Packaging Corporation of America Reports Fourth Quarter and Full Year 2016 Results
Diluted earnings per share attributable to Packaging Corporation of America shareholders |
|||||||||||||||||||||||
Three Months Ended | Full Year Ended | ||||||||||||||||||||||
December 31 | December 31 | ||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||||
Reported Diluted EPS | $ | 1.17 | $ | 1.07 | $ | 0.10 | $ | 4.75 | $ | 4.47 | $ | 0.28 | |||||||||||
Special Items Expense (1) | 0.06 | 0.01 | 0.05 | 0.13 | 0.06 | 0.07 | |||||||||||||||||
Diluted EPS excluding Special items | $ | 1.23 | $ | 1.08 | $ | 0.15 | $ | 4.88 | $ | 4.53 | $ | 0.35 | |||||||||||
(1) For descriptions and amounts of our special items, see page 5 of the schedules included with this release. |
Reported earnings include the impact of
Financial information by segment is summarized below and in the schedules with this release.
(dollars in millions) | ||||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Segment income (loss) | ||||||||||||||||
Packaging | $ | 177.5 | $ | 181.0 | $ | 711.1 | $ | 714.9 | ||||||||
Paper | 33.1 | 13.9 | 138.1 | 112.5 | ||||||||||||
Corporate and Other | (17.7 | ) | (19.0 | ) | (68.9 | ) | (77.4 | ) | ||||||||
$ | 192.9 | $ | 175.9 | $ | 780.3 | $ | 750.0 | |||||||||
Segment income (loss) excluding special items | ||||||||||||||||
Packaging | $ | 183.2 | $ | 179.0 | $ | 725.5 | $ | 721.0 | ||||||||
Paper | 35.8 | 13.9 | 142.5 | 105.8 | ||||||||||||
Corporate and Other | (17.7 | ) | (16.7 | ) | (68.6 | ) | (68.1 | ) | ||||||||
$ | 201.3 | $ | 176.2 | $ | 799.4 | $ | 758.7 | |||||||||
EBITDA excluding special items | ||||||||||||||||
Packaging | $ | 259.2 | $ | 252.1 | $ | 1,018.8 | $ | 1,009.3 | ||||||||
Paper | 50.0 | 28.2 | 199.2 | 160.7 | ||||||||||||
Corporate and Other | (16.4 | ) | (15.5 | ) | (63.5 | ) | (63.8 | ) | ||||||||
$ | 292.8 | $ | 264.8 | $ | 1,154.5 | $ | 1,106.2 |
In the Packaging segment, total corrugated products shipments were up 9.7%, or 11.5% per workday, over last year’s fourth quarter. Packaging segment price and mix was lower compared to the fourth quarter of 2015 and up compared to the third quarter of 2016. Containerboard production was 962,000 tons, and containerboard inventory was flat compared to year-end 2015 levels.
Paper segment price and mix was higher than the fourth quarter of 2015
and flat compared to the third quarter of 2016. Paper volume was lower
compared to the fourth quarter of 2015, primarily due to the previously
announced fourth quarter shutdown of market pulp operations at our
Commenting on reported results,
“Looking ahead to the first quarter,” Mr. Kowlzan added, “we expect to
realize the vast majority of our previously announced packaging segment
price increases and we expect higher corrugated products shipments. We
will have lower containerboard and paper production volume as we have
scheduled maintenance outages on one of our machines at both the Counce
and DeRidder packaging mills and on one of our machines at our
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. Additional special items may arise due to first quarter events.
