UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT |
Pursuant to Section 13 OR 15(d) |
of The Securities Exchange Act of 1934 |
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction |
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(Commission |
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(IRS Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code)
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(Registrants' Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Item 2.02. Results of Operations and Financial Condition.
The information furnished in this Item 2.02, including the exhibit described below, shall not be deemed “filed” hereunder for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On July 24, 2023, Packaging Corporation of America issued a press release announcing second quarter financial results. The press release is furnished as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 |
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Second Quarter 2023 Earnings Press Release dated July 24, 2023 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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PACKAGING CORPORATION OF AMERICA |
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(Registrant) |
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By: |
/s/ PAMELA A. BARNES |
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Senior Vice President, Finance and Controller |
Date: July 24, 2023
Exhibit 99.1
PACKAGING CORPORATION OF AMERICA REPORTS SECOND QUARTER 2023 RESULTS
Lake Forest, IL, July 24, 2023 – Packaging Corporation of America (NYSE: PKG) today reported second quarter 2023 net income of $203 million, or $2.24 per share, and net income of $209 million, or $2.31 per share, excluding special items. Second quarter net sales were $2.0 billion in 2023 and $2.2 billion in 2022.
Diluted earnings per share attributable to Packaging Corporation of America shareholders |
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Three Months Ended |
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June 30, |
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2023 |
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2022 |
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Change |
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Reported Diluted EPS |
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$ |
2.24 |
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$ |
3.20 |
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$ |
(0.96 |
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Special Items Expense (1) |
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0.07 |
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0.02 |
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0.05 |
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Diluted EPS excluding Special Items (2) |
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$ |
2.31 |
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$ |
3.23 |
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$ |
(0.92 |
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(1) For descriptions and amounts of our special items, see the schedules with this release. |
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(2) Amounts may not foot due to rounding. |
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Reported earnings in the second quarter of 2023 include special items for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities and closure costs related to corrugated products facilities and design centers.
Excluding special items, the ($.92) per share decrease in second quarter 2023 earnings compared to the second quarter of 2022 was driven primarily by lower volumes in the Packaging ($.90) and Paper ($.07) segments, lower price and mix in the Packaging segment ($.47), higher depreciation expense ($.09), and higher other converting costs ($.03). These items were partially offset by lower operating costs $.34, higher prices and mix in the Paper segment $.12, a lower share count resulting from share repurchases in the second half of 2022 $.13, lower scheduled maintenance outage expenses $.03, and a lower tax rate $.02.
Results were $.35 above second quarter guidance of $1.96 per share primarily due to lower operating costs resulting from efficiency and usage initiatives and lower freight and logistics expenses.
Financial information by segment is summarized below and in the schedules with this release.
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(dollars in millions) |
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Three Months Ended |
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June 30, |
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2023 |
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2022 |
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Segment income (loss) |
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Packaging |
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$ |
285.8 |
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$ |
419.8 |
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Paper |
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29.1 |
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22.7 |
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Corporate and Other |
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(30.5 |
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(26.7 |
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$ |
284.4 |
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$ |
415.8 |
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Segment income (loss) excluding special items |
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Packaging |
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$ |
289.7 |
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$ |
419.3 |
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Paper |
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33.5 |
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26.2 |
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Corporate and Other |
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(30.5 |
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(26.7 |
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$ |
292.7 |
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$ |
418.8 |
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EBITDA excluding special items |
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Packaging |
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$ |
405.3 |
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$ |
525.3 |
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Paper |
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38.8 |
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31.5 |
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Corporate and Other |
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(26.6 |
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(24.2 |
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$ |
417.5 |
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$ |
532.6 |
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In the Packaging segment, total corrugated products shipments and shipments per day were down (9.8%) compared to last year’s second quarter. Shipments per day were up 2.7% versus the first quarter of 2023. Containerboard production was 1,112,000 tons, and containerboard inventory was down (11,000) tons versus the first quarter of 2023 and down (49,000) tons compared to the second quarter of 2022. In the Paper segment, sales volume was down (5,000) tons compared to the first quarter of 2023 and down (19,000) tons versus the second quarter of 2022.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, “Actual results versus our guidance for the quarter reflect the outstanding efforts by employees across the Company to manage our operations in an efficient and cost-effective manner as we continued to operate both our Packaging and Paper segments against a challenging demand environment. Results also reflect energy and virgin fiber prices being lower than anticipated, and our logistics and distribution personnel did a great job minimizing the effect of higher freight rates in certain regions as well as optimizing freight routes and transportation modes. During the second quarter, we temporarily idled our Wallula, WA mill as we continued to operate the Packaging segment based on our outlook for demand.”
