Packaging Corp Q1 EPS $2.20 ex-items misses $2.23 guide; Q2 outlook $1.96

PACKAGING CORP OF AMERICA

2023-Q1 EPS reported $2.11 revenue$1,976,300,000

Q1 GAAP EPS $2.11 ($2.20 ex-items), down from $2.72 YoY; net sales $2.0B vs $2.1B.
Packaging segment income $268M, down 26% from $362M; corrugated shipments fell 12.7%.
Q2 2023 EPS guidance $1.96, below Q1's $2.20 ex-items and prior-year quarter.
CEO cited higher rates, inflation shifting spending to services, and manufacturing contraction.
Share repurchases in H2 2022 added $0.11 to EPS; lower share count partially offset weakness.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PACKAGING CORP OF AMERICA reported Three Months Ended March 31, 2023 results: revenue $2.0 billion, net income $190 million, EPS $2.11 per share. Guidance initiated.

Period: Three Months Ended March 31, 2023
Revenue: $2.0 billion
Net income: $190 million
EPS: $2.11 per share
Guidance: initiated
Result: reported results

Exact text from the filing

PACKAGING CORPORATION OF AMERICA REPORTS FIRST QUARTER 2023 RESULTS Lake Forest, IL, April 24, 2023 – Packaging Corporation of America (NYSE: PKG) today reported first quarter 2023 net income of $190 million, or $2.11 per share, and net income of $198 million, or $2.20 per share, excluding special items. First quarter net sales were $2.0 billion in 2023 and $2.1 billion in 2022.

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Source: SEC EDGAR

accession 0000950170-23-014152

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