PCA is the fourth largest producer of containerboard and corrugated
packaging products in
Conference Call Information:
WHAT: |
Packaging Corporation of America’s 4th Quarter and Full Year 2016 Earnings Conference Call |
|
WHEN: |
Tuesday, January 31, 2017 at 10:00 a.m. Eastern Time | |
CALL-IN |
(855) 730-0288 (U.S. and Canada) or (832) 412-2295 (International) | |
NUMBER: |
Dial in by 9:45 a.m. Eastern Time | |
Conference Call Leader: Mr. Mark Kowlzan | ||
WEBCAST: |
||
REBROADCAST DATES: |
January 31, 2017 1:00 p.m. Eastern Time through February 14, 2017 11:59 p.m. Eastern Time | |
REBROADCAST NUMBERS: |
(855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) | |
Passcode: 3724943 |
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 facility closures, 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
Packaging Corporation of America | ||||||||||||||||||||
Consolidated Earnings Results | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(dollars in millions, except per-share data) | ||||||||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||||||||
December 31 | December 31 | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Net sales | $ | 1,476.6 | $ | 1,390.9 | $ | 5,779.0 | $ | 5,741.7 | ||||||||||||
Cost of sales | (1,149.5 | ) |
(1) |
(1,105.9 | ) |
(2) |
(4,503.3 | ) |
(1) |
(4,533.7 | ) |
(2) |
||||||||
Gross profit | 327.1 | 285.0 | 1,275.7 | 1,208.0 | ||||||||||||||||
Selling, general, and administrative expenses | (125.1 | ) | (105.3 | ) | (471.1 | ) | (451.3 | ) | ||||||||||||
Other expense, net | (9.1 | ) |
(1) |
(3.8 | ) |
(2) |
(24.3 | ) |
(1) |
(6.7 | ) |
(2) |
||||||||
Income from operations | 192.9 | 175.9 | 780.3 | 750.0 | ||||||||||||||||
Interest expense, net | (24.4 | ) | (22.3 | ) | (91.8 | ) | (85.5 | ) | ||||||||||||
Income before taxes | 168.5 | 153.6 | 688.5 | 664.5 | ||||||||||||||||
Provision for income taxes | (57.9 | ) | (49.3 | ) | (238.9 | ) | (227.7 | ) | ||||||||||||
Net income | $ | 110.6 | $ | 104.3 | $ | 449.6 | $ | 436.8 | ||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 1.17 | $ | 1.07 | $ | 4.76 | $ | 4.47 | ||||||||||||
Diluted | $ | 1.17 | $ | 1.07 | $ | 4.75 | $ | 4.47 | ||||||||||||
Computation of diluted earnings per share under the two class method: | ||||||||||||||||||||
Net income | $ | 110.6 | $ | 104.3 | $ | 449.6 | $ | 436.8 | ||||||||||||
Less: Distributed and undistributed income available to participating securities | (1.0 | ) | (1.2 | ) | (4.4 | ) | (5.2 | ) | ||||||||||||
Net income attributable to PCA shareholders | $ | 109.6 | $ | 103.1 | $ | 445.2 | $ | 431.6 | ||||||||||||
Diluted weighted average shares outstanding | 93.6 | 96.0 | 93.7 | 96.7 | ||||||||||||||||
Diluted earnings per share | $ | 1.17 | $ | 1.07 | $ | 4.75 | $ | 4.47 | ||||||||||||
Supplemental financial information: | ||||||||||||||||||||
Capital spending | $ | 86.2 | $ | 96.6 | $ | 274.3 | $ | 314.5 | ||||||||||||
Cash balance | $ | 239.3 | $ | 184.2 | $ | 239.3 | $ | 184.2 |
(1) The three and twelve months ended December 31, 2016 include closure costs related to corrugated products facilities and a paper products facility. The closure costs are recorded within "Other expense, net" and "Cost of sales", as appropriate. See page 4 for amounts recorded in each period.
The three and twelve months ended December 31, 2016 include $1.2 million and $4.5 million of acquisition-related costs for the TimBar Corporation and Columbus Container Inc. acquisitions, which we recorded in "Other expense, net" and "Cost of sales", as appropriate.
The twelve months ended December 31, 2016 include $0.9 million of costs related to our withdrawal from a multiemployer pension plan for one of our corrugated products facilities. The costs correspond to our share of the pension plan's unfunded vested benefits, which we recorded in "Other expense, net".