"Looking ahead as we move from the second and into the third quarter,” Mr. Kowlzan added, “in our Packaging segment, although there is one less shipping day for the corrugated business, we expect shipments per day to improve versus the second quarter. However, prices will be lower as a result of the previously published domestic containerboard price decreases along with slightly lower export prices. We expect seasonally stronger volume in our Paper segment from back-to-school shipments, although prices are expected to trend lower based on the recent declines in index prices. Operating and converting costs should trend slightly higher primarily due to higher recycled fiber prices and seasonal energy cost. Scheduled outage expenses will be higher by approximately ($.06) per share driven by the scheduled maintenance planned at our International Falls, MN mill. Finally, we estimate our depreciation expense and tax rate to be slightly higher as well. Considering these items, we expect third quarter earnings of $1.88 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 anticipate special items in the third quarter of 2023 to include accounting charges, fees, and expenses for paper-to-containerboard conversion related activities at the Jackson, AL mill. We do not currently expect any additional significant special items 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 North America. PCA operates eight mills and 86 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, the impact of the COVID-19 pandemic on our business, 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, 2022, 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:
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WHAT: |
Packaging Corporation of America’s 2nd Quarter 2023 Earnings Conference Call |
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Conference ID: Packaging Corporation of America |
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WHEN: |
Tuesday, July 25, 2023 at 9:00am Eastern Time |
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PRE-REGISTRATION: |
https://dpregister.com/sreg/10173951/f561e5615b |
OR |
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CALL-IN NUMBER: |
(866) 777-2509 (U.S.); (866) 605-3852 (Canada) or (412) 317-5413 (International) |
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Dial in by 8:45am Eastern Time |
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WEBCAST INFO: |
http://www.packagingcorp.com |
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REBROADCAST DATES: |
July 25, 2023 through August 8, 2023 |
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REBROADCAST NUMBERS: |
(877) 344-7529 (U.S.); (855) 669-9658 (Canada) or (412) 317-0088 (International) |
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Passcode: 8004934 |
Packaging Corporation of America
Consolidated Earnings Results
Unaudited
(dollars in millions, except per-share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Net sales |
$ |
1,952.1 |
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$ |
2,237.3 |
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$ |
3,928.4 |
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$ |
4,373.7 |
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Cost of sales |
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(1,507.4 |
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(1) |
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(1,648.5 |
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(2) |
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(3,052.3 |
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(1) |
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(3,251.7 |
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(2) |
Gross profit |
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444.7 |
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588.8 |
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876.1 |
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1,122.0 |
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Selling, general, and administrative expenses |
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(145.6 |
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(1) |
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(156.7 |
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(293.9 |
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(1) |
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(317.7 |
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Other expense, net |
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(14.7 |
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(1) |
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(16.3 |
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(2) |
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(27.2 |
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(1) |
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(31.9 |
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(2) |
Income from operations |
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284.4 |
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415.8 |
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555.0 |
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772.4 |
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Non-operating pension (expense) income |
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(2.0 |
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3.6 |
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(4.0 |
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7.3 |
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Interest expense, net |
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(14.6 |
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(18.8 |
