PCA Reports Reduced 2Q 2020 Earnings
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Lake Forest, Illinois based Packaging Corp. of America (PCA) has reported 2Q 2020 earnings per share, down 71 percent from the same quarter in 2019, and quarterly sales of $1.54 billion, down 12.4 percent from the second quarter of 2019. The company says its reduced earnings in the second quarter of 2020 included 79 cents per share of special items expenses “primarily for the impair- ment of goodwill associated with our Paper segment.” PCA says in its Packaging segment, its corrugated products shipments were up 1.2 percent compared with the second quarter of 2019. Containerboard production for the quarter totaled slightly more than one million tons. In PCA’s Paper segment, however, the “sales volume was down 103,000 tons compared to the second quarter of 2019, and down 93,000 tons from the first quarter of 2020, due to the previously announced downtime at its- Jackson, Alabama, mill. “In the Packaging segment, we ran our containerboard system to demand while building some much-needed in- ventory, as we began the second quarter with contain- erboard inventories at our lowest levels since the Boise acquisition,” said Mark W. Kowlzan, PCA Chairman and CEO. “We ended the quarter with our weeks-of-inventory supply still below our average over the last five years.”
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August 10, 2020
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