The three and twelve months ended December 31, 2016 include $2.7 million of costs related to ceased production of softwood market pulp operations at our Wallula, Washington mill and the permanent shutdown of the No. 1 machine. The restructuring costs are recorded within "Other expense, net" and "Cost of sales", as appropriate. |
(2) The three and twelve months ended December 31, 2015 include restructuring charges at our mill in DeRidder, Louisiana, which were recorded in "Other expense, net" and "Cost of sales", as appropriate. See page 4 for amounts recorded in each period.
The twelve months ended December 31, 2015 include a $3.6 million tax credit from the State of Louisiana related to our capital investment and the jobs retained at the DeRidder, Louisiana mill, which was recorded as a benefit in "Other expense, net".
The three and twelve months ended December 31, 2015 include Boise acquisition integration-related and other costs, primarily recorded in "Other expense, net". See page 4 for the amounts recorded in each period.
In September 2015, we sold the remaining land, buildings, and equipment at our paper mill site in St. Helens, Oregon, where we ceased paper production in December 2012. We recorded a $6.7 million gain on the sale in "Other expense, net". |
Packaging Corporation of America | ||||||||||||||||
Segment Information | ||||||||||||||||
Unaudited | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Segment sales | ||||||||||||||||
Packaging | $ | 1,196.9 | $ | 1,091.4 | $ | 4,584.8 | $ | 4,477.3 | ||||||||
Paper | 253.8 | 272.8 | 1,093.9 | 1,143.1 | ||||||||||||
Corporate and Other | 25.9 | 26.7 | 100.3 | 121.3 | ||||||||||||
$ | 1,476.6 | $ | 1,390.9 | $ | 5,779.0 | $ | 5,741.7 | |||||||||
Segment income (loss) | ||||||||||||||||
Packaging | $ | 177.5 | $ | 181.0 |
|
$ | 711.1 |
|
$ | 714.9 | ||||||
Paper | 33.1 | 13.9 |
|
138.1 |
|
112.5 | ||||||||||
Corporate and Other | (17.7 | ) | (19.0 | ) |
|
(68.9 | ) |
|
(77.4 | ) | ||||||
Income from operations | 192.9 | 175.9 |
|
780.3 |
|
750.0 | ||||||||||
Interest expense, net | (24.4 | ) | (22.3 | ) |
|
(91.8 | ) |
|
(85.5 | ) | ||||||
Income before taxes | $ | 168.5 | $ | 153.6 |
|
$ | 688.5 |
|
$ | 664.5 | ||||||
Segment income (loss) excluding special items (1) | ||||||||||||||||
Packaging | $ | 183.2 | $ | 179.0 |
|
$ | 725.5 |
|
$ | 721.0 | ||||||
Paper | 35.8 | 13.9 |
|
142.5 |
|
105.8 | ||||||||||
Corporate and Other | (17.7 | ) | (16.7 | ) |
|
(68.6 | ) |
|
(68.1 | ) | ||||||
$ | 201.3 | $ | 176.2 |
|
$ | 799.4 |
|
$ | 758.7 | |||||||
EBITDA excluding special items (1) | ||||||||||||||||
Packaging | $ | 259.2 | $ | 252.1 |
|
$ | 1,018.8 |
|
$ | 1,009.3 | ||||||
Paper | 50.0 | 28.2 |
|
199.2 |
|
160.7 | ||||||||||
Corporate and Other | (16.4 | ) | (15.5 | ) |
|
(63.5 | ) |
|
(63.8 | ) | ||||||
$ | 292.8 | $ | 264.8 |
|
$ | 1,154.5 |
|
$ | 1,106.2 |
(1) Segment income (loss) excluding special items, earnings before interest, income taxes, and depreciation, amortization, and depletion (EBITDA), and EBITDA excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our segments and our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and the performance of their segments. The tables included in "Reconciliation of Non-GAAP Financial Measures" on the following pages reconcile the non-GAAP measures with the most directly comparable GAAP measures. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such. |
