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 October 23, 2023, Packaging Corporation of America issued a press release announcing third 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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Third Quarter 2023 Earnings Press Release dated October 23, 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: October 23, 2023
Exhibit 99.1
PACKAGING CORPORATION OF AMERICA REPORTS THIRD QUARTER 2023 RESULTS
Lake Forest, IL, October 23, 2023 – Packaging Corporation of America (NYSE: PKG) today reported third quarter 2023 net income of $183 million, or $2.03 per share, and net income of $185 million, or $2.05 per share, excluding special items. Third quarter net sales were $1.9 billion in 2023 and $2.1 billion in 2022.
Diluted earnings per share attributable to Packaging Corporation of America shareholders |
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Three Months Ended |
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September 30, |
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2023 |
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2022 |
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Change |
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Reported Diluted EPS |
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$ |
2.03 |
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$ |
2.80 |
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$ |
(0.77 |
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Special Items Expense (1) |
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0.02 |
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0.03 |
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(0.01 |
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Diluted EPS excluding Special Items (2) |
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$ |
2.05 |
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$ |
2.83 |
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$ |
(0.78 |
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(1) For descriptions and amounts of our special items, see the schedules with this release. |
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Reported earnings in the third quarter of 2023 include special items primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities.
Excluding special items, the ($.78) per share decrease in third quarter 2023 earnings compared to the third quarter of 2022 was driven primarily by lower price and mix ($1.33) and volume ($.09) in the Packaging segment, higher depreciation expense ($.11), lower volume in the Paper segment ($.04), a higher tax rate ($.02), and other expenses ($.02). These items were partially offset by lower operating costs $.58, a lower share count resulting from share repurchases in the second half of 2022 $.11, higher prices and mix in the Paper segment $.04, lower converting costs $.04, lower scheduled maintenance outage expenses $.04, and lower freight and logistics expenses $.02.
Results were $.17 above third quarter guidance of $1.88 per share primarily due to higher volume in the Packaging and Paper segments and lower operating and converting costs.
Financial information by segment is summarized below and in the schedules with this release.
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(dollars in millions) |
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Three Months Ended |
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September 30, |
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2023 |
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2022 |
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Segment income (loss) |
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Packaging |
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$ |
256.8 |
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$ |
359.2 |
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Paper |
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27.6 |
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26.1 |
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Corporate and Other |
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(25.8 |
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(25.0 |
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$ |
258.6 |
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$ |
360.3 |
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Segment income (loss) excluding special items |
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Packaging |
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$ |
256.7 |
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$ |
362.0 |
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Paper |
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30.2 |
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27.4 |
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Corporate and Other |
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(25.8 |
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(25.0 |
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$ |
261.1 |
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$ |
364.4 |
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EBITDA excluding special items |
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Packaging |
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$ |
374.2 |
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$ |
467.1 |
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Paper |
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35.4 |
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32.6 |
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Corporate and Other |
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(21.8 |
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(22.6 |
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$ |
387.8 |
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$ |
477.1 |
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In the Packaging segment, corrugated products shipments per day were up 1.9% over last year’s third quarter and total shipments, with two less shipping days, were down (1.3%). Shipments per day were up 3.9% versus the second quarter of 2023. Containerboard production was 1,118,000 tons, and containerboard inventory was down 84,000 tons from the third quarter of 2022 and down 12,000 tons compared to the second quarter of 2023. In the Paper segment, sales volume was down 10,000 tons compared to the third quarter of 2022, and up 14,000 tons compared to the second quarter of 2023.
Commenting on reported results, Mark W. Kowlzan, Chairman and CEO, said, “We were able to exceed our guidance for the quarter with better demand in our Packaging and Paper segments and by remaining focused on process efficiency optimization efforts across our mills and corrugated products facilities. The scheduled maintenance outages at our mills were executed well, and we also ran the containerboard system in a very cost-effective manner to match our supply with demand, which included keeping our Wallula, WA mill temporarily idled during the quarter. With the stronger demand in our Packaging segment, we ended the quarter with inventory levels lower than anticipated. Based on our current outlook for improving demand together with current plans in the first half of 2024 for scheduled mill maintenance outages and completing the final phase of the containerboard conversion of the No. 3 machine at our Jackson, AL mill, we are planning to restart the No. 3 machine at our Wallula mill during the fourth quarter in order to bring our inventories to desired levels.”
