EX-99.1 2 pkg-ex99_1.htm EX-99.1 EX-99.1

 

第99.1展示文本

 

美國包裝公司報告2024年第二季度業績

 

 

2024年7月23日，位於伊利諾伊州的Lake Forest 紙箱美國包裝公司（紐交所：PKG）今天報告了2024年第二季度淨利潤19900萬美元，每股盈利2.21美元，不計特殊項目的淨利潤19900萬美元，每股盈利2.20美元。2024年第二季度淨銷售額爲21億美元，2023年爲20億美元。

 

攤薄後每股收益歸屬於美國包裝公司股東

 

 

 

 

 

 

 

 

 

 

 

 

 

三個月之內結束

 

 

 

6月30日,

 

 

 

2024

 

 

2023

 

 

變更

 

報告攤薄後每股收益 (1)

 

$

2.21

 

 

$

2.24

 

 

$

(0.04

)

特殊項目費用 (2)

 

 

—

 

 

 

0.07

 

 

 

(0.07

)

攤薄後每股收益不包括特殊項目 (1)

 

$

2.20

 

 

$

2.31

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

(1) 由於取整原因，金額可能不一致。

 

(2)查看本發佈中附帶的附表，以了解我們特殊項目的描述和金額。

 

 

除特殊項目外，2024年第二季度每股淨利潤較2023年同期下降($0.11)，主要是由於包裝部門售價和產品組合降低($0.87)，紙張部門售價和產品組合降低($0.07)，運營成本增加($0.31)，折舊費用增加($0.03)，稅率增加($0.03)。這些部分被包裝部門銷售量增加$0.94，紙張部門銷售量增加$0.07，其他轉換成本降低$0.07，運輸和物流費用降低$0.06，利息支出降低$0.06部分抵消。

 

本季度的結果比每股$2.07的指引高$0.13，主要是由於包裝部門成交量增加，運營和轉換成本降低，以及運輸成本降低。

 

按業務板塊劃分的財務信息如下所示，並在本公告附表中進行了彙總。

 

 

 

（單位：百萬美元）

 

 

 

三個月之內結束

 

 

 

6月30日,

 

 

 

2024

 

 

2023

 

業務部門收入（虧損）

 

 

 

 

 

 

包裝

 

$

279.8

 

 

$

285.8

 

紙張

 

 

26.7

 

 

 

29.1

 

公司及其他

 

 

(30.5

)

 

 

(30.5

)

 

$

276.0

 

 

$

284.4

 

 

 

 

 

 

 

 

除特殊項目外的分段收入（損失）

 

 

 

 

 

 

包裝

 

$

279.9

 

 

$

289.7

 

紙張

 

 

26.1

 

 

 

33.5

 

公司及其他

 

 

(30.5

)

 

 

(30.5

)

 

$

275.5

 

 

$

292.7

 

 

 

 

 

 

 

 

在特別項目之外的EBITDA

 

 

 

 

 

 

包裝

 

$

400.0

 

 

$

405.3

 

紙張

 

 

30.6

 

 

 

38.8

 

公司及其他

 

 

(26.6

)

 

 

(26.6

)

 

$

404.0

 

 

$

417.5

 

 

在包裝領域，瓦楞紙板產品每日發貨量較去年第二季度增長了9.2%，總髮貨量在多出一天的情況下增長了10.9%。集裝板生產量爲128.1萬噸，庫存與第四季度相比增加了1.6萬噸，與2024年第一季度相比增加了2萬噸。在紙張領域，銷售量較2023年第二季度增長了12%，與2024年第一季度相比下降了8%。

 

 

 

關於報告的結果，董事長兼首席執行官Mark W. Kowlzan表示：「本季度的業績反映了我們包裝板塊強勁的市場條件。這推動了創紀錄的紙板生產量，以滿足瓦楞紙板產品和紙板需求，這些需求在每個月都有所增強，最終創下了六月份每日新的瓦楞紙板發貨量紀錄。我們還能夠在預期將是一年中繁忙下半年之前建立一些庫存。包裝板塊的價格和組合從第一季度水平上升，因爲我們繼續實施宣佈的漲價。與預期一樣，紙板板塊的價格、組合和成交量也符合預期，我們國際福爾斯工廠的計劃停機得到很好的管理。結果還反映了我們不斷專注於通過效率和使用倡議以及在我們的工廠和轉化設施中實施的資本項目的好處來最大程度地減少通貨膨脹成本增加。」

