Packaging Corporation of America公布2026年二季度业绩，调整后EPS同比小降、收入增长但缺少明确超预期催化

Packaging Corporation of America Reports Second Quarter 2026 Results
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Diluted earnings per share attributable to |
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Three Months Ended |
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2026 |
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2025 |
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Change |
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Reported Diluted EPS |
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$ |
2.15 |
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$ |
2.67 |
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$ |
(0.52) |
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Special Items Expense/(Income) (1) |
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0.20 |
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(0.19) |
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0.39 |
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Diluted EPS excluding Special Items (2) |
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$ |
2.35 |
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$ |
2.48 |
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$ |
(0.13) |
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(1) For descriptions and amounts of our special items, see the schedules with this release. |
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(2) Diluted EPS excluding Special Items is a non-GAAP financial measure. For information regarding our use of non-GAAP financial measures and descriptions and amounts of our special items, see the schedules with this release. |
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Reported earnings in the second quarter of 2026 include special items primarily for facility closure costs and write-offs, costs related to the restructuring of the
Excluding special items, the (
Earnings were
Financial information by segment is summarized below and in the schedules with this release.
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(dollars in millions) |
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Three Months Ended |
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2026 |
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2025 |
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Segment operating income (loss) |
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Packaging |
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$ |
313.2 |
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$ |
346.3 |
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Paper |
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34.3 |
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25.8 |
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Corporate and Other |
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(56.3 |
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(38.4 |
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$ |
291.2 |
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$ |
333.7 |
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Segment operating income (loss) excluding special items (1) |
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Packaging |
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$ |
327.8 |
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$ |
321.7 |
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Paper |
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34.3 |
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25.8 |
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Corporate and Other |
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(47.2 |
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(36.8 |
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$ |
314.9 |
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$ |
310.7 |
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EBITDA excluding special items (1) |
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Packaging |
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$ |
488.6 |
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$ |
452.9 |
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Paper |
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39.1 |
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30.3 |
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Corporate and Other |
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(42.0 |
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(32.4 |
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$ |
485.7 |
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$ |
450.8 |
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Total corrugated products shipments were up 24.3% per day and in total compared to the second quarter of 2025. In the legacy packaging business, corrugated products shipments were up 4.1% per day and in total compared to the second quarter of 2025, with the same number of shipping days in each period. Containerboard production was 1,415,000 tons, and containerboard inventory was down 25,000 tons compared to the first quarter of 2026 and up 40,000 tons compared to the second quarter of 2025, primarily due to the acquisition. In the Paper segment, sales volume was up 6.3% from the second quarter of 2025.
Commenting on reported results,
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 to incur acquisition and integration related costs and costs related to the closure of corrugated products facilities during the third quarter; however, additional special items may arise due to third quarter events.
PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in
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, 2025, 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”.
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Conference Call Information: |
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WHAT: |
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WHEN: |
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PRE-REGISTRATION: |
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OR |
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CALL-IN NUMBER: |
(833) 816-1102 ( |
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WEBCAST INFO: |
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REBROADCAST DATES: |
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REBROADCAST NUMBERS: |
(855) 669-9658 ( |
| Consolidated Earnings Results | ||||||||||||||||
| Unaudited | ||||||||||||||||
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| Three Months Ended | Six Months Ended | |||||||||||||||
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2026 |
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2025 |
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2026 |
2025 |
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| Net sales |
$ |
2,489.9 |
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$ |
2,171.3 |
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$ |
4,857.6 |
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$ |
4,312.3 |
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| Cost of sales |
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(1,977.4 |
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(1) |
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(1,688.3 |
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(2) |
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(3,892.3 |
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(1) |
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(3,374.5 |
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(2) |
| Gross profit |
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512.5 |
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483.0 |
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965.3 |
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937.8 |
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| Selling, general, and administrative expenses |
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(179.3 |
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(153.2 |
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(359.6 |
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(314.6 |
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| Other (expense) income, net |
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(42.0 |
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(1) |
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3.9 |
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(2) |
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(63.2 |
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(1) |
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(9.2 |
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(2) |
| Income from operations |
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291.2 |
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333.7 |
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542.5 |
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614.0 |
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| Non-operating pension income |
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1.1 |
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- |
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2.2 |
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- |
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| Interest expense, net |
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(33.3 |
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(13.1 |
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(66.0 |
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(26.0 |
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| Income before taxes |
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259.0 |
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320.6 |
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478.7 |
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588.0 |
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| Provision for income taxes |
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(66.9 |
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(79.1 |
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(115.7 |
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(142.7 |
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| Net income |
$ |
192.1 |
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$ |
241.5 |
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$ |
363.0 |
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$ |
445.3 |
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| Earnings per share: | ||||||||||||||||
| Basic |
$ |
2.16 |
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$ |
2.68 |
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$ |
4.07 |
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$ |
4.95 |
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| Diluted |
$ |
2.15 |
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$ |
2.67 |
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$ |
4.05 |
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$ |
4.93 |
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| Computation of diluted earnings per share under the two class method: | ||||||||||||||||
| Net income |
$ |
192.1 |
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$ |
241.5 |
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$ |
363.0 |
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$ |
445.3 |
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| Less: Distributed and undistributed income available to participating securities |
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(1.1 |
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(1.6 |
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(2.2 |
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(3.0 |
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| Net income attributable to PCA shareholders |
$ |
191.0 |
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$ |
239.9 |
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$ |
360.8 |
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$ |
442.3 |
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| Diluted weighted average shares outstanding |
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89.0 |
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89.7 |
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89.1 |
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89.7 |
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| Diluted earnings per share |
$ |
2.15 |
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$ |
2.67 |
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$ |
4.05 |
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$ |
4.93 |
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| Supplemental financial information: | ||||||||||||||||
| Capital spending |
$ |
205.9 |
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$ |
169.7 |
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$ |
370.6 |
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$ |
317.8 |
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| Cash, cash equivalents, and marketable debt securities |
$ |
666.8 |
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$ |
955.9 |
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$ |
666.8 |
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$ |
955.9 |
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| (1) | The three and six months ended |
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(2) |
The three and six months ended |
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| Segment Information | |||||||||||||||
| Unaudited | |||||||||||||||
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| Three Months Ended | Six Months Ended | ||||||||||||||
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2026 |
2025 |
2026 |
2025 |
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| Segment sales | |||||||||||||||
| Packaging |
$ |
2,311.3 |
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$ |
2,005.9 |
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$ |
4,499.8 |
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$ |
3,976.3 |
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| Paper |
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157.3 |
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145.8 |
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317.2 |
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300.0 |
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| Corporate and Other |
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21.3 |
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19.6 |
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40.6 |
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36.0 |
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$ |
2,489.9 |
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$ |
2,171.3 |
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$ |
4,857.6 |
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$ |
4,312.3 |
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| Segment operating income (loss)