The following is a summary of the Packaging Corporation of America (PKG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Packaging Corporation of America reported Q1 2024 net income of $147 million or $1.63 per share, showing a decrease from Q1 2023's net income.

• The total net sales remained constant at $2 billion, both in 2024 and 2023. The decrease in earnings was primarily due to lower prices and a mix in the Packaging and Paper segments, higher scheduled mill outage expense, higher depreciation, and other expenditures.

• Cash provided by operations in the quarter totalled $260 million and free cash flow was a Q1 record $184 million.

Business Progress:

• The company saw strong demand in both the Packaging and Paper segments in Q1 2024, with containerboard and corrugated product demands exceeding expectations.

• The planned conversion-related works at the Jackson mill were completed earlier than anticipated, and significant investments were made in capital plants with a focus on customer growth.

• They expect strong demand in Packaging and Paper segments, with Q2 earnings projected to be $2.07 per share.

• The company's ongoing investment to grow along with customer requirements and improve internal process efficiency contributes to their business progress.

More details: Packaging Corp of America IR

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