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![PACKAGING CORP OF AMERICA [PKG] reports annual net loss of $765.2 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPKG.png&w=1200&q=75)
PACKAGING CORP OF AMERICA [PKG] has reported a net loss of $765.2 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $7.8 billion
Based in LAKE FOREST, Illinois, PACKAGING CORP OF AMERICA operates in the MANUFACTURING sector.
In the year ended December 31, 2023, the company reported net sales of $7,802.4 million, which was a decrease from the previous year's figure of $8,478.0 million. The cost of sales for the same period was $6,103.5 million, lower than the previous year's cost of sales of $6,387.4 million. This led to a gross profit of $1,698.9 million in 2023 compared to $2,090.6 million in 2022.
Selling and administrative expenses amounted to $580.9 million in 2023, down from $608.6 million in the previous year. The company also reported income from operations of $1,075.1 million for the year, a decrease from $1,420.7 million in 2022.
Net income for the year 2023 was $765.2 million, a decline from $1,029.8 million in the prior year. The basic earnings per share were reported at $8.52 in 2023, lower than the previous year's $11.08. Similarly, the diluted earnings per share decreased to $8.48 in 2023 from $11.03 in 2022.
The company declared dividends per common share of $5 in 2023, higher than the previous year's $4.75 per share.
Regarding the comprehensive income, the company reported a comprehensive income of $796.7 million in 2023, lower than the $1,002.6 million in 2022 but higher than the $910.4 million in 2021. Other comprehensive income (loss) was $31.5 million in 2023, better than the negative $27.2 million in 2022 and the positive $69.3 million in 2021.
Overall, the company experienced a decrease in net sales, gross profit, and net income in the year 2023 compared to the previous year. It will be crucial for the company to focus on strategies to improve its financial performance in the upcoming periods.
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