 

考爾贊先生繼續說道：「展望未來，當我們從第二季度過渡到第三季度時，我們包裝和紙張業務領域的價格和產品組合將繼續上漲，因爲我們將繼續實施先前宣佈的調價措施，加上更高的紙箱出口價格。儘管瓦楞紙箱業務的發貨日少了一天，我們預計日發貨量將繼續增加，有望創造新的第三季度紀錄，而紙箱成交量也將增加。鑑於當前紙箱存貨低於我們的目標水平，我們還將嘗試在10月我們的德里德爾工廠計劃維修期前儲備一些庫存。由於第二季度回學校業務的時間安排，紙張銷售量將略低。運營和轉換成本應該會略高，主要是因爲季節性用電量和價格以及略高的廢紙成本，預計計劃內停工費用會略有降低。考慮到這些因素，我們預計第三季度每股收益爲$2.45。」

 

我們在本新聞稿中提供了各種非GAAP財務指標，包括除特殊項目外的攤薄後每股收益、除特殊項目外的分部收入和除特殊項目外的EBITDA。 我們提供關於我們使用非GAAP財務指標以及將本新聞稿中呈現的歷史非GAAP財務指標與按照GAAP報告的最可比度量的協調的信息，均在本新聞稿的附表中。 我們呈現了下一季度的收益預期，不包括特殊項目，因爲特殊項目難以預測和量化，可能反映未來事件的影響。 我們目前不預計在第三季度出現任何重大特殊項目； 不過，由於第三季度事件可能出現額外的特殊項目。

 

PCA是北美第三大的紙板產品生產商，也是北美未塗層自由紙生產領先者。PCA運營八家工廠和86家瓦楞紙板產品工廠以及相關設施。

 

Some of the statements in this press release are forward-looking statements. Forward-looking statements include statements about our future earnings and financial condition, expected benefits from acquisitions and restructuring activities, our industry and our business strategy. Statements that contain words such as “will”, “should”, “anticipate”, “believe”, “expect”, “intend”, “estimate”, “hope” or similar expressions, are forward-looking statements. These forward-looking statements are based on the current expectations of PCA. Because forward-looking statements involve inherent risks and uncertainties, the plans, actions and actual results of PCA could differ materially. Among the factors that could cause plans, actions and results to differ materially from PCA’s current expectations include the following: the impact of general economic conditions; conditions in the paper and packaging industries, including competition, product demand and product pricing; fluctuations in wood fiber and recycled fiber costs; fluctuations in purchased energy costs; the possibility of unplanned outages or interruptions at our principal facilities; and legislative or regulatory requirements, particularly concerning environmental matters, as well as those identified under Item 1A. Risk Factors in PCA’s Annual Report on Form 10-K for the year ended December 31, 2023, and in subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available at the SEC’s website at “www.sec.gov”.

 

 

 

 

 

CONTACT:

 

Barbara Sessions

Packaging Corporation of America

INVESTOR RELATIONS: (877) 454-2509

PCA’s Website: www.packagingcorp.com

 

 

Conference Call Information:

 

 

WHAT:

Packaging Corporation of America’s 2nd Quarter 2024 Earnings Conference Call

 

Conference ID: Packaging Corporation of America

 

 

WHEN:

Wednesday, July 24, 2024 at 9:00am Eastern Time

 

 

PRE-REGISTRATION:

https://dpregister.com/sreg/10184912/fb348a7e90

OR

 

CALL-IN NUMBER:

(833) 816-1102 (U.S.); (866) 605-3852 (Canada) or (412) 317-0684 (International)

 

Dial in by 8:45am Eastern Time

 

 

WEBCAST INFO:

www.packagingcorp.com

 

 

