Packaging Corporation of America (NYSE: PKG) today reported
fourth quarter 2017 net income of $269 million, or $2.84 per share
and $1.56 per share excluding special items. Fourth quarter net
sales were $1.7 billion in 2017 and $1.5 billion in 2016. Full year
2017 net income was $669 million, or $7.07 per share and $6.02 per
share excluding special items. Full year 2017 net sales were $6.4
billion compared to 2016 net sales of $5.8 billion.
Diluted earnings
per share attributable to Packaging Corporation of America
shareholders
Three Months Ended Full Year Ended
December 31 December 31 2017
2016 Change 2017 2016
Change Reported Diluted EPS $ 2.84 $ 1.17 $ 1.67 $ 7.07 $
4.75 $ 2.32 Special Items Expense (Income) (1) (1.28) 0.06
(1.34) (1.05) 0.13 1.18 Diluted EPS
excluding Special Items
$ 1.56 $
1.23 $ 0.33 $
6.02
$ 4.88 $
1.14 (1) For descriptions and amounts
of our special items, see the schedules with this release.
Special items in the fourth quarter and full year 2017 include,
among other items, various tax-related items resulting from the Tax
Cut and Jobs Act that was signed on December 22, 2017. Excluding
special items, the $.33 per share increase in fourth quarter 2017
earnings compared to the fourth quarter of 2016 was driven
primarily by higher prices and mix $.51 and volumes $.12 in our
Packaging segment, higher volumes $.01 in our Paper segment, and
the final insurance recovery related to the DeRidder Mill incident
$.07. These items were partially offset by lower prices and mix
($.03) in our Paper segment, higher freight expense ($.04), higher
input costs ($.04), higher operating costs ($.11), higher
converting costs ($.02), higher annual outage expenses ($.10), and
higher corporate and other costs ($.04).
Compared to fourth quarter guidance of $1.50 per share, lower
than expected recycled fiber prices were offset by higher labor,
medical and benefits costs in our box plants. Results were
negatively impacted by ($.01) per share due to a slightly higher
tax rate, offset by the final insurance recovery related to the
DeRidder Mill incident of $.07 per share.
Financial information by segment is summarized below and in the
schedules with this release.
(dollars in millions)
Three Months Ended
Full Year Ended December 31 December 31
2017 2016 2017 2016
Segment income (loss) Packaging $ 266.9 $ 177.5 $ 943.7 $
711.1 Paper 3.4 33.1 61.5 138.1 Corporate and Other (18.3 ) (17.7 )
(74.0 ) (68.9 )
$ 252.0 $ 192.9
$ 931.2 $ 780.3
Segment income (loss) excluding special items
Packaging $ 257.1 $ 183.2 $ 939.6 $ 725.5 Paper 11.5 35.8 95.3
142.5 Corporate and Other (17.3 ) (17.7 ) (73.7 ) (68.6 )
$
251.3 $ 201.3 $
961.2 $ 799.4 EBITDA
excluding special items Packaging $ 340.4 $ 259.2 $ 1,257.1 $
1,018.8 Paper 26.3 50.0 152.6 199.2 Corporate and Other (15.6 )
(16.4 ) (67.6 ) (63.5 )
$ 351.1 $
292.8 $ 1,342.1 $
1,154.5
In the Packaging segment, total corrugated products shipments
with one additional workday were up 9.8% and shipments per day were
up 8.0% over last year’s fourth quarter. Containerboard production
was 1,006,000 tons, and containerboard inventory (including
inventory for the fourth quarter 2017 acquisition of Sacramento
Container) was up 38,000 tons compared to the fourth quarter of
2016 and up 48,000 tons from the third quarter of 2017. In the
Paper segment, sales volumes in the fourth quarter of 2017 were up
20,000 tons compared to last year’s fourth quarter, while
production volumes were lower due to scheduled outages.
Commenting on reported results, Mark W. Kowlzan, Chairman and
CEO, said, “Demand in our Packaging segment remained very strong as
sales volumes in both our containerboard mills and our corrugated
products plants set all-time records. Record production in our
containerboard mills allowed us to build some inventory to prepare
for scheduled first quarter outages at three of our mills when our
production volume will be significantly reduced. Higher year over
year inflation came in close to where we expected, and the
employees at our containerboard mills and corrugated products
facilities did a great job working extra hours during the quarter
and over the holiday periods to meet our customers’ needs in a
timely manner. Additionally, we are off to a great start with the
integration of Sacramento Container, and we were able to finalize
our claim related to the DeRidder Mill incident with our insurance
carrier which enables us to offset the negative impact to earnings
from earlier in the year.”
