PKG - Packaging Non-GAAP EPS of $2.20 misses by $0.07 revenue of $1.98B misses by $100M

2023-04-24 17:05:21 ET

• Packaging press release ( NYSE: PKG ): Q1 Non-GAAP EPS of $2.20 misses by $0.07 .
• Revenue of $1.98B (-7.5% Y/Y) misses by $100M .
• “Although there is one less shipping day for the corrugated business, we expect improved volume in our Packaging segment. However, prices will be lower as a result of the previously published domestic containerboard price decreases along with lower export prices. Sales volume as well as prices and mix in the Paper segment are assumed to be slightly lower based on lower demand. Although we do look for most operating costs to trend lower, our converting costs, scheduled maintenance outage expense and depreciation expense will be higher. Primarily due to recent increases in contract rail rates at most of our mills, we expect higher freight and logistics expenses compared to the first quarter. Considering these items, we expect second quarter earnings of $1.96 per share.” said  Mark W. Kowlzan, Chairman and CEO.

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