REBROADCAST DATES:

July 24, 2024 through August 7, 2024

 

 

REBROADCAST NUMBERS:

(877) 344-7529 (U.S.); (855) 669-9658 (Canada) or (412) 317-0088 (International)

 

Passcode: 7255107

 

 

 

Packaging Corporation of America

Consolidated Earnings Results

Unaudited

(dollars in millions, except per-share data)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Net sales

$

2,075.3

 

 

$

1,952.1

 

 

$

4,054.8

 

 

$

3,928.4

 

 

Cost of sales

 

(1,637.6

)

 

 

(1,507.4

)

(2)

 

(3,246.7

)

(1)

 

(3,052.3

)

(2)

Gross profit

 

437.7

 

 

 

444.7

 

 

 

808.1

 

 

 

876.1

 

 

Selling, general, and administrative expenses

 

(149.5

)

 

 

(145.6

)

(2)

 

(301.3

)

 

 

(293.9

)

(2)

Other expense, net

 

(12.2

)

(1)

 

(14.7

)

(2)

 

(34.8

)

(1)

 

(27.2

)

(2)

Income from operations

 

276.0

 

 

 

284.4

 

 

 

472.0

 

 

 

555.0

 

 

Non-operating pension income (expense)

 

1.1

 

 

 

(2.0

)

 

 

2.2

 

 

 

(4.0

)

 

Interest expense, net

 

(10.4

)

 

 

(14.6

)

 

 

(19.9

)

 

 

(29.9

)

 

Income before taxes

 

266.7

 

 

 

267.8

 

 

 

454.3

 

 

 

521.1

 

 

Provision for income taxes

 

(67.8

)

 

 

(65.1

)

 

 

(108.4

)

 

 

(128.3

)

 

Net income

$

198.9

 

 

$

202.7

 

 

$

345.9

 

 

$

392.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.22

 

 

$

2.25

 

 

$

3.86

 

 

$

4.37

 

 

Diluted

$

2.21

 

 

$

2.24

 

 

$

3.84

 

 

$

4.35

 

 

 

 

Computation of diluted earnings per share under the two class method:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

198.9

 

 

$

202.7

 

 

$

345.9

 

 

$

392.8

 

 

Less: Distributed and undistributed income available to participating securities

 

(1.4

)

 

 

(1.9

)

 

 

(2.5

)

 

 

(3.5

)

 

Net income attributable to PCA shareholders

$

197.5

 

 

$

200.8

 

 

$

343.4

 

 

$

389.3

 

 

Diluted weighted average shares outstanding

 

89.5

 

 

 

89.5

 

 

 

89.5

 

 

 

89.5

 

 

Diluted earnings per share

$

2.21

 

 

$

2.24

 

 

$

3.84

 

 

$

4.35

 

 

 

Supplemental financial information:

 

 

 

 

 

 

 

 

 

 

 

 

Capital spending

$

245.0

 

 

$

126.4

 

 

$

321.7

 

 

$

238.8

 

 

Cash, cash equivalents, and marketable debt securities

$

1,172.8

 

 

$

629.6

 

 

$

1,172.8

 

 

$

629.6

 

 

 

 

(1)
The three and six months ended June 30, 2024 include the following:

 

a.
$0.6 million of income and $9.7 million of charges, respectively, related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.

 

b.
$0.1 million of charges consisting of closure costs related to corrugated products facilities. For the six months ended June 30, 2024, these charges were completely offset by $0.1 million of income primarily related to a favorable lease buyout for a closed corrugated products facility during the first quarter of 2024. These items were recorded in "Cost of sales" and "Other expense, net", as appropriate.

 

(2)
The three and six months ended June 30, 2023 include the following:

 

a.
$4.4 million and $5.7 million, respectively, of charges related to the announced discontinuation of production of uncoated freesheet paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities. The costs were recorded in “Cost of sales” and “Other expense, net”, as appropriate.

 

b.
$3.9 million and $13.6 million, respectively, of charges consisting of closure costs related to corrugated products facilities and design centers. These items were recorded in "Cost of sales", "Selling, general, and administrative expenses", and "Other expense, net", as appropriate.

