Packaging Corporation of America reported Q2 2024 net income of $199 million, or $2.21 per share, and net income of $199 million, or $2.20 per share, excluding special items. Q2 2024 net sales were $2.1 billion in 2024 and $2.0 billion in 2023.
In the Packaging segment, corrugated products shipments per day were up 9.2% over last year's Q2 and total shipments, with one additional shipping day, were up 10.9%. Containerboard production was 1,281,000 tons, and containerboard inventory was up 16,000 tons compared to the Q2 2023 and up 20,000 tons versus the Q1 2024. In the Paper segment, sales volume was up 12% compared to the Q2 2023 and down (8%) versus the Q1 2024.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, "Results for the quarter reflect our strong market conditions in the Packaging segment. This drove a new all-time containerboard production record in order to service corrugated products and containerboard demand which grew stronger each month, ending with a new corrugated shipments-per-day record for the month of June. We were also able to build some inventory ahead of what we expect to be a busy second half of the year. Packaging segment prices and mix moved higher from Q1 levels as we continue to implement our announced price increases. Paper segment prices and mix as well as volume came in as expected, and the scheduled outage at our International Falls mill was managed very well. Results also reflect our constant focus on minimizing inflationary cost increases through efficiency and usage initiatives and capital project benefits throughout our mills and converting facilities."
PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. PCA operates eight mills and 86 corrugated products plants and related facilities.
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