"Looking ahead as we move from the third and into the fourth quarter,” Mr. Kowlzan added, “in our Packaging segment, we expect less market-related downtime as we build our inventories back to appropriate levels along with higher shipments per day in our corrugated products facilities, although our plants will have one less shipping day compared to the third quarter. We also expect lower average prices primarily due to the majority of the May decrease in the published benchmark index grades being realized throughout the third quarter as well as a seasonally less rich mix. In our Paper segment, volume will be lower compared to the seasonally stronger third quarter, and prices and mix are assumed to trend lower with declines in the index prices. Operating and converting costs will increase driven by higher recycled fiber prices, seasonal energy costs, and the re-start of the Wallula mill. Depreciation expense is estimated to be slightly higher, and scheduled maintenance outage expenses will be lower. Considering these items, we expect fourth quarter earnings of $1.76 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 fourth quarter of 2023 to include 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 fourth quarter; however, additional special items may arise due to fourth 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 3rd Quarter 2023 Earnings Conference Call |
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Conference ID: Packaging Corporation of America |
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WHEN: |
Tuesday, October 24, 2023 at 9:00am Eastern Time |
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PRE-REGISTRATION: |
https://dpregister.com/sreg/10173953/f56283c8a6 |
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: |
www.packagingcorp.com |
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REBROADCAST DATES: |
October 24, 2023 through November 7, 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: 2565561 |
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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Nine Months Ended |
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September 30, |
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September 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 |
$ |
1,936.0 |
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$ |
2,125.9 |
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$ |
5,864.5 |
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$ |
6,499.6 |
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Cost of sales |
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(1,523.3 |
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(1) |
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(1,607.5 |
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(2) |
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(4,575.7 |
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(1) |
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(4,859.3 |
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(2) |
Gross profit |
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412.7 |
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518.4 |
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1,288.8 |
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1,640.3 |
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Selling, general, and administrative expenses |
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(144.2 |
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(145.2 |
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(438.1 |
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(1) |
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(462.9 |
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Other expense, net |
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(9.9 |
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(1) |
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(12.9 |
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(2) |
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(37.1 |
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(1) |
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(44.7 |
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(2) |
Income from operations |
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258.6 |
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360.3 |
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813.6 |
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1,132.7 |
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Non-operating pension (expense) income |
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(1.8 |
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3.6 |
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(5.8 |
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10.9 |
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Interest expense, net |
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(12.3 |
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(16.5 |
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(42.2 |
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(55.3 |
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Income before taxes |
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244.5 |
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347.4 |
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765.6 |
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1,088.3 |
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Provision for income taxes |
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(61.3 |