1

 

Packaging Corporation of America

Segment Information

Unaudited

(dollars in millions)

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Segment sales

 

 

 

 

 

 

 

 

 

 

 

Packaging

$

1,908.3

 

 

$

1,790.3

 

 

$

3,706.5

 

 

$

3,598.9

 

Paper

 

150.1

 

 

 

142.8

 

 

 

313.9

 

 

 

293.7

 

Corporate and Other

 

16.9

 

 

 

19.0

 

 

 

34.4

 

 

 

35.8

 

 

$

2,075.3

 

 

$

1,952.1

 

 

$

4,054.8

 

 

$

3,928.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss)

 

 

 

 

 

 

 

 

 

 

 

Packaging

$

279.8

 

 

$

285.8

 

 

$

483.6

 

 

$

553.7

 

Paper

 

26.7

 

 

 

29.1

 

 

 

56.4

 

 

 

63.2

 

Corporate and Other

 

(30.5

)

 

 

(30.5

)

 

 

(68.0

)

 

 

(61.9

)

Income from operations

 

276.0

 

 

 

284.4

 

 

 

472.0

 

 

 

555.0

 

Non-operating pension income (expense)

 

1.1

 

 

 

(2.0

)

 

 

2.2

 

 

 

(4.0

)

Interest expense, net

 

(10.4

)

 

 

(14.6

)

 

 

(19.9

)

 

 

(29.9

)

Income before taxes

$

266.7

 

 

$

267.8

 

 

$

454.3

 

 

$

521.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income (loss) excluding special items (1)

 

 

 

 

 

 

 

 

 

 

 

Packaging

$

279.9

 

 

$

289.7

 

 

$

487.5

 

 

$

567.0

 

Paper

 

26.1

 

 

 

33.5

 

 

 

62.2

 

 

 

69.2

 

Corporate and Other

 

(30.5

)

 

 

(30.5

)

 

 

(68.0

)

 

 

(61.9

)

 

$

275.5

 

 

$

292.7

 

 

$

481.7

 

 

$

574.3

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA excluding special items (1)

 

 

 

 

 

 

 

 

 

 

 

Packaging

$

400.0

 

 

$

405.3

 

 

$

726.2

 

 

$

796.8

 

Paper

 

30.6

 

 

 

38.8

 

 

 

71.2

 

 

 

79.9

 

Corporate and Other

 

(26.6

)

 

 

(26.6

)

 

 

(60.2

)

 

 

(54.3

)

 

$

404.0

 

 

$

417.5

 

 

$

737.2

 

 

$

822.4

 

 

____________

(1)
Segment income (loss) excluding special items, earnings before non-operating pension income (expense), interest, income taxes, and depreciation, amortization, and depletion (EBITDA), and EBITDA excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our segments and our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and the performance of their segments. The tables included in "Reconciliation of Non-GAAP Financial Measures" on the following pages reconcile the non-GAAP measures with the most directly comparable GAAP measures. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.

2

 

Packaging Corporation of America

Reconciliation of Non-GAAP Financial Measures

Unaudited

(dollars in millions)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Packaging

 

 

 

 

 

 

 

 

 

 

 

Segment income

$

279.8

 

 

$

285.8

 

 

$

483.6

 

 

$

553.7

 

Facilities closure and other costs

 

0.1

 

 

 

3.9

 

 

 

—

 

 

 

13.6

 

Jackson mill conversion-related activities

 

—

 

 

 

—

 

 

 

3.9

 

 

 

(0.3

)

Segment income excluding special items (1)

$

279.9

 

 

$

289.7

 

 

$

487.5

 

 

$

567.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper

 

 

 

 

 

 

 

 

 

 

 

Segment income

$

26.7

 

 

$

29.1

 

 

$

56.4

 

 

$

63.2

 

Jackson mill conversion-related activities

 

(0.6

)

 

 

4.4

 

 

 

5.8

 

 

 

6.0

 

Segment income excluding special items (1)

$

26.1

 

 

$

33.5

 

 