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(29.9 |
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(38.7 |
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Income before taxes |
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267.8 |
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400.6 |
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521.1 |
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741.0 |
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Provision for income taxes |
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(65.1 |
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(99.1 |
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(128.3 |
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(185.3 |
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Net income |
$ |
202.7 |
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$ |
301.5 |
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$ |
392.8 |
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$ |
555.7 |
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Earnings per share: |
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Basic |
$ |
2.25 |
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$ |
3.22 |
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$ |
4.37 |
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$ |
5.93 |
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Diluted |
$ |
2.24 |
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$ |
3.20 |
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$ |
4.35 |
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$ |
5.91 |
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Computation of diluted earnings per share under the two class method: |
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Net income |
$ |
202.7 |
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$ |
301.5 |
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$ |
392.8 |
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$ |
555.7 |
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Less: Distributed and undistributed income available to participating securities |
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(1.9 |
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(2.6 |
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(3.5 |
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(4.6 |
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Net income attributable to PCA shareholders |
$ |
200.8 |
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$ |
298.9 |
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$ |
389.3 |
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$ |
551.1 |
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Diluted weighted average shares outstanding |
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89.5 |
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93.4 |
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89.5 |
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93.3 |
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Diluted earnings per share |
$ |
2.24 |
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$ |
3.20 |
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$ |
4.35 |
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$ |
5.91 |
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Supplemental financial information: |
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Capital spending |
$ |
126.4 |
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$ |
189.1 |
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$ |
238.8 |
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$ |
402.3 |
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Cash, cash equivalents, and marketable debt securities |
$ |
629.6 |
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$ |
810.8 |
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$ |
629.6 |
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$ |
810.8 |
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1
Packaging Corporation of America
Segment Information
Unaudited
(dollars in millions)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Segment sales |
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Packaging |
$ |
1,790.3 |
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$ |
2,066.9 |
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$ |
3,598.9 |
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$ |
4,031.3 |
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Paper |
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142.8 |
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149.8 |
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293.7 |
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303.3 |
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Corporate and Other |
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19.0 |
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20.6 |
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35.8 |
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39.1 |
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$ |
1,952.1 |
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$ |
2,237.3 |
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$ |
3,928.4 |
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$ |
4,373.7 |
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Segment income (loss) |
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Packaging |
$ |
285.8 |
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$ |
419.8 |
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$ |
553.7 |
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$ |
782.1 |
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Paper |
