Packaging Corporation of America (PCA) has reported a net income of $765.2m for financial year 2023 (FY23), compared to $1.02bn in the previous year.
The company, a corrugated solutions manufacturer, also saw full-year net sales decline to $7.8bn from $8.47bn in 2022.
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The company’s diluted earnings per share (EPS) for the year ending 31 December 2023 was $8.48, down from $11.03 in the previous year.
Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the year was $1.59bn, showing a reduction from $1.87bn in FY22.
In the fourth quarter (Q4) of FY23, PCA’s net income fell to $189m from $211m in the same period a year ago.
Diluted EPS for the quarter was $2.10, compared to $2.31 in Q4 FY22.
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By GlobalDataThe company’s EBITDA was $392.3m in Q4 FY23, down from $406.9m in the same period the previous year.
Its net sales for the quarter also decreased to $1.937bn.
PCA chair and CEO Mark Kowlzan said: “Throughout the quarter, demand in the Packaging segment was stronger than our expectations.
“In addition, the higher volume along with the operational benefits of our capital spending programme and continued emphasis on cost management and process efficiencies across our manufacturing and converting facilities drove operating and converting costs lower as well.”