“Looking ahead as we move from the fourth and into the first
quarter,” Mr. Kowlzan added, “we expect continued strong demand in
our Packaging segment, although our containerboard volumes will be
lower due to scheduled outages at three of our mills during the
quarter. We will continue to implement our recently announced price
increases in our Paper segment and expect volume to be slightly
lower. We expect inflation in almost all areas across our entire
cost base. We anticipate continued higher freight costs as well as
higher labor and benefits costs with annual wage increases and
other timing-related expenses. Although we anticipate price
inflation on recycled fiber to be fairly flat, we do expect some
inflation in our energy costs and with most of our chemical, and
repair and materials costs, and seasonally colder weather will
increase energy usage and wood costs. Our depreciation and interest
expense will be slightly higher as well. Considering these items,
we expect first quarter earnings of $1.52 per share”.
We present various non-GAAP financial measures in this press
release, including diluted EPS excluding special items, segment
income excluding special items and EBITDA excluding special items.
We provide information regarding our use of non-GAAP financial
measures and reconciliations of historical non-GAAP financial
measures presented in this press release to the most comparable
measure reported in accordance with GAAP in the schedules to this
press release. We present our earnings expectation for the upcoming
quarter excluding special items as special items are difficult to
predict and quantify and may reflect the effect of future events.
We currently expect special items in the first quarter to include
accounting charges, fees, and expenses related to the Wallula Mill
paper machine conversion from paper to linerboard and the
Sacramento Container Corporation acquisition. Additional special
items may arise due to first quarter events.
PCA is the fourth largest producer of containerboard and
corrugated packaging products and the third largest producer of
uncoated freesheet paper in the United States. PCA operates eight
mills and 94 corrugated products plants and related facilities.
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, 2016 filed with the Securities and Exchange Commission
and available at the SEC’s website at “www.sec.gov”.
Conference Call
Information:
WHAT:
Packaging Corporation of America’s 4th Quarter and Full Year 2017
Earnings Conference Call
WHEN:
Wednesday, January 31, 2018 at 9:30 a.m. Eastern Time
CALL-IN
(855) 730-0288 (U.S. and Canada) or (832) 412-2295 (International)
NUMBER:
Dial in by 9:15 a.m. Eastern Time Conference Call Leader: Mr. Mark
Kowlzan
WEBCAST:
http://www.packagingcorp.com
REBROADCAST DATES:
January 31, 2018 12:30 p.m. Eastern Time through February 14, 2018
11:59 p.m. Eastern Time
REBROADCAST NUMBERS:
(855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International)
Passcode: 98796102
Packaging Corporation of America Consolidated
Earnings Results Unaudited (dollars in millions, except
per-share data)
Three Months Ended Full Year
Ended December 31, December 31, 2017
2016 2017 2016 Net sales $ 1,684.3 $ 1,476.6 $
6,444.9 $ 5,779.0 Cost of sales (1,312.6 )
(1)
(1,149.5 )
(3)
(4,972.7 )
(1)
(4,503.3 )
(3)
Gross profit 371.7 327.1 1,472.2 1,275.7 Selling, general, and
administrative expenses (133.7 ) (125.1 ) (522.6 ) (471.1 ) Other
income (expense), net 14.0
(1)
(9.1 )
(3)
(18.4 )
(1)(2)
(24.3 )
(3)
Income from operations 252.0 192.9 931.2 780.3 Interest expense,
net (28.0 )
(1)
(24.4 ) (102.6 )
(1)
(91.8 ) Income before taxes 224.0 168.5 828.6 688.5 Benefit
(provision) for income taxes 44.9
(1)
(57.9 ) (160.0 )
(1)(2)
(238.9 ) Net income $ 268.9 $ 110.6 $ 668.6
$ 449.6 Earnings per share: Basic $ 2.85 $
1.17 $ 7.09 $ 4.76 Diluted $ 2.84 $
1.17 $ 7.07 $ 4.75 Computation
of diluted earnings per share under the two class method: Net
income $ 268.9 $ 110.6 $ 668.6 $ 449.6 Less: Distributed and
undistributed income available to participating securities
(2.1 ) (1.0 ) (5.6 ) (4.4 ) Net income
attributable to PCA shareholders $ 266.8 $ 109.6 $
663.0 $ 445.2 Diluted weighted average shares
outstanding 93.8 93.6 93.7
93.7 Diluted earnings per share $ 2.84
$ 1.17 $ 7.07 $ 4.75
Supplemental financial information: Capital spending $ 116.8 $ 86.2
$ 343.0 $ 274.3 Cash balance $ 216.9 $ 239.3 $ 216.9 $ 239.3
(1) The three and twelve months ended December 31, 2017 include the
following: a. $7.6 million and $5.8 million, respectively,
of income primarily related to the sale of land corresponding to
the closure of a corrugated products facility, partially offset by
closure costs related to corrugated products facilities, a paper
administration facility, a corporate administration facility, and a
lump sum settlement of a multiemployer pension plan withdrawal
liability for one of our corrugated products facilities, which were
recorded in "Other income (expense) net" and "Cost of sales", as
appropriate. b.