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29.1 |
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22.7 |
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63.2 |
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45.1 |
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Corporate and Other |
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(30.5 |
) |
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(26.7 |
) |
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(61.9 |
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(54.8 |
) |
Income from operations |
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284.4 |
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415.8 |
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555.0 |
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772.4 |
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Non-operating pension (expense) income |
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(2.0 |
) |
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3.6 |
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(4.0 |
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7.3 |
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Interest expense, net |
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(14.6 |
) |
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(18.8 |
) |
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(29.9 |
) |
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(38.7 |
) |
Income before taxes |
$ |
267.8 |
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$ |
400.6 |
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$ |
521.1 |
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$ |
741.0 |
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Segment income (loss) excluding special items (1) |
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Packaging |
$ |
289.7 |
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$ |
419.3 |
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$ |
567.0 |
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$ |
782.3 |
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Paper |
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33.5 |
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26.2 |
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69.2 |
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50.0 |
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Corporate and Other |
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(30.5 |
) |
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(26.7 |
) |
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(61.9 |
) |
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(54.8 |
) |
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$ |
292.7 |
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$ |
418.8 |
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$ |
574.3 |
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$ |
777.5 |
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EBITDA excluding special items (1) |
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Packaging |
$ |
405.3 |
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$ |
525.3 |
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$ |
796.8 |
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$ |
989.2 |
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Paper |
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38.8 |
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31.5 |
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79.9 |
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|
60.4 |
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Corporate and Other |
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(26.6 |
) |
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(24.2 |
) |
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(54.3 |
) |
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(49.8 |
) |
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$ |
417.5 |
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$ |
532.6 |
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$ |
822.4 |
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$ |
999.8 |
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____________
2
Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures
Unaudited
(dollars in millions)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Packaging |
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Segment income |
$ |
285.8 |
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$ |
419.8 |
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$ |
553.7 |
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$ |
782.1 |
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Facilities closure and other costs (income) |
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3.9 |
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(0.9 |
) |
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13.6 |
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(0.3 |
) |
Jackson mill conversion-related activities |
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— |
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0.4 |
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(0.3 |
) |
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|
0.5 |
|
Segment income excluding special items (1) |
$ |
289.7 |
|
|
$ |
419.3 |
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$ |
567.0 |
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$ |
782.3 |
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Paper |
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Segment income |
$ |
29.1 |
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|
$ |
22.7 |
|
|
$ |
63.2 |
