PCA Posts Record Q4, Full Year Earnings as Shipments Surge
Packaging Corporation of America (PCA) has reported a robust fourth quarter and full year, with record-breaking earnings, sales, and shipments. Net sales in the fourth quarter reached $737 million, a 13% increase from the same period in 2011.
PCA's net income for the quarter, excluding special items, stood at $59 million, or $0.61 per share, more than doubling the $39 million, or $0.40 per share, recorded in the fourth quarter of 2011. For the full year, earnings excluding special items were $201 million, or $2.06 per share, up from $162 million, or $1.61 per share, in 2011.
The company's strong performance was driven by a 5.8% increase in corrugated products shipments per workday and a 7.6% increase in total shipments, thanks to an additional workday compared to the fourth quarter of 2011. Mark W. Kowlzan, PCA's CEO, attributed this success to higher containerboard and corrugated products price and mix, increased volume, and lower costs for recycled fiber and energy. Containerboard production also rose by 12,000 tons to 652,500 tons in the fourth quarter.
Looking ahead, PCA expects earnings of about $0.56 per share in the first quarter of 2013.
PCA's fourth quarter and full year results reflect the company's exceptional performance, with record earnings, sales, and shipments. The company ended the year with containerboard inventories about 6,000 tons above 2011 year-end levels, positioning it well for future growth. PCA's CEO, Mark W. Kowlzan, expressed confidence in the company's prospects, citing its strong performance and strategic initiatives.
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