$

62.2

 

 

$

69.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 

 

 

 

 

 

 

 

 

Segment loss

$

(30.5

)

 

$

(30.5

)

 

$

(68.0

)

 

$

(61.9

)

Segment loss excluding special items (1)

$

(30.5

)

 

$

(30.5

)

 

$

(68.0

)

 

$

(61.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

$

276.0

 

 

$

284.4

 

 

$

472.0

 

 

$

555.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations, excluding special items (1)

$

275.5

 

 

$

292.7

 

 

$

481.7

 

 

$

574.3

 

____________

(1)
See footnote (1) on page 2, for a discussion of non-GAAP financial measures.

3

 

Packaging Corporation of America

Reconciliation of Non-GAAP Financial Measures

Unaudited

(dollars in millions)

Net Income and EPS Excluding Special Items (1)

 

 

Three Months Ended

 

 

June 30,

 

 

2024

 

 

2023

 

 

Income before Taxes

 

 

Income Taxes

 

 

Net Income

 

 

Diluted EPS

 

 

Income before Taxes

 

 

Income Taxes

 

 

Net Income

 

 

Diluted EPS

 

As reported

$

266.7

 

 

$

(67.8

)

 

$

198.9

 

 

$

2.21

 

 

$

267.8

 

 

$

(65.1

)

 

$

202.7

 

 

$

2.24

 

Special items (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson mill conversion-related activities

 

(0.6

)

 

 

0.2

 

 

 

(0.4

)

 

 

—

 

 

 

4.4

 

 

 

(1.1

)

 

 

3.3

 

 

 

0.04

 

Facilities closure and other costs

 

0.1

 

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

3.9

 

 

 

(1.0

)

 

 

2.9

 

 

 

0.03

 

Total special items

 

(0.5

)

 

 

0.2

 

 

 

(0.3

)

 

 

—

 

 

 

8.3

 

 

 

(2.1

)

 

 

6.2

 

 

 

0.07

 

Excluding special items

$

266.2

 

 

$

(67.6

)

 

$

198.6

 

 

$ 2.20 (3)

 

 

$

276.1

 

 

$

(67.2

)

 

$

208.9

 

 

$

2.31

 

 

 

Six Months Ended

 

 

June 30,

 

 

2024

 

 

2023

 

 

Income before Taxes

 

 

Income Taxes

 

 

Net Income

 

 

Diluted EPS

 

 

Income before Taxes

 

 

Income Taxes

 

 

Net Income

 

 

Diluted EPS

 

As reported

$

454.3

 

 

$

(108.4

)

 

$

345.9

 

 

$

3.84

 

 

$

521.1

 

 

$

(128.3

)

 

$

392.8

 

 

$

4.35

 

Special items (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson mill conversion-related activities

 

9.7

 

 

 

(2.4

)

 

 

7.3

 

 

 

0.08

 

 

 

5.7

 

 

 

(1.4

)

 

 

4.3

 

 

 

0.05

 

Facilities closure and other costs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13.6

 

 

 

(3.4

)

 

 

10.2

 

 

 

0.11

 

Total special items

 

9.7

 

 

 

(2.4

)

 

 

7.3

 

 

 

0.08

 

 

 

19.3

 

 

 

(4.8

)

 

 

14.5

 

 

 

0.16

 

Excluding special items

$

464.0

 

 

$

(110.8

)

 

$

353.2

 

 

$

3.92

 

 

$

540.4

 

 

$

(133.1

)

 

$

407.3

 

 

$

4.51

 

____________

(1)
Net income and earnings per share excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and their performance. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such.
(2)
Pre-tax special items are tax-effected at a combined federal and state income tax rate in effect for the period the special items were recorded and this rate is adjusted for each subsequent quarter to be consistent with the estimated annual effective tax rate, in accordance with ASC 270, Interim Reporting, and ASC 740-270, Income Taxes – Intra Period Tax Allocation. For all periods presented, income taxes on pre-tax special items represent the current amount of tax. For more information related to these items, see the footnotes to the Consolidated Earnings Results on page 1.
(3)
Amount may not foot due to rounding.