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(84.9 |
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(189.6 |
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(270.1 |
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Net income |
$ |
183.2 |
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$ |
262.5 |
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$ |
576.0 |
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$ |
818.2 |
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Earnings per share: |
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Basic |
$ |
2.04 |
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$ |
2.81 |
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$ |
6.41 |
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$ |
8.74 |
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Diluted |
$ |
2.03 |
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$ |
2.80 |
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$ |
6.38 |
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$ |
8.70 |
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Computation of diluted earnings per share under the two class method: |
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Net income |
$ |
183.2 |
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$ |
262.5 |
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$ |
576.0 |
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$ |
818.2 |
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Less: Distributed and undistributed income available to participating securities |
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(1.4 |
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(1.9 |
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(4.8 |
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(6.4 |
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Net income attributable to PCA shareholders |
$ |
181.8 |
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$ |
260.6 |
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$ |
571.2 |
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$ |
811.8 |
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Diluted weighted average shares outstanding |
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89.5 |
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93.2 |
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89.5 |
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93.3 |
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Diluted earnings per share |
$ |
2.03 |
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$ |
2.80 |
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$ |
6.38 |
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$ |
8.70 |
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Supplemental financial information: |
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Capital spending |
$ |
89.8 |
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$ |
179.7 |
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$ |
328.6 |
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$ |
577.1 |
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Cash, cash equivalents, and marketable debt securities |
$ |
726.5 |
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$ |
793.5 |
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$ |
726.5 |
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$ |
793.5 |
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1
2
Packaging Corporation of America
Segment Information
Unaudited
(dollars in millions)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 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 |
$ |
1,759.8 |
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$ |
1,940.2 |
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$ |
5,358.7 |
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$ |
5,971.6 |
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Paper |
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157.9 |
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165.3 |
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451.6 |
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468.6 |
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Corporate and Other |
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18.3 |
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20.4 |
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54.2 |
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59.4 |
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$ |
1,936.0 |
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$ |
2,125.9 |
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$ |
5,864.5 |
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$ |
6,499.6 |
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Segment income (loss) |
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Packaging |
$ |
256.8 |
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$ |
359.2 |
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$ |
810.5 |
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$ |
1,141.3 |
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Paper |
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27.6 |
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26.1 |
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90.8 |
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71.2 |
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Corporate and Other |
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(25.8 |
) |
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(25.0 |
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(87.7 |
) |
