or $1.72 per share excluding special items [90] - Total company EBITDA for the first quarter was $333 million in 2024 compared to $405 million in 2023 [90] - The decrease in earnings per share was primarily driven by lower prices and mix in the Packaging segment and Paper segment, higher scheduled mill outage expenses, and increased depreciation [3][16] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA excluding special items was $326 million with sales of $1.8 billion, resulting in a margin of 18.1%, down from 21.7% in the previous year [5] - Corrugated product shipments per workday increased by 11%, and total shipments were up 9.2% compared to the first quarter of 2023 [7] - In the Paper segment, EBITDA was $41 million with sales of $164 million, resulting in a margin of 25%, down from 27% in the previous year [11] Market Data and Key Metrics Changes - Domestic containerboard and corrugated products prices and mix increased slightly from the fourth quarter of 2023, but were down $1.19 per share compared to the first quarter of 2023 [8] - Export containerboard prices and mix were down $0.14 per share compared to the first quarter of 2023 [8] - The order backlog remained strong despite challenges from inflation and higher interest rates [7] Company Strategy and Development Direction - The company continues to focus on capital spending and optimization strategies within its box plant system to enhance revenue growth and customer service [9] - The company expects to build inventories back to targeted levels by the end of the second quarter [5] - The management emphasized the importance of aligning investments with customer needs to drive growth [41] Management Comments on Operating Environment and Future Outlook - Management expects continued strong demand and higher shipments in the Packaging segment, with anticipated price increases [16] - The Paper segment is expected to see strong orders, but volumes may be impacted by a scheduled maintenance outage [16] - Operating and converting costs are expected to be slightly lower, but freight and logistics expenses will increase due to rail rate hikes [17] Other Important Information - Cash provided by operations totaled $260 million, with free cash flow reaching a record $184 million for the first quarter [14] - The company revised its estimated cost impact of scheduled mill outages for the year to $0.89 per share, down from $0.96 per share previously [14] Q&A Session Summary Question: Early trends in bookings and billings for Q2 - Bookings remain strong, up 8% as of now, with expectations for a strong second quarter [22] Question: Vertical integration and business mix - Vertical integration in Q1 was around 90%, slightly below the previous quarter [24] Question: EBITDA margin loss explanation - The margin gap was attributed to delayed price increases and persistent inflation affecting costs [31][32] Question: Demand improvement in specific sectors - Demand improved across various segments, including e-commerce, agriculture, food, and heavy manufacturing [38] Question: Future capital expenditures - Full-year capital expenditures are expected to be in the high $400 million range, with ongoing investments in box plants [52] Question: Pricing mechanisms and inflation - The company is exploring various pricing mechanisms with customers to address inflationary pressures [70] Question: Competitive landscape changes due to mergers - Management does not foresee significant changes in the domestic marketplace due to competitors' mergers [86]

Reported earnings in the first quarter of 2024 include special items primarily for certain costs at the Jackson, AL mill for paper-to- containerboard conversion related activities. Excluding special items, the ($.48) per share decrease in first quarter 2024 earnings compared to the first quarter of 2023 was driven primarily by lower prices and mix in the Packaging segment ($1.33) and Paper segment ($.08), higher scheduled mill outage expenses ($.10), higher depreciation ($.03), higher expenses related to co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number 1-15399 (Exact Name of Registrant as Specified in its Charter) | Delaware | | --- | (State or Other Jurisdiction of Incorporation or Organization) 1 No ...

Packaging Corporation of America (NYSE:PKG) Q4 2023 Earnings Conference Call January 25, 2024 9:00 AM ET Company Participants Mark Kowlzan – Chairman and Chief Executive Officer Tom Hassfurther – Executive Vice President-Corrugated Products Bob Mundy – Chief Financial Officer Conference Call Participants Mark Weintraub – Seaport Research Partners Mike Roxland – Truist Cashen Keeler – Bank of America Securities Gabrial Hajde – Wells Fargo Anthony Pettinari – Citi Phil Ng – Jefferies Charlie Muir-Sands – BNP ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15399 (Exact Name of Registrant as Specified in its Charter) Indicate by check mark whether the registrant (1) has filed all reports requ ...

