Packaging Corporation of America (PCA) has posted a net income of $146.9m for the first quarter (Q1) of financial year 2024 (FY 2024).

The company’s net earnings per diluted share for the quarter was $1.63, down by $0.48 from $2.11 in the same period last year. 

The decline was attributed to a combination of lower prices and mix in both the Packaging and Paper segments, alongside increased expenses such as scheduled mill outages, depreciation, and costs related to corrugated plant capital projects. 

PCA recorded income from operations of $196.0m in Q1 FY 2024, from $270.7m in Q1 FY 2023.  

Its selling, general, and administrative expenses also rose to $151.9m from $148.2m a year ago. 

Over the quarter, PCA’s earnings before interest, taxes, depreciation, and amortisation were $324.4m, declining from $400.3m in the same period last year. 

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Looking ahead to the second quarter, the company expects strong demand and higher shipments of corrugated products and containerboard.  

PCA also anticipates an increase in prices and mix, buoyed by announced price increases and a rise in published domestic index prices, as well as higher export prices.  

However, its Paper segment may see a decrease in volume due to a scheduled maintenance outage at the International Falls mill in Minnesota, US.