$0.9 million and $1.7 million,
respectively, of charges related to the Sacramento Container
Corporation acquisition and integration costs related to other
recent acquisitions, which were recorded in "Other income
(expense), net" and "Cost of sales", as appropriate.
c. $8.0 million and $33.4 million, respectively, of charges
related to the announced second quarter 2018 discontinuation of
uncoated free sheet and coated one-side grades at the Wallula,
Washington mill associated with the conversion of the No. 3 paper
machine to a high-performance 100% virgin kraft linerboard machine.
The costs were recorded within "Other income (expense), net" and
"Cost of sales", as appropriate. d. $1.9 million of expense
related to the write-off of deferred debt issuance costs in
connection with the December 2017 debt refinancing, which was
recorded in "Interest expense, net". e.
$2.0 million gain related to the
expiration of a repurchase option corresponding to timberland
previously sold, which was recorded in "Other income (expense),
net".
f. $122.1 million of estimated income tax benefit related to
the enactment in December 2017 of the Tax Cuts and Jobs Act (H.R.1)
primarily for the remeasurement of our net deferred tax liability
as a result of the reduction in the U.S. corporate income tax rate.
(2) The twelve months ended December 31, 2017 include the
following: a. $5.0 million of costs for the property damage
and business interruption insurance deductible corresponding to the
February 2017 explosion at our DeRidder, Louisiana mill, which were
recorded in "Other income (expense), net". b. $2.3 million
of income related to a working capital adjustment from the April
2015 sale of our Hexacomb corrugated manufacturing operations in
Europe and Mexico, which was recorded in "Other income (expense),
net". c. $3.3 million of tax expense for the change in value
of deferred taxes as a result of an internal legal entity
consolidation that will simplify future operating activities, which
was recorded in "Provision for income taxes". (3) The three
and twelve months ended December 31, 2016 include the following:
a. $4.5 million and $11.9 million, respectively, of closure
costs related to corrugated products facilities and a paper
products facility and costs related to our withdrawal from a
multiemployer pension plan for one of our corrugated products
facilities. The costs were recorded within "Other income (expense),
net" and "Cost of sales", as appropriate. b. $1.2 million
and $4.5 million, respectively, of charges related to the
acquisition and integration of TimBar Corporation and Columbus
Container Corporation, which we recorded in "Other income
(expense), net" and "Cost of sales", as appropriate. c. $2.7
million of costs related to ceased production of softwood market
pulp operations at our Wallula, Washington mill and the permanent
shutdown of the No. 1 machine. The restructuring costs are recorded
within "Other income (expense), net" and "Costs of sales", as
appropriate.
Packaging Corporation
of America Segment Information Unaudited (dollars
in millions)
Three Months Ended Full Year
Ended December 31, December 31, 2017
2016 2017 2016 Segment sales Packaging
$ 1,397.3 $ 1,196.9 $ 5,312.3 $ 4,584.8 Paper 267.5 253.8 1,051.8
1,093.9 Corporate and Other 19.5 25.9
80.8 100.3
$ 1,684.3
$ 1,476.6 $ 6,444.9
$ 5,779.0 Segment income
(loss) Packaging $ 266.9 $ 177.5 $ 943.7 $ 711.1 Paper 3.4 33.1
61.5 138.1 Corporate and Other (18.3 ) (17.7 )
(74.0 ) (68.9 ) Income from operations
252.0
192.9 931.2
780.3 Interest expense, net (28.0 )
(24.4 ) (102.6 ) (91.8 ) Income before taxes
$
224.0 $ 168.5 $
828.6 $ 688.5 Segment
income (loss) excluding special items (1) Packaging $ 257.1 $
183.2 $ 939.6 $ 725.5 Paper 11.5 35.8 95.3 142.5 Corporate and
Other (17.3 ) (17.7 ) (73.7 ) (68.6 )
$ 251.3 $ 201.3 $
961.2 $ 799.4 EBITDA
excluding special items (1) Packaging $ 340.4 $ 259.2 $
1,257.1 $ 1,018.8 Paper 26.3 50.0 152.6 199.2 Corporate and Other
(15.6 ) (16.4 ) (67.6 ) (63.5 )
$ 351.1 $ 292.8 $
1,342.1 $ 1,154.5 (1)
Segment income (loss) excluding special items, earnings before
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.