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(79.8 |
) |
Income from operations |
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258.6 |
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360.3 |
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813.6 |
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1,132.7 |
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Non-operating pension (expense) income |
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(1.8 |
) |
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3.6 |
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(5.8 |
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10.9 |
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Interest expense, net |
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(12.3 |
) |
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(16.5 |
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(42.2 |
) |
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(55.3 |
) |
Income before taxes |
$ |
244.5 |
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$ |
347.4 |
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$ |
765.6 |
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$ |
1,088.3 |
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Segment income (loss) excluding special items (1) |
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Packaging |
$ |
256.7 |
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$ |
362.0 |
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$ |
823.7 |
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$ |
1,144.3 |
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Paper |
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30.2 |
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27.4 |
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99.3 |
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77.4 |
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Corporate and Other |
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(25.8 |
) |
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(25.0 |
) |
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(87.7 |
) |
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(79.8 |
) |
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$ |
261.1 |
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$ |
364.4 |
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$ |
835.3 |
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$ |
1,141.9 |
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EBITDA excluding special items (1) |
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Packaging |
$ |
374.2 |
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$ |
467.1 |
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$ |
1,171.0 |
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$ |
1,456.3 |
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Paper |
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35.4 |
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32.6 |
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115.3 |
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|
93.0 |
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Corporate and Other |
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(21.8 |
) |
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(22.6 |
) |
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(76.1 |
) |
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(72.5 |
) |
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$ |
387.8 |
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$ |
477.1 |
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$ |
1,210.2 |
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$ |
1,476.8 |
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____________
3
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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Nine Months Ended |
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September 30, |
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September 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 |
$ |
256.8 |
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$ |
359.2 |
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$ |
810.5 |
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$ |
1,141.3 |
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Facilities closure and other costs (income) |
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(0.1 |
) |
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0.2 |
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13.5 |
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(0.2 |
) |
Jackson mill conversion-related activities |
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— |
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2.6 |
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(0.3 |
) |
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|
3.2 |
|
Segment income excluding special items (1) |
$ |
256.7 |
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$ |
362.0 |
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$ |
823.7 |
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$ |
1,144.3 |
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Paper |
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Segment income |
$ |
27.6 |
|
|
$ |
26.1 |
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|
$ |
90.8 |
|
|
$ |
71.2 |
|
Jackson mill conversion-related activities |
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2.6 |
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|
1.3 |
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|
|
8.5 |
