PKG · Packaging Corporation of America Q2 FY2026 earnings call record财报电话会记录

“The decrease in the legacy earnings was driven primarily by higher freight costs of $0.26, higher corporate and other expenses $0.12, lower price and mix in the packaging business $0.11, higher labor and operating costs $0.05, higher depreciation and amortization expenses $0.03, higher fiber costs $0.02, higher tax rates $0.02, higher interest expense, excluding the Greif acquisition indebtedness, for $0.01.”

“We exceeded our guidance of $2.33 on the strength of our corrugated volumes, which helped drive cost favorability in areas that we could control and offset higher than forecast costs for freight, recycled fiber, and employee benefits.”

“With not as much outage impact in the third quarter, we'll be in a much stronger position to serve our customers in the very tight conditions that we're operating under.”

“Given the volume, the box plants across the whole system had to step up and perform to satisfy our customers while costs were increasing, and they did just that.”

“Looking at the paper segment, EBITDA, excluding special items in the second quarter, was $39 million, with sales of $157 million, or a 24.9% margin, compared to the second quarter of 2025's EBITDA of $30 million and sales of $146 million, or a 20.8% margin.”

“Cash provided by operations was $376 million, and after $206 million of CapEx, free cash flow was $170 million.”

“In addition to CapEx, the primary payments of cash during the quarter included dividend payments of $111 million, cash tax payments of $78 million, and net interest payments of $54 million.”

“We continue to forecast $840 million-$870 million of CapEx and excluding special items, around $710 million of DD&A for the year.”

“Looking ahead as we move from the second quarter into the third quarter, we expect continued strong demand in the Packaging segment and corrugated products volume to increase with one more shipping day.”

“If you're looking sort of apples to apples, $0.05 from expectations, that was driven by largely higher volumes than we expected and very good operational performance.”

“But, you know seasonally strong volumes.”

“I don't know if there's any finer point you could put on the cadence there or when those would go in, and then just the CapEx guide for $840-$870 you reiterated directionally as we look to 2027.”