LAKE FOREST, IL , Feb. 11, 2014 (Business Wire) -
Packaging Corporation of America (PKG) reported today fourth quarter record net income of $227 million, or $2.33 per share. Earnings included special items of $1.70 per share of income from the reversal of tax reserves related to alternative energy tax credits, and after tax costs totaling $0.41 per share related primarily to PCA's acquisition of Boise Inc. on October 25, 2013. Excluding special items, net income was $101 million, or $1.04 per share, compared to fourth quarter 2012 net income, excluding special items, of $59 million, or $0.61 per share. Net sales were a record $1.3 billion in the fourth quarter compared to $737 million last year.
The $0.43 per share increase in earnings, excluding special items, was driven by improvements in PCA's earnings of $0.23 per share compared to last year's fourth quarter, and a partial quarter's results from the acquisition of Boise of $0.20 per share. The PCA earnings increase of $0.23 per share resulted from improved price and mix ($0.36) and volume ($0.04), and was partially offset by cost increases for repairs ($0.03), fiber ($0.03), labor ($0.03), energy ($0.02), depreciation ($0.02), chemicals ($0.01) and other items ($0.03).
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