Packaging Corporation of America | ||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||
Unaudited | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Packaging | ||||||||||||||||
Segment income | $ | 177.5 | $ | 181.0 | $ | 711.1 | $ | 714.9 | ||||||||
Facilities closure costs | 4.5 | — | 9.3 | — | ||||||||||||
Acquisition-related costs | 1.2 | — | 4.2 | — | ||||||||||||
Multiemployer pension withdrawal | — | — | 0.9 | — | ||||||||||||
DeRidder restructuring | — | (3.5 | ) | — | 2.0 | |||||||||||
Integration-related and other costs | — | 1.5 | — | 4.1 | ||||||||||||
Segment income excluding special items (1) | $ | 183.2 | $ | 179.0 | $ | 725.5 | $ | 721.0 | ||||||||
Paper | ||||||||||||||||
Segment income | $ | 33.1 | $ | 13.9 | $ | 138.1 | $ | 112.5 | ||||||||
Wallula mill restructuring |
|
2.7 |
|
— |
|
2.7 |
|
— | ||||||||
Facilities closure costs | — | — | 1.7 | — | ||||||||||||
Sale of St. Helens paper mill site | — | — | — | (6.7 | ) | |||||||||||
Segment income excluding special items (1) | $ | 35.8 | $ | 13.9 | $ | 142.5 | $ | 105.8 | ||||||||
Corporate and Other | ||||||||||||||||
Segment loss | $ | (17.7 | ) | $ | (19.0 | ) | $ | (68.9 | ) | $ | (77.4 | ) | ||||
Acquisition-related costs | — | — | 0.3 | — | ||||||||||||
Integration-related and other costs | — | 2.3 | — | 9.3 | ||||||||||||
Segment loss excluding special items (1) | $ | (17.7 | ) | $ | (16.7 | ) | $ | (68.6 | ) | $ | (68.1 | ) | ||||
Income from operations | $ | 192.9 | $ | 175.9 | $ | 780.3 | $ | 750.0 | ||||||||
Income from operations, excluding special items (1) | $ | 201.3 | $ | 176.2 | $ | 799.4 | $ | 758.7 | ||||||||
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures. |
Packaging Corporation of America | ||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||
Net Income and EPS Excluding Special Items (1) | ||||||||||||||||||||||||||||||
Three Months Ended December 31 | ||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||
Income before taxes |
Income Taxes |
Net Income |
Diluted EPS |
Income before taxes |
Income Taxes |
Net Income |
Diluted EPS |
|||||||||||||||||||||||
As reported | $ | 168.5 | $ | (57.9 | ) | $ | 110.6 | $ | 1.17 | $ | 153.6 | $ | (49.3 | ) | $ | 104.3 | $ | 1.07 | ||||||||||||
Special items (2): | ||||||||||||||||||||||||||||||
Facilities closure costs | 4.5 | (1.6 | ) | 2.9 | 0.03 | — | — | — | — | |||||||||||||||||||||
Wallula mill restructuring | 2.7 | (0.9 | ) | 1.8 | 0.02 | — | — | — | — | |||||||||||||||||||||
Acquisition-related costs | 1.2 | (0.4 | ) | 0.8 | 0.01 | — | — | — | — | |||||||||||||||||||||
DeRidder restructuring | — | — | — | — | (3.5 | ) | 1.3 | (2.2 | ) | (0.02 | ) | |||||||||||||||||||
Integration-related and other costs | — | — | — | — | 3.8 | (1.2 | ) | 2.6 | 0.03 | |||||||||||||||||||||
Total special items | 8.4 | (2.9 | ) | 5.5 | 0.06 | 0.3 | 0.1 | 0.4 | 0.01 | |||||||||||||||||||||
Excluding special items | $ | 176.9 | $ | (60.8 | ) | $ | 116.1 | $ | 1.23 | $ | 153.9 | $ | (49.2 | ) | $ | 104.7 | $ | 1.08 | ||||||||||||
Full Year Ended December 31 | ||||||||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||||||||