 

 

4

 

Packaging Corporation of America

Reconciliation of Non-GAAP Financial Measures

Unaudited

(dollars in millions)

EBITDA and EBITDA Excluding Special Items (1)

EBITDA represents income before non-operating pension (income) expense, interest, income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA and EBITDA excluding special items:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

$

198.9

 

 

$

202.7

 

 

$

345.9

 

 

$

392.8

 

Non-operating pension (income) expense

 

(1.1

)

 

 

2.0

 

 

 

(2.2

)

 

 

4.0

 

Interest expense, net

 

10.4

 

 

 

14.6

 

 

 

19.9

 

 

 

29.9

 

Provision for income taxes

 

67.8

 

 

 

65.1

 

 

 

108.4

 

 

 

128.3

 

Depreciation, amortization, and depletion

 

128.5

 

 

 

127.9

 

 

 

256.9

 

 

 

257.5

 

EBITDA (1)

$

404.5

 

 

$

412.3

 

 

$

728.9

 

 

$

812.5

 

Special items:

 

 

 

 

 

 

 

 

 

 

 

Jackson mill conversion-related activities

 

(0.6

)

 

 

2.0

 

 

 

8.3

 

 

 

1.7

 

Facilities closure and other costs

 

0.1

 

 

 

3.2

 

 

 

—

 

 

 

8.2

 

EBITDA excluding special items (1)

$

404.0

 

 

$

417.5

 

 

$

737.2

 

 

$

822.4

 

____________

(1)
See footnote (1) on page 2, for a discussion of non-GAAP financial measures.

5

 

Packaging Corporation of America

Reconciliation of Non-GAAP Financial Measures

Unaudited

(dollars in millions)

The following table reconciles segment income (loss) to EBITDA excluding special items:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Packaging

 

 

 

 

 

 

 

 

 

 

 

Segment income

$

279.8

 

 

$

285.8

 

 

$

483.6

 

 

$

553.7

 

Depreciation, amortization, and depletion

 

120.1

 

 

 

116.3

 

 

 

238.6

 

 

 

235.2

 

EBITDA (1)

 

399.9

 

 

 

402.1

 

 

 

722.2

 

 

 

788.9

 

Facilities closure and other costs

 

0.1

 

 

 

3.2

 

 

 

—

 

 

 

8.2

 

Jackson mill conversion-related activities

 

—

 

 

 

—

 

 

 

4.0

 

 

 

(0.3

)

EBITDA excluding special items (1)

$

400.0

 

 

$

405.3

 

 

$

726.2

 

 

$

796.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper

 

 

 

 

 

 

 

 

 

 

 

Segment income

$

26.7

 

 

$

29.1

 

 

$

56.4

 

 

$

63.2

 

Depreciation, amortization, and depletion

 

4.5

 

 

 

7.7

 

 

 

10.5

 

 

 

14.7

 

EBITDA (1)

 

31.2

 

 

 

36.8

 

 

 

66.9

 

 

 

77.9

 

Jackson mill conversion-related activities

 

(0.6

)

 

 

2.0

 

 

 

4.3

 

 

 

2.0

 

EBITDA excluding special items (1)

$

30.6

 

 

$

38.8

 

 

$

71.2

 

 

$

79.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and Other

 

 

 

 

 

 

 

 

 

 

 

Segment loss

$

(30.5

)

 

$

(30.5

)

 

$

(68.0

)

 

$

(61.9

)

Depreciation, amortization, and depletion

 

3.9

 

 

 

3.9

 

 

 

7.8

 

 

 

7.6

 

EBITDA (1)

 

(26.6

)

 

 

(26.6

)

 

 

(60.2

)

 

 

(54.3

)

EBITDA excluding special items (1)

$

(26.6

)

 

$

(26.6

)

 

$

(60.2

)

 

$

(54.3

)

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA excluding special items (1)

$

404.0

 

 

$

417.5

 

 

$

737.2

 

 

$

822.4

 

 

____________

(1)
See footnote (1) on page 2, for a discussion of non-GAAP financial measures.

6