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|
|
6.2 |
|
Segment income excluding special items (1) |
$ |
30.2 |
|
|
$ |
27.4 |
|
|
$ |
99.3 |
|
|
$ |
77.4 |
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|
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|
|
|
|
|
||||
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment loss |
$ |
(25.8 |
) |
|
$ |
(25.0 |
) |
|
$ |
(87.7 |
) |
|
$ |
(79.8 |
) |
Segment loss excluding special items (1) |
$ |
(25.8 |
) |
|
$ |
(25.0 |
) |
|
$ |
(87.7 |
) |
|
$ |
(79.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from operations |
$ |
258.6 |
|
|
$ |
360.3 |
|
|
$ |
813.6 |
|
|
$ |
1,132.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from operations, excluding special items (1) |
$ |
261.1 |
|
|
$ |
364.4 |
|
|
$ |
835.3 |
|
|
$ |
1,141.9 |
|
____________
4
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 |
|
|||||||||||||||||||||||||||||
|
September 30, |
|
|||||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||||||||||
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
||||||||
As reported |
$ |
244.5 |
|
|
$ |
(61.3 |
) |
|
$ |
183.2 |
|
|
$ |
2.03 |
|
|
$ |
347.4 |
|
|
$ |
(84.9 |
) |
|
$ |
262.5 |
|
|
$ |
2.80 |
|
Special items (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jackson mill conversion-related activities |
|
2.6 |
|
|
|
(0.6 |
) |
|
|
2.0 |
|
|
|
0.02 |
|
|
|
3.9 |
|
|
|
(1.0 |
) |
|
|
2.9 |
|
|
|
0.03 |
|
Facilities closure and other costs (income) |
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
Total special items |
|
2.5 |
|
|
|
(0.6 |
) |
|
|
1.9 |
|
|
|
0.02 |
|
|
|
4.1 |
|
|
|
(1.0 |
) |
|
|
3.1 |
|
|
|
0.03 |
|
Excluding special items |
$ |
247.0 |
|
|
$ |
(61.9 |
) |
|
$ |
185.1 |
|
|
$ |
2.05 |
|
|
$ |
351.5 |
|
|
$ |
(85.9 |
) |
|
$ |
265.6 |
|
|
$ |
2.83 |
|
|
Nine Months Ended |
|
|||||||||||||||||||||||||||||
|
September 30, |
|
|||||||||||||||||||||||||||||
|
2023 |
|
|
2022 |
|
||||||||||||||||||||||||||
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
|
Income before Taxes |
|
|
Income Taxes |
|
|
Net Income |
|
|
Diluted EPS |
|
||||||||
As reported |
$ |
765.6 |
|
|
$ |
(189.6 |
) |
|
$ |
576.0 |
|
|
$ |
6.38 |
|
|
$ |
1,088.3 |
|
|
$ |
(270.1 |
) |
|
$ |
818.2 |
|
|
$ |
8.70 |
|
Special items (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Facilities closure and other costs (income) |
|
13.5 |
|
|
|
(3.4 |
) |
|
|
10.1 |
|
|
|
0.11 |
|
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
— |
|
Jackson mill conversion-related activities |
|
8.2 |
|
|
|
(2.0 |
) |
|
|
6.2 |
|
|
|
0.07 |
|
|
|
9.4 |
|
|
|
(2.3 |
) |
|
|
7.1 |
|
|
|
0.08 |
|
Total special items |
|
21.7 |
|
|
|
(5.4 |
) |
|
|
16.3 |
|
|
|
0.18 |
|
|
|
9.2 |
|
|
|
(2.3 |
) |
|
|
6.9 |
|
|
|
0.08 |
|
Excluding special items |
$ |
787.3 |
|
|
$ |
(195.0 |
) |
|
$ |
592.3 |
|
|
$ |
6.56 |
|
|
$ |
1,097.5 |
|
|
$ |
(272.4 |
) |
|
$ |
825.1 |
|
|
$ |
8.78 |
|
____________
5
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 |
|
|
Nine Months Ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Net income |
$ |
183.2 |
|
|
$ |
262.5 |
|
|
$ |
576.0 |
|
|
$ |
818.2 |
|
Non-operating pension expense (income) |
|
1.8 |
|
|
|
(3.6 |
) |
|
|
5.8 |
|
|
|
(10.9 |
) |
Interest expense, net |
|
12.3 |
|
|
|
16.5 |
|
|
|
42.2 |
|
|
|
55.3 |
|
Provision for income taxes |
|
61.3 |
|
|
|
84.9 |
|
|
|
189.6 |
|
|
|
270.1 |
|
Depreciation, amortization, and depletion |
|
129.3 |
|
|
|
114.0 |
|
|
|
386.8 |
|
|
|
338.0 |
|
EBITDA (1) |
$ |
387.9 |
|
|
$ |
474.3 |
|
|
$ |
1,200.4 |
|
|
$ |
1,470.7 |
|
Special items: |
|
|
|
|
|
|
|
|
|
|
|
||||
Facilities closure and other costs (income) |
|
(0.1 |
) |
|
|
0.1 |
|
|
|
8.1 |
|
|
|
(0.3 |
) |
Jackson mill conversion-related activities |
|
— |
|
|
|
2.7 |
|
|
|
1.7 |
|
|
|
6.4 |
|
EBITDA excluding special items (1) |
$ |
387.8 |
|
|
$ |
477.1 |
|
|
$ |
1,210.2 |
|
|
$ |
1,476.8 |
|
____________
6
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 |
|
|
Nine Months Ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Packaging |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment income |
$ |
256.8 |
|
|
$ |
359.2 |
|
|
$ |
810.5 |
|
|
$ |
1,141.3 |
|
Depreciation, amortization, and depletion |
|
117.5 |
|
|
|
105.3 |
|
|
|
352.7 |
|
|
|
312.2 |
|
EBITDA (1) |
|
374.3 |
|
|
|
464.5 |
|
|
|
1,163.2 |
|
|
|
1,453.5 |
|
Facilities closure and other costs (income) |
|
(0.1 |
) |
|
|
0.1 |
|
|
|
8.1 |
|
|
|
(0.3 |
) |
Jackson mill conversion-related activities |
|
— |
|
|
|
2.5 |
|
|
|
(0.3 |
) |
|
|
3.1 |
|
EBITDA excluding special items (1) |
$ |
374.2 |
|
|
$ |
467.1 |
|
|
$ |
1,171.0 |
|
|
$ |
1,456.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Paper |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment income |
$ |
27.6 |
|
|
$ |
26.1 |
|
|
$ |
90.8 |
|
|
$ |
71.2 |
|
Depreciation, amortization, and depletion |
|
7.8 |
|
|
|
6.3 |
|
|
|
22.5 |
|
|
|
18.5 |
|
EBITDA (1) |
|
35.4 |
|
|
|
32.4 |
|
|
|
113.3 |
|
|
|
89.7 |
|
Jackson mill conversion-related activities |
|
— |
|
|
|
0.2 |
|
|
|
2.0 |
|
|
|
3.3 |
|
EBITDA excluding special items (1) |
$ |
35.4 |
|
|
$ |
32.6 |
|
|
$ |
115.3 |
|
|
$ |
93.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
||||
Segment loss |
$ |
(25.8 |
) |
|
$ |
(25.0 |
) |
|
$ |
(87.7 |
) |
|
$ |
(79.8 |
) |
Depreciation, amortization, and depletion |
|
4.0 |
|
|
|
2.4 |
|
|
|
11.6 |
|
|
|
7.3 |
|
EBITDA (1) |
|
(21.8 |
) |
|
|
(22.6 |
) |
|
|
(76.1 |
) |
|
|
(72.5 |
) |
EBITDA excluding special items (1) |
$ |
(21.8 |
) |
|
$ |
(22.6 |
) |
|
$ |
(76.1 |
) |
|
$ |
(72.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EBITDA excluding special items (1) |
$ |
387.8 |
|
|
$ |
477.1 |
|
|
$ |
1,210.2 |
|
|
$ |
1,476.8 |
|
____________
7