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SEATTLE (Scrap Monster): Packaging Corporation of America reported fourth quarter and full year 2024 results.
The company's net income for the fourth quarter of last year was $221 million, or $2.45 per share. The quarter's net income, excluding extraordinary items, was $222 million, or $2.47 per share. Net sales for the fourth quarter of 2024 were $2.1 billion, up from $1.9 billion in the same quarter the previous year.
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The net income for the full year 2024 was $805 million, or $8.93 per share. With exceptional items excluded, the net income was $814 million, or $9.04 per share. In 2024, net sales for the entire year increased from $7.8 billion in 2023 to $8.4 billion.
The company's Packaging segment reported a 9.1% increase in total shipments of corrugated products compared to Q4 2023, with shipments per day up 3.2% year over year. 1.31 million tons of containerboard were produced, with an inventory of 54,000 tons more than in Q4 2023. In the Paper segment, Q4 2024 sales volumes increased by 5% over the previous quarter.
The company's chairman and CEO, Mark W. Kowlzan, commented on the findings, stating that the plants had outstanding year-round operations and had broken both daily and overall shipment records. In the future, it is anticipated that the corrugated product plants would surpass previous first-quarter records for both total shipments and shipments per day.
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