Packaging
Corporation of America Reconciliation of Non-GAAP Financial
Measures Unaudited (dollars in millions)
Three
Months Ended Full Year Ended December 31,
December 31, 2017 2016 2017 2016
Packaging Segment income $ 266.9 $ 177.5 $ 943.7 $ 711.1
Facilities closure and other costs (8.7 ) 4.5 (7.2 ) 10.2
Acquisition and integration related costs 0.9 1.2 1.7 4.2
Expiration of timberland repurchase option (2.0 ) — (2.0 ) —
DeRidder mill incident — — 5.0 — Hexacomb working capital
adjustment — — (1.6 ) —
Segment income excluding special items (1)
$
257.1 $ 183.2 $
939.6 $ 725.5
Paper Segment income $ 3.4 $ 33.1 $ 61.5 $ 138.1 Wallula
mill restructuring 8.0 — 33.4 — Facilities closure and other costs
0.1 — 0.4 1.7 Ceased production of market pulp at Wallula —
2.7 — 2.7 Segment
income excluding special items (1)
$ 11.5
$ 35.8 $ 95.3 $
142.5 Corporate and Other Segment loss
$ (18.3 ) $ (17.7 ) $ (74.0 ) $ (68.9 ) Facilities closure and
other costs 1.0 — 1.0 — Hexacomb working capital adjustment — —
(0.7 ) — Acquisition and integration related costs —
— — 0.3 Segment loss
excluding special items (1)
$ (17.3 ) $
(17.7 ) $ (73.7 ) $
(68.6 ) Income from
operations $ 252.0 $ 192.9
$ 931.2 $ 780.3
Income from operations, excluding
special items (1) $ 251.3 $
201.3 $ 961.2 $
799.4 (1) See footnote (1) on page 3, for a
discussion of non-GAAP financial measures.
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
December 31, 2017 2016
Incomebeforetaxes
IncomeTaxes
Net Income
DilutedEPS
Incomebeforetaxes
IncomeTaxes
NetIncome
DilutedEPS
As reported $ 224.0 $ 44.9 $ 268.9 $ 2.84 $ 168.5 $ (57.9 ) $ 110.6
$ 1.17 Special items (2): Facilities closure and other costs (7.6 )
2.9 (4.7 ) (0.05 ) 4.5 (1.6 ) 2.9 0.03 Acquisition and integration
related costs 0.9 (0.4 ) 0.5 0.01 1.2 (0.4 ) 0.8 0.01 Wallula mill
restructuring 8.0 (3.4 ) 4.6 0.05 — — — — Expiration of timberland
repurchase option (2.0 ) 0.8 (1.2 ) (0.01 ) — — — — Deferred debt
issuance costs 1.8 (0.7 ) 1.1 0.01 — — — — Tax reform — (122.1 )
(122.1 ) (1.29 ) — — — — Ceased production of market pulp at
Wallula — — — —
2.7 (0.9 ) 1.8 0.02 Total
special items 1.1 (122.9 ) (121.8 )
(1.28 ) 8.4 (2.9 ) 5.5 0.06
Excluding special items
$ 225.1 $
(78.0 ) $ 147.1 $
1.56 $ 176.9 $ (60.8
) $ 116.1 $ 1.23 Full
Year Ended December 31, 2017 2016
Incomebeforetaxes
IncomeTaxes
Net Income
DilutedEPS
Incomebeforetaxes
IncomeTaxes
NetIncome
DilutedEPS
As reported $ 828.6 $ (160.0 ) $ 668.6 $ 7.07 $ 688.5 $ (238.9 ) $
449.6 $ 4.75 Special items (2): Facilities closure and other costs
(5.8 ) 2.3 (3.5 ) (0.04 ) 11.9 (4.2 ) 7.7 0.08 Acquisition and
integration related costs 1.7 (0.7 ) 1.0 0.01 4.5 (1.6 ) 2.9 0.03
Wallula mill restructuring 33.4 (13.1 ) 20.3 0.21 — — — —
Expiration of timberland repurchase option (2.0 ) 0.8 (1.2 ) (0.01
) — — — — Deferred debt issuance costs 1.8 (0.7 ) 1.1 0.01 — — — —
Tax reform — (122.1 ) (122.1 ) (1.29 ) — — — — Internal legal
entity consolidation — 3.3 3.3 0.04 — — — — DeRidder mill incident
5.0 (2.0 ) 3.0 0.03 — — — — Hexacomb working capital adjustment
(2.3 ) 0.9 (1.4 ) (0.01 ) — — — — Ceased production of market pulp
at Wallula — — — —
2.7 (0.9 ) 1.8 0.02 Total
special items 31.8 (131.3 ) (99.5 )
(1.05 ) 19.1 (6.7 ) 12.4 0.13
Excluding special items
$ 860.4 $
(291.3 ) $ 569.1 $
6.02 $ 707.6 $ (245.6
) $
462.0
$ 4.88 (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.
