Packaging Corporation of America recently reported fourth quarter 2012 net income of $61 million, or $0.63 per share. The reported results included net income of $3 million, or $0.03 per share, from state income tax adjustments and after tax charges of $1 million, or $0.01 per share, from plant closures. Excluding these items, net income was $59 million, or $0.61 per share, compared to fourth quarter 2011 net income of $39 million, or $0.40 per share. Net sales in the fourth quarter were $737 million, up 13% compared to the fourth quarter of 2011.
The $0.21 per share increase in earnings, excluding special items, was driven by higher containerboard and corrugated products price and mix ($0.12), higher volume ($0.09) and lower costs for recycled fiber ($0.04) and energy ($0.02).
Commenting on results, Mark W. Kowlzan, CEO of PCA, said, “We had an exceptional quarter and full year, setting records for earnings, sales and shipments. Our corrugated products demand remained strong throughout the fourth quarter, and we completed our corrugated products price increase as planned. ”
PCA is the fourth largest producer of containerboard and corrugated packaging products in the United States with sales of $2.8 billion in 2012.
