Packaging Corp of America Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Packaging Corp of America filed its Q1 2024 10-Q, detailing financial performance and segment information.</b>

AI Summary

PACKAGING CORP OF AMERICA (PKG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Packaging Corp of America (PKG) filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial statement items and segments are referenced, including Packaging, Paper, and Corporate segments. Specific balance sheet accounts such as Cash and Cash Equivalents, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various periods. Customer concentration risk, particularly with Office Depot, is noted for the Paper segment.

Why It Matters

For investors and stakeholders tracking PACKAGING CORP OF AMERICA, this filing contains several important signals. This 10-Q provides investors with the latest financial snapshot of Packaging Corp of America, crucial for understanding its performance in the first quarter of 2024. The detailed segment information and balance sheet items offer insights into the company's operational structure and financial health, including specific risks like customer concentration.

Risk Assessment

Risk Level: medium — PACKAGING CORP OF AMERICA shows moderate risk based on this filing. The filing is a standard quarterly report, but the specific financial figures and segment performance detailed within it will determine the actual risk level for investors.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess the company's profitability and operational trends for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-01-01 — Period Start Date (Quarterly report)
• 2023-03-31 — Prior Period Date (Balance sheet comparison)
• 2023-12-31 — Prior Year End Date (Balance sheet comparison)

Key Players & Entities

• PACKAGING CORP OF AMERICA (company) — Filer name
• PKG (company) — Ticker symbol
• 10-Q (document) — Filing type
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• Office Depot (company) — Customer concentration risk noted for Paper segment

FAQ

Industry Context

Packaging Corp of America operates in the paper and packaging industry, producing containerboard, corrugated packaging, and other paper products.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the consolidated balance sheets for March 31, 2024, and December 31, 2023, to identify changes in assets, liabilities, and equity.
2. Review the consolidated statements of operations for the three months ended March 31, 2024, and 2023, to assess revenue and profitability trends.
3. Examine disclosures related to customer concentration risk, particularly concerning Office Depot, to understand potential revenue vulnerabilities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Key Financial Figures

• $0.01 — 7,979 shares of common stock, par value $0.01 per share. Securities registered purs

Filing Documents

• pkg-20240331.htm (10-Q) — 1843KB
• pkg-ex31_1.htm (EX-31.1) — 10KB
• pkg-ex31_2.htm (EX-31.2) — 10KB
• pkg-ex32.htm (EX-32) — 10KB
• img5153666_0.jpg (GRAPHIC) — 149KB
• 0000950170-24-055165.txt (&nbsp;) — 9737KB
• pkg-20240331.xsd (EX-101.SCH) — 1334KB
• pkg-20240331_htm.xml (XML) — 1939KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 Item 6. Exhibits 26 All reports we file with the Securities and Exchange Commission (SEC) are available free of charge via the Electronic Data Gathering Analysis and Retrieval (EDGAR) System on the SEC website at www.sec.gov. We also provide copies of our SEC filings at no charge upon request and make electronic copies of our reports available through our website at www.packagingcorp.com as soon as reasonably practicable after filing such material with the SEC. i PART I FINANCIAL INFORMATION

FINANCI AL STATEMENTS

Item 1. FINANCI AL STATEMENTS Packaging Corporation of America Consolidated Statements of In come and Comprehensive Income (unaudited, dollars in millions, except per-share data) Three Months Ended March 31, 2024 2023 Net sales $ 1,979.5 $ 1,976.3 Cost of sales ( 1,609.1 ) ( 1,544.9 ) Gross profit 370.4 431.4 Selling, general and administrative expenses ( 151.9 ) ( 148.2 ) Other expense, net ( 22.5 ) ( 12.5 ) Income from operations 196.0 270.7 Non-operating pension income (expense) 1.1 ( 2.0 ) Interest expense, net ( 9.6 ) ( 15.4 ) Income before taxes 187.5 253.3 Provision for income taxes ( 40.6 ) ( 63.2 ) Net income $ 146.9 $ 190.1 Net income per common share: Basic $ 1.64 $ 2.12 Diluted $ 1.63 $ 2.11 Dividends declared per common share $ 1.25 $ 1.25 Net income $ 146.9 $ 190.1 Other comprehensive income, net of tax: Changes in unrealized (losses) gains on marketable debt securities, net of tax of $ 0.0 million and ($ 0.2 ) million for 2024 and 2023, respectively ( 0.1 ) 0.5 Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($ 0.4 ) million and ($ 0.6 ) million for 2024 and 2023, respectively 1.0 1.6 Other comprehensive income 0.9 2.1 Comprehensive income $ 147.8 $ 192.2 See accompanying condensed notes to unaudited quarterly consolidated financial statements. 1 Packaging Corporation of America Consolidated B alance Sheets (unaudited, dollars and shares in millions, except per-share data) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 692.4 $ 648.0 Short-term marketable debt securities ($ 92.3 million and $ 93.5 million measured at fair value as of March 31, 2024 and December 31, 2023, respectively)

View Full Filing

View this 10-Q filing on SEC EDGAR