|
|
$ |
45.1 |
|
Jackson mill conversion-related activities |
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4.4 |
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|
3.5 |
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6.0 |
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|
4.9 |
|
Segment income excluding special items (1) |
$ |
33.5 |
|
|
$ |
26.2 |
|
|
$ |
69.2 |
|
|
$ |
50.0 |
|
|
|
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Corporate and Other |
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Segment loss |
$ |
(30.5 |
) |
|
$ |
(26.7 |
) |
|
$ |
(61.9 |
) |
|
$ |
(54.8 |
) |
Segment loss excluding special items (1) |
$ |
(30.5 |
) |
|
$ |
(26.7 |
) |
|
$ |
(61.9 |
) |
|
$ |
(54.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from operations |
$ |
284.4 |
|
|
$ |
415.8 |
|
|
$ |
555.0 |
|
|
$ |
772.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from operations, excluding special items (1) |
$ |
292.7 |
|
|
$ |
418.8 |
|
|
$ |
574.3 |
|
|
$ |
777.5 |
|
____________
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, |
|
|||||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||||||||||
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
||||||||
As reported |
$ |
267.8 |
|
|
$ |
(65.1 |
) |
|
$ |
202.7 |
|
|
$ |
2.24 |
|
|
$ |
400.6 |
|
|
$ |
(99.1 |
) |
|
$ |
301.5 |
|
|
$ |
3.20 |
|
Special items (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jackson mill conversion-related activities |
|
4.4 |
|
|
|
(1.1 |
) |
|
|
3.3 |
|
|
|
0.04 |
|
|
|
3.9 |
|
|
|
(1.0 |
) |
|
|
2.9 |
|
|
|
0.03 |
|
Facilities closure and other costs (income) |
|
3.9 |
|
|
|
(1.0 |
) |
|
|
2.9 |
|
|
|
0.03 |
|
|
|
(0.9 |
) |
|
|
0.2 |
|
|
|
(0.7 |
) |
|
|
(0.01 |
) |
Total special items |
|
8.3 |
|
|
|
(2.1 |
) |
|
|
6.2 |
|
|
|
0.07 |
|
|
|
3.0 |
|
|
|
(0.8 |
) |
|
|
2.2 |
|
|
|
0.02 |
|
Excluding special items |
$ |
276.1 |
|
|
$ |
(67.2 |
) |
|
$ |
208.9 |
|
|
$ |
2.31 |
|
|
$ |
403.6 |
|
|
$ |
(99.9 |
) |
|
$ |
303.7 |
|
|
$ 3.23 (3) |
|
|
|
Six Months Ended |
|
|||||||||||||||||||||||||||||
|
June 30, |
|
|||||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||||||||||
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
||||||||
As reported |
$ |
521.1 |
|
|
$ |
(128.3 |
) |
|
$ |
392.8 |
|
|
$ |
4.35 |
|
|
$ |
741.0 |
|
|
$ |
(185.3 |
) |
|
$ |
555.7 |
|
|
$ |
5.91 |
|
Special items (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Facilities closure and other costs (income) |
|
13.6 |
|
|
|
(3.4 |
) |
|
|
10.2 |
|
|
|
0.11 |
|
|
|
(0.3 |
) |
|
|
0.1 |
|
|
|
(0.2 |
) |
|
|
— |
|
Jackson mill conversion-related activities |
|
5.7 |
|
|
|
(1.4 |
) |
|
|
4.3 |
|
|
|
0.05 |
|
|
|
5.4 |
|
|
|
(1.4 |
) |
|
|
4.0 |
|
|
|
0.04 |
|
Total special items |
|
19.3 |
|
|
|
(4.8 |
) |
|
|
14.5 |
|
|
|
0.16 |
|
|
|
5.1 |
|
|
|
(1.3 |
) |
|
|
3.8 |
|
|
|
0.04 |
|
Excluding special items |
$ |
540.4 |
|
|
$ |
(133.1 |
) |
|
$ |
407.3 |
|
|
$ |
4.51 |
|
|
$ |
746.1 |
|
|
$ |
(186.6 |
) |
|
$ |
559.5 |
|
|
$ |
5.95 |
|
____________
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 expense (income), 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, |
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net income |
$ |
202.7 |
|
|
$ |
301.5 |
|
|
$ |
392.8 |
|
|
$ |
555.7 |
|
Non-operating pension expense (income) |
|
2.0 |
|
|
|
(3.6 |
) |
|
|
4.0 |
|
|
|
(7.3 |
) |
Interest expense, net |
|
14.6 |
|
|
|
18.8 |
|
|
|
29.9 |
|
|
|
38.7 |
|
Provision for income taxes |
|
65.1 |
|
|
|
99.1 |
|
|
|
128.3 |
|
|
|
185.3 |
|
Depreciation, amortization, and depletion |
|
127.9 |
|
|
|
114.3 |
|
|
|
257.5 |
|
|
|
224.0 |
|
EBITDA (1) |
$ |
412.3 |
|
|
$ |
530.1 |
|
|
$ |
812.5 |
|
|
$ |
996.4 |
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
||||
Facilities closure and other costs (income) |
|
3.2 |
|
|
|
(0.9 |
) |
|
|
8.2 |
|
|
|
(0.3 |
) |
Jackson mill conversion-related activities |
|
2.0 |
|
|
|
3.4 |
|
|
|
1.7 |
|
|
|
3.7 |
|
EBITDA excluding special items (1) |
$ |
417.5 |
|
|
$ |
532.6 |
|
|
$ |
822.4 |
|
|
$ |
999.8 |
|
____________
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, |
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Packaging |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment income |
$ |
285.8 |
|
|
$ |
419.8 |
|
|
$ |
553.7 |
|
|
$ |
782.1 |
|
Depreciation, amortization, and depletion |
|
116.3 |
|
|
|
106.0 |
|
|
|
235.2 |
|
|
|
206.9 |
|
EBITDA (1) |
|
402.1 |
|
|
|
525.8 |
|
|
|
788.9 |
|
|
|
989.0 |
|
Facilities closure and other costs (income) |
|
3.2 |
|
|
|
(0.9 |
) |
|
|
8.2 |
|
|
|
(0.3 |
) |
Jackson mill conversion-related activities |
|
— |
|
|
|
0.4 |
|
|
|
(0.3 |
) |
|
|
0.5 |
|
EBITDA excluding special items (1) |
$ |
405.3 |
|
|
$ |
525.3 |
|
|
$ |
796.8 |
|
|
$ |
989.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Paper |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment income |
$ |
29.1 |
|
|
$ |
22.7 |
|
|
$ |
63.2 |
|
|
$ |
45.1 |
|
Depreciation, amortization, and depletion |
|
7.7 |
|
|
|
5.8 |
|
|
|
14.7 |
|
|
|
12.1 |
|
EBITDA (1) |
|
36.8 |
|
|
|
28.5 |
|
|
|
77.9 |
|
|
|
57.2 |
|
Jackson mill conversion-related activities |
|
2.0 |
|
|
|
3.0 |
|
|
|
2.0 |
|
|
|
3.2 |
|
EBITDA excluding special items (1) |
$ |
38.8 |
|
|
$ |
31.5 |
|
|
$ |
79.9 |
|
|
$ |
60.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment loss |
$ |
(30.5 |
) |
|
$ |
(26.7 |
) |
|
$ |
(61.9 |
) |
|
$ |
(54.8 |
) |
Depreciation, amortization, and depletion |
|
3.9 |
|
|
|
2.5 |
|
|
|
7.6 |
|
|
|
5.0 |
|
EBITDA (1) |
|
(26.6 |
) |
|
|
(24.2 |
) |
|
|
(54.3 |
) |
|
|
(49.8 |
) |
EBITDA excluding special items (1) |
$ |
(26.6 |
) |
|
$ |
(24.2 |
) |
|
$ |
(54.3 |
) |
|
$ |
(49.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EBITDA excluding special items (1) |
$ |
417.5 |
|
|
$ |
532.6 |
|
|
$ |
822.4 |
|
|
$ |
999.8 |
|
____________
6