Financial Data and Key Metrics Changes - The company reported a third quarter net income of $183 million or $2.03 per share, down from $266 million or $2.83 per share in the same quarter of 2022 [8] - Third quarter net sales were $1.9 billion in 2023 compared to $2.1 billion in 2022 [8] - Total company EBITDA for the third quarter excluding special items was $388 million in 2023, down from $477 million in 2022 [9] Business Line Data and Key Metrics Changes - Packaging segment EBITDA excluding special items was $374 million with sales of $1.8 billion, resulting in a margin of 21.3%, compared to last year's EBITDA of $467 million with sales of $1.9 billion and a 24.1% margin [12] - The paper segment reported EBITDA excluding special items of $35 million with sales of $158 million, a margin of 22.4%, compared to $33 million and $165 million in sales in the same quarter of 2022 [21] Market Data and Key Metrics Changes - Corrugated product shipments per workday were up 1.9%, while total shipments were down 1.3% compared to last year's third quarter [16] - Outside sales volume of container board was 33,000 tons above last year's third quarter and 5,000 tons above the second quarter of 2023 [17] - Domestic container board and corrugated products prices were down $1.12 per share compared to the third quarter of 2022 [19] Company Strategy and Development Direction - The company plans to restart the number three machine at the Wallula mill during the fourth quarter to bring inventories to desired levels [14] - The company is focused on continuous improvement and operational excellence across its mills and box plants to manage costs effectively [45][49] - The company aims to maintain a balance between virgin and recycled fiber production, leveraging its capabilities to flex based on market demands [87][91] Management's Comments on Operating Environment and Future Outlook - Management noted that inventory destocking is behind many customers, leading to improved volume expectations for the second half of the year [18] - The company anticipates fourth quarter earnings of $1.76 per share, despite expected increases in operating and converting costs [29] - Management expressed confidence in strong holiday demand for the fourth quarter [99] Other Important Information - Cash provided by operations during the quarter totaled $339 million, with free cash flow of $250 million [24] - The company repurchased over 286,000 shares during the quarter at an average price of $144.81 per share [25] Q&A Session Summary Question: Can you provide more color on the cadence of shipments during the quarter? - Management indicated that the agricultural business is expected to have a good season, which will contribute positively [37] Question: What are the expectations for the Wallula mill restart? - Management stated that the restart is driven by demand and will fulfill current needs, with flexibility to adjust based on market conditions [51] Question: How do you view the impact of new recycled capacity in the market? - Management noted that there has been virtually no impact from new recycled capacity, as domestic customers prefer PCA for quality and service [88] Question: What is the outlook for 2024? - Management emphasized a disciplined approach to capital spending and plans to continue leveraging cash generated for shareholder value [81]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15399 (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 36-427705 ...

Packaging Corporation of America (NYSE:PKG) Q2 2023 Earnings Conference Call July 25, 2023 9:00 AM ET Company Participants Mark Kowlzan – Chairman and Chief Executive Officer Tom Hassfurther – Executive Vice President-Corrugated Products Bob Mundy – Chief Financial Officer Conference Call Participants George Staphos – Bank of America Securities Mark Weintraub – Seaport Research Partners John Dunigan – Jefferies Anthony Pettinari – Citi Operator Good morning, everyone, and thank you for joining Packaging Cor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-15399 (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 36-42770 ...

Financial Data and Key Metrics Changes - The first quarter net income was $190 million or $2.11 per share, down from $256 million or $2.72 per share in the same quarter of 2022, excluding special items [21][22] - First quarter net sales were $2 billion in 2023 compared to $2.1 billion in 2022, with total company EBITDA, excluding special items, at $405 million in 2023 versus $467 million in 2022 [21][22] - The decrease in earnings per share was primarily driven by lower volumes in the Packaging segment ($0.95) and the Paper segment ($0.04) [22] Business Line Data and Key Metrics Changes - In the Packaging segment, EBITDA, excluding special items, was $392 million with sales of $1.81 billion, resulting in a margin of 21.7%, compared to last year's EBITDA of $464 million and sales of $1.96 billion with a margin of 23.6% [24] - The Paper segment reported EBITDA, excluding special items, of $41 million with sales of $151 million, achieving a margin of 27.2%, up from $29 million and sales of $153 million with an 18.9% margin in the first quarter of 2022 [45] Market Data and Key Metrics Changes - Corrugated product shipments were down 12.7% compared to the first quarter of 2022, with outside sales volume of containerboard being 69,000 tons below last year's first quarter [68][69] - The shift in consumer buying preferences towards service-oriented spending and persistent inflation negatively impacted purchases of both durable and nondurable goods [69] Company Strategy and Development Direction - The company is focused on optimizing its operations and maintaining a flexible capital allocation strategy, including dividends and share repurchases [107][124] - The management emphasized the importance of capital planning and optimizing the mill system to adapt to changing market conditions [84] Management's Comments on Operating Environment and Future Outlook - Management noted that the inventory destocking situation has been longer-term than anticipated, with a significant impact on demand [43] - There is an expectation for improved volume in the Packaging segment moving into the second quarter, despite one less shipping day [75] Other Important Information - The company ended the quarter with $520 million in cash on hand, including marketable securities [47] - The revised total company estimated cost impact for scheduled maintenance outages was updated to $0.75 per share for the year [31] Q&A Session Summary Question: What is the biggest driver of the drop off from 2Q versus 1Q? - Management indicated that the timing of price decreases and continued demand effects were significant factors [78][80] Question: How much economic downtime was taken in 1Q? - The company reported about 110,000 tons of economic downtime in the first quarter [93] Question: Can you discuss the facility closures and their impact? - Management explained that closures are part of a capital planning process aimed at optimizing the system rather than knee-jerk reactions to demand changes [84] Question: What are the trends for converting costs? - Higher converting costs were attributed to increased labor benefits and rising starch prices [98] Question: How is the company approaching capital allocation? - The company remains flexible regarding capital allocation, focusing on dividends, share repurchases, and optimizing investments in the business [107][124]