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09:00
Jul 23 ◎

PKG FY2026 Q2 Watch

Packaging Corporation of America (PKG) FY2026 Q2 Earnings Call

GEF PKG AMZN IP WRK ▾

Kent Pflederer

Greif's containerboard business is performing better than expected, with higher volumes and operational improvements, and integration synergies are on track to exceed $30M run rate by year-end.

"Greif was a 14 cent earnings contribution that exceeded expectations, the headline number by, call it nine or 10 cents. Four cents of that was the depreciation benefit that we called out in the earnings release"

GEF WATCH

Mark Kowlzan

Management is bullish on volume and pricing momentum driven by tight supply-demand, with two price increases rolling in, but flags rising recycled fiber and freight costs that are mostly offset by operational improvements.

"We expect continued strong demand in the packaging segment and corrugated products volume to increase with one more shipping day. Prices for container board and corrugated products will be higher..."

PKG WATCH

Tom Hassfurther

Corrugated box demand in the legacy business grew 4.1% per day in Q2, a record, and Q3 billings are up 1.5% so far against a tough comp, with tight capacity making pre-buy impossible. — Sustained high demand without pre-buy distortion indicates real end-market strength, supporting pricing power and margin expansion for box makers.

"I mentioned some of the e-com driven Prime Day from Amazon and some of those related e-com customers that we have certainly drove some of that business."

AMZN WATCH WMT WATCH

Tom Hassfurther

PCA deliberately cut export container board sales by 30,000 tons in Q2 to build domestic inventory, reflecting extreme tightness in the US corrugated market. — Export reductions signal that domestic supply is being prioritized, which could push global containerboard prices higher and weaken export availability for competitors.

"We decided mid-quarter to lower export sales to build inventory so we can supply our corrugated plants to efficiently serve our customers."

IP WATCH WRK WATCH

HIGH

09:00
Apr 23 ◎

PKG FY2026 Q1 Watch

Packaging Corporation of America (PKG) FY2026 Q1 Earnings Call

GEF PKG ▾

Kent Flutter

The acquired Greif containerboard business is expected to improve earnings sequentially due to seasonality, productivity gains, and integration synergies.

"We expect to be accretive in the second quarter and going forward."

GEF WATCH

Mark Kowlzan

Guidance is slightly below Q1 reported due to cost headwinds from freight, fiber, and chemicals, partially offset by strong demand and later price realization; tone is cautiously optimistic.

"we expect second quarter earnings of $2.33 per share, excluding special items."

PKG WATCH

HIGH

09:00
Jan 28 ◎

PKG FY2025 Q4 Watch

Packaging Corporation of America (PKG) FY2025 Q4 Earnings Call

GEF IP GP ▾

Mark Kowlzan

PCA executed a major three-and-a-half-month rebuild of the acquired Massalon mill, bringing it close to PCA efficiency standards, which was not part of the initial integration plan and reflects aggressive capacity investment. — This accelerated fix removes reliability risk and adds incremental containerboard supply to a tightening market, benefiting PCA's margins and potentially pressuring competitors.

"We completed the acquisition of the Greif business and achieved significant progress on integration and improving the operations."

GEF WATCH

Tom Hasfurther

Containerboard system is tightening: PCA expects to run mills full for all of 2026, with no open market tons available—a marked shift from prior years of oversupply. — Tight supply supports pricing power across the industry, benefitting all containerboard producers; PCA's comment signals higher operating rates and potential further price increases.

"Our container board system is tightening up, and we will need to run at full capacity to support our demand."

IP WATCH GP WATCH

HIGH

09:00
Oct 23 ◎

PKG FY2025 Q3 Watch

Packaging Corporation of America (PKG) FY2025 Q3 Earnings Call

GEF ▾

Mark Kowlzan

PCA's integration of Greif's containerboard assets is already yielding operational improvements, suggesting upside to synergies and EBITDA contribution.

"the acquired mills produce 47,000 tons during the month. Having closed the acquisition on September 2nd, we used the initial month of ownership to our advantage."

GEF WATCH

HIGH

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