Earnings call transcript Q1 2023

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Operator

Thank you for joining Packaging Corporation of America's First Quarter 2023 Earnings Results Conference Call.

Your host today will be Mark Kowlzan, Chairman and Chief Executive Officer of PCA.

Upon conclusion of his narrative, there will be a question-and-answer session. Please also note today's event is being recorded.

At this time, I'd like to turn the conference call over to Mr. Kowlzan. are you when proceed ready. Please

Mark Kowlzan

Good Thank participating Release thank for and Packaging you, Conference Corporation Earnings Jamie. in XXXX of you Quarter morning, America's Call. First

me CEO I'm Executive Hassfurther, our who business; PCA. Again, Chief Chairman Packaging President, call and the Bob Kowlzan, And is Mark Vice with and on runs Tom Financial the today of Mundy, Officer.

then will to the of then things our further results. take And As Tom And overview first over questions. call Bob an usual, I'll call I'll I'll the with up, provide be begin details. and and turn glad quarter wrap we'd to

Yesterday, per quarter share. net first we of reported $XXX $X.XX million or income

quarter or income Excluding $XXX compared $X.XX million of special $X.XX income or first share XXXX $XXX of per first items, net XXXX, share. million net was per the quarter to

sales billion $X.X in the was net $XXX XXXX XXXX quarter EBITDA in quarter, and XXXX. were $XXX excluding $X in for Total special items, company in first billion and First million XXXX. The million

The corrugated of net for included related the items quarter per both costs $X.XX XXXX the and that design closure items release. share, to special First for expenses in press income facilities Details of the primarily; and first centers. special our quarter were schedules accompanied XXXX products of included earnings

segment first $X.XX. Packaging Excluding the our XXXX of quarter by $X.XX XXXX share per volumes items, driven in earnings the was and the special compared $X.XX, decrease in to Paper lower quarter primarily for first segment

chemicals, benefits, repair Energy trending versus Overall higher, quarter also due XX% down, $X.XX the services. fiber costs primarily and costs, XXXX. operating last were supplies, on costs inflation were recycled lower were and of although higher year. Although than first materials to -- labor

expenses, depreciation In expense freight pension logistics had converting addition, higher expenses, and higher costs, $X.XX; nonoperating of $X.XX; $X.XX. and we $X.XX,

share repurchases share higher scheduled mix for other $X.XX; from XXXX we lower the $X.XX, $X.XX, of expense, These offset the second $X.XX, expenses for A segment $X.XX. lower partially maintenance Packaging items rate, lower in $X.XX. and count for Paper quarter in expenses segment and and were tax for prices interest outage resulting by $X.XX lower made lower

and The first due lower results segment. in lower the primarily of the to prices $X.XX were $X.XX and share, volume and quarter per guidance the mix below Packaging

Looking our the sales items EBITDA, with of quarter of million in segment. at $X.XX a EBITDA resulted billion Packaging XX.X% excluding of in special $XXX margin last first year's versus XXXX, moment. will expectations billion segment XX.X% $XXX quarter. the million the Tom of $X.XX for in Demand of and discuss margin. below well further or this in sales our Packaging was a

The demand mills plants balanced highly to operations remaining lower our supply responded and and focused products on corrugated cost-effective efficient the as we by accordingly.

on deliver not project and minimize impacts to in numerous negative to position remain to to continue the demand on optimization efficiency the integration benefits cost improvements, on and capital strategic enhancements goals. reduction term our employees longer-term Our initiatives, short only also capitalize but

committed quarter The less had targeted weeks at inventory. supply ending accomplishments inventory of we our to achieved building than planned staying and the while were

who Tom, on and business. will corrugated provide the to containerboard I'll over further now turn it details sales

Thomas Hassfurther

tons sales quarter. of above quarter of was first were Corrugated in per fourth fourth XXXX. last $X.XX fourth year's and containerboard $X.XX share year's mix down quarter XX,XXX down product tons per share workday first and volume were of the Containerboard were down last quarter down to and quarter and prices Thanks, Mark. first versus corrugated and Domestic and to quarter the $X.XX above Outside products were per first $X.XX compared compared XXXX. below containerboard compared per of the XXXX to the share Export of last year's XX.X% total prices share shipments XX,XXX per XXXX. quarter

as record first the for XXXX tough With quarter shipments shipments, being period. knew workday of our a would a total comparison this all-time record be well per we as setting

segment demand in impact being our anticipated. much our lower that combined volumes lower being in spoke resulted items, driven the said, than Packaging Mark that of was we which several of However, by the

