In This Story
Packaging Corporation of America (PKG-1.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $2,182.4 million from $1,936.0 million in the same quarter the previous year. This increase is attributed to higher volume and prices in the Packaging segment.
Cost of sales for the quarter was $1,677.2 million, representing 77% of sales, compared to 79% in the same quarter of the previous year.
The company reported a gross profit of $505.2 million for the quarter, compared to $412.7 million in the previous year, with the increase attributed to higher sales volume.
Selling, general, and administrative expenses increased to $162.0 million from $144.2 million, primarily due to higher employee-related expenses.
Net income for the quarter was $238.1 million, up from $183.2 million in the previous year. Earnings per diluted share increased to $2.64 from $2.03.
Cash provided by operating activities was $865.8 million, while cash used in investing and financing activities was $74.5 million and $762.7 million, respectively.
Packaging Corporation of America had a working capital of $3,241.4 million as of September 30, 2024. The company continues to focus on managing its operations and capital expenditures to maintain financial stability.
The filing also details various financial activities, including the repayment of the 3.65% senior notes due 2024 and the issuance of new 5.70% senior notes due 2033.
The company does not anticipate significant changes in its financial strategy and continues to monitor market conditions for potential impacts on its operations.
Packaging Corporation of America remains focused on its core segments of Packaging and Paper, with ongoing efforts to optimize production and meet customer demand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Packaging Corporation of America quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.