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 interest (interest expense
and interest income), income taxes, and depreciation, amortization,
and depletion. The following table reconciles net income to EBITDA
and EBITDA excluding special items:
Three Months
Ended Full Year Ended December 31, December
31, 2017 2016 2017 2016 Net income
$ 268.9 $ 110.6 $ 668.6 $ 449.6 Interest expense, net 28.0 24.4
102.6 91.8 (Benefit) provision for income taxes (44.9 ) 57.9 160.0
238.9 Depreciation, amortization, and depletion 107.7
93.6 391.4 358.0
EBITDA
(1) $ 359.7 $ 286.5
$ 1,322.6 $ 1,138.3 Special
items: Facilities closure and other costs (7.8 ) 4.5 (6.0 ) 11.1
Acquisition and integration related costs 0.9 1.2 1.7 4.5 Wallula
mill restructuring 0.3 — 23.1 — Expiration of timberland repurchase
option (2.0 ) — (2.0 ) — DeRidder mill incident — — 5.0 — Hexacomb
working capital adjustment — — (2.3 ) — Ceased production of market
pulp at Wallula — 0.6 —
0.6
EBITDA excluding special items (1) $
351.1 $ 292.8 $ 1,342.1
$ 1,154.5 (1) See footnote (1) on page
3, for a discussion of non-GAAP financial measures.
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 Full Year Ended December
31, December 31, 2017 2016 2017
2016 Packaging Segment income $ 266.9 $ 177.5 $ 943.7
$ 711.1 Depreciation, amortization, and depletion 83.3
76.0 317.5 293.3
EBITDA (1) 350.2 253.5 1,261.2
1,004.4 Facilities closure and other costs
(8.7 ) 4.5 (7.2 ) 10.2 Acquisition and integration related costs
0.9 1.2 1.7 4.2 Expiration of timberland repurchase option (2.0 ) —
(2.0 ) — DeRidder mill incident — — 5.0 — Hexacomb working capital
adjustment — — (1.6 ) —
EBITDA excluding special items (1)
$ 340.4
$ 259.2 $ 1,257.1
$ 1,018.8 Paper Segment income $
3.4 $ 33.1 $ 61.5 $ 138.1 Depreciation, amortization, and depletion
22.5 16.3 67.6
59.6 EBITDA (1) 25.9 49.4
129.1 197.7 Facilities closure and other costs
0.1 — 0.4 0.9 Wallula mill restructuring 0.3 — 23.1 — Ceased
production of market pulp at Wallula — 0.6
— 0.6 EBITDA excluding special
items (1)
$ 26.3 $ 50.0
$ 152.6 $ 199.2
Corporate and Other Segment loss $ (18.3 ) $ (17.7 ) $ (74.0
) $ (68.9 ) Depreciation, amortization, and depletion 1.9
1.3 6.3 5.1 EBITDA
(1) (16.4 ) (16.4 ) (67.7 ) (63.8 )
Facilities closure and other costs 0.8 — 0.8 — Hexacomb working
capital adjustment — — (0.7 ) — Acquisition and integration related
costs — — — 0.3
EBITDA excluding special items (1)
$ (15.6
) $ (16.4 ) $ (67.6
) $ (63.5 )
EBITDA excluding special items (1) $
351.1 $ 292.8 $
1,342.1 $ 1,154.5 (1) See
footnote (1) on page 3, for a discussion of non-GAAP financial
measures.
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Packaging Corporation of AmericaBarbara SessionsINVESTOR
RELATIONS: (877) 454-2509PCA’s Website: www.packagingcorp.com
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