Income before taxes |
Income Taxes |
Net Income |
Diluted EPS |
Income before taxes |
Income Taxes |
Net Income |
Diluted EPS |
|||||||||||||||||||||||
As reported | $ | 688.5 | $ | (238.9 | ) | $ | 449.6 | $ | 4.75 | $ | 664.5 | $ | (227.7 | ) | $ | 436.8 | $ | 4.47 | ||||||||||||
Special items (2): | ||||||||||||||||||||||||||||||
Facilities closure costs | 11.0 | (3.9 | ) | 7.1 | 0.07 | — | — | — | — | |||||||||||||||||||||
Acquisition-related costs | 4.5 | (1.6 | ) | 2.9 | 0.03 | — | — | — | — | |||||||||||||||||||||
Wallula mill restructuring | 2.7 | (0.9 | ) | 1.8 | 0.02 | — | — | — | — | |||||||||||||||||||||
Multiemployer pension withdrawal | 0.9 | (0.3 | ) | 0.6 | 0.01 | — | — | — | — | |||||||||||||||||||||
DeRidder restructuring | — | — | — | — | 2.0 | (0.7 | ) | 1.3 | 0.01 | |||||||||||||||||||||
Integration-related and other costs | — | — | — | — | 13.4 | (4.5 | ) | 8.9 | 0.10 | |||||||||||||||||||||
Sale of St. Helens paper mill site | — | — | — | — | (6.7 | ) | 2.3 | (4.4 | ) | (0.05 | ) | |||||||||||||||||||
Total special items | 19.1 | (6.7 | ) | 12.4 | 0.13 | 8.7 | (2.9 | ) | 5.8 | 0.06 | ||||||||||||||||||||
Excluding special items | $ | 707.6 | $ | (245.6 | ) | $ | 462.0 | $ | 4.88 | $ | 673.2 | $ | (230.6 | ) | $ | 442.6 | $ | 4.53 |
(1) Net income and earnings per share excluding special items are non-GAAP financial measures. Management excludes special items as it believes these items are not necessarily reflective of the ongoing results of operations of our business. We present these measures because they provide a means to evaluate the performance of our company on an ongoing basis using the same measures that are used by our management, because these measures assist in providing a meaningful comparison between periods presented and because these measures are frequently used by investors and other interested parties in the evaluation of companies and their performance. Any analysis of non-GAAP financial measures should be done only in conjunction with results presented in accordance with GAAP. The non-GAAP measures are not intended to be substitutes for GAAP financial measures and should not be used as such. |
(2) Special items are tax-effected at a combined federal and state income tax rate in effect for the period the special items were recorded. For all periods presented, income taxes on special items represent the current amount of tax. For more information related to these items, see the footnotes to the Consolidated Earnings Results on page 1. |
Packaging Corporation of America | ||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||
Unaudited | ||||||||||||||
(dollars in millions) | ||||||||||||||
EBITDA and EBITDA Excluding Special Items (1) | ||||||||||||||
EBITDA represents income before interest (interest expense and interest income), income taxes, and depreciation, amortization, and depletion. The following table reconciles net income to EBITDA and EBITDA excluding special items: |
||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||
December 31 | December 31 | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||
Net income | $ | 110.6 | $ | 104.3 | $ | 449.6 | $ | 436.8 | ||||||
Interest expense, net | 24.4 | 22.3 | 91.8 | 85.5 | ||||||||||
Provision for income taxes | 57.9 | 49.3 | 238.9 | 227.7 | ||||||||||
Depreciation, amortization, and depletion | 93.6 | 88.6 | 358.0 | 356.5 | ||||||||||
EBITDA (1) | $ | 286.5 | $ | 264.5 | $ | 1,138.3 | $ | 1,106.5 | ||||||
Special items: | ||||||||||||||
Facilities closure costs | 4.5 | — | 10.2 | — | ||||||||||
Acquisition-related costs | 1.2 | — | 4.5 | — | ||||||||||
Wallula mill restructuring | 0.6 | — | 0.6 | — | ||||||||||
Multiemployer pension withdrawal | — | — | 0.9 | — | ||||||||||
DeRidder restructuring | — | (3.5 | ) | — | (7.0 | ) | ||||||||
Integration-related and other costs | — | 3.8 | — | 13.4 | ||||||||||
Sale of St. Helens paper mill site | — | — | — | (6.7 | ) | |||||||||
EBITDA excluding special items (1) | $ | 292.8 | $ | 264.8 | $ | 1,154.5 | $ | 1,106.2 | ||||||
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures. |
Packaging Corporation of America | ||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||
Unaudited | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
The following table reconciles segment income (loss) to EBITDA excluding special items: | ||||||||||||||||
Three Months Ended | Full Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Packaging | ||||||||||||||||
Segment income | $ | 177.5 | $ | 181.0 | $ | 711.1 | $ | 714.9 | ||||||||
Depreciation, amortization, and depletion | 76.0 | 73.1 | 293.3 | 297.3 | ||||||||||||
EBITDA (1) | 253.5 | 254.1 | 1,004.4 | 1,012.2 | ||||||||||||
Facilities closure costs | 4.5 | — | 9.3 | — | ||||||||||||
Acquisition-related costs | 1.2 | — | 4.2 | — | ||||||||||||
Multiemployer pension withdrawal | — | — | 0.9 | — | ||||||||||||
DeRidder restructuring | — | (3.5 | ) | — | (7.0 | ) | ||||||||||
Integration-related and other costs | — | 1.5 | — | 4.1 | ||||||||||||
EBITDA excluding special items (1) | $ | 259.2 | $ | 252.1 | $ | 1,018.8 | $ | 1,009.3 | ||||||||
Paper | ||||||||||||||||
Segment income | $ | 33.1 | $ | 13.9 | $ | 138.1 | $ | 112.5 | ||||||||
Depreciation, amortization, and depletion | 16.3 | 14.3 | 59.6 | 54.9 | ||||||||||||
EBITDA (1) | 49.4 | 28.2 | 197.7 | 167.4 | ||||||||||||
Wallula mill restructuring | 0.6 | — | 0.6 | — | ||||||||||||
Facilities closure costs | — | — | 0.9 | — | ||||||||||||
Sale of St. Helens paper mill site | — | — | — | (6.7 | ) | |||||||||||
EBITDA excluding special items (1) | $ | 50.0 | $ | 28.2 | $ | 199.2 | $ | 160.7 | ||||||||
Corporate and Other | ||||||||||||||||
Segment loss | $ | (17.7 | ) | $ | (19.0 | ) | $ | (68.9 | ) | $ | (77.4 | ) | ||||
Depreciation, amortization, and depletion | 1.3 | 1.2 | 5.1 | 4.3 | ||||||||||||
EBITDA (1) | (16.4 | ) | (17.8 | ) | (63.8 | ) | (73.1 | ) | ||||||||
Acquisition-related costs | — | — | 0.3 | — | ||||||||||||
Integration-related and other costs | — | 2.3 | — | 9.3 | ||||||||||||
EBITDA excluding special items (1) | $ | (16.4 | ) | $ | (15.5 | ) | $ | (63.5 | ) | $ | (63.8 | ) | ||||
EBITDA excluding special items (1) | $ | 292.8 | $ | 264.8 | $ | 1,154.5 | $ | 1,106.2 | ||||||||
(1) See footnote (1) on page 3, for a discussion of non-GAAP financial measures. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170130006152/en/
Source:
Packaging Corporation of America
Barbara Sessions
INVESTOR
RELATIONS: (877) 454-2509
PCA’s Website: www.packagingcorp.com