to quarter's As numerous last degrees we given earnings varying call, of mentioned it on was demand the predict impact. difficult with variables curve the

noted As both and to service-oriented release in earnings consumer purchases of impact rates yesterday, persistent the more durable continue of nondurable shift preferences goods. spending, negatively inflation interest consumers' our towards buying and higher

our degree bases, products. of customers' in varying both addition, and there In inventory across our boxes customer is a destocking

manufacturing now. situation and territory where a The has Florida, the remained contraction as significant index presence the regions longer-term several inventory large also destocking with down events. know, these a in been The both Northwest of in you have in have months ag originally And been for has Pacific in weather anticipated. we business than dealing issue we

inventory we the completion. expect to the product As look boxes to of quarter, destocking be near we second both and customer

our ag from feedback regarding in and received business. have our business We some expect in their to we see customers improvements recovery positive

Our allows spending we needs will area. our strategy been the desire today that optimization strategy that customers, April out trends cause we investments The focused service profitably over our this years on within lose position. of the see customers continues I'd our to of top focus priorities. revenues capital the while and to that like box one supports the our this want as volume, point have in products provide and to with. The to that remain we demand last not focusing grow mix them on and it system our few also grow current from to us plant

it turn back now to I'll Mark.

Mark Kowlzan

Tom. Thanks,

million special and first Looking $XX a was compared margin, XX.X% at quarter sales XX.X% the first in with quarter of to million $XXX excluding or margin. segment. $XX EBITDA XXXX $XXX the EBITDA, or sales of million items an of Paper of our million

last quarter and and fourth prices higher XXXX. about than XX% for were X% the first Paper mix year's of quarter above

which Alabama and our over just some quarter year's the below efforts minimize increases below optimize of the and volume helped for X.X% of and our XXXX. inventory first the solid The fourth cost been paper from had last compared that quarter. included Sales mill was the Jackson quarter to year inventory business XX% sold employees our to cost delivered last inflationary returns the product of in structure mix about

it turn Bob. now to over I'll

Robert Mundy

Thanks, Mark.

cash dividends expenditures quarter, Fee from of first flow during we and the the million. common and million. stock $XXX of For million payments $XXX generated cash capital million $XXX operations free quarter cash included $XXX of of

maintenance of million We on on quarter on I $XXX to securities. revision last mill hand, quarter's the guidance we update a ended with want provided scheduled marketable including outage call. the to you cash

the impact scope mills containerboard $X.XX maintenance resulting has share actual company for outages at mentioned revised for for by second estimated in first previously. in the share per $X.XX total now of scheduled the per per And impact third quarter. the was in quarter, of the the year Current in $X.XX plans the quarter fourth $X.XX quarter the is year and versus per revised estimate $X.XX our per $X.XX The the share share. changed, in of remainder a we impact the work share and cost the

to back it over turn Mark. now I'll

Mark Kowlzan

Bob. Thanks,

segment. move we our and less shipping corrugated quarter, the we one there expect as for business, first second Packaging ahead, day the into is the volume Looking from improved although in

prices. published a result decreases lower However, price prices containerboard previously of lower be along the will as export domestic with

on are to assumed prices demand. as well be mix as based segment the in Paper volume lower lower and slightly Sales

our the do of lower, operating rates costs, and rail Considering look expense outage Although primarily to higher mills, converting and contract will items, logistics our quarter. costs scheduled compared expect first in we $X.XX quarter these most per expense to most at higher, second share. earnings we expect of freight for to increases due depreciation expenses maintenance be trend recent we

you some on inherent involve and with happy I economy of in the projections statements. of of the must the that, as file the based questions, on constituted on those including on The remind current to report direction statements With uncertainties, call and that made SEC. Form the the statements any XX-K be expectations risks we'd estimates, the factors and were forward-looking but company risk entertain identified annual and we've

in forward-looking those differ from statements. could materially The actual expressed results these

And to Jamie, for the call please. open that, with up I'd like questions,

Operator

[Operator Instructions].

Staphos first from today Bank from of comes Our George question America Securities.

George Staphos

details. question in the a XQ. even we down time COVID you to look Normally second time, XQ, historically only saw went sequentially the was if 'XX, we're XQ. quarter, up Mark, if over for And you. back back a we when for that had versus recession from the XQ great is XQ we the up 'XX Thanks correct, the, and

worse the and than you're Is just pricing is today Or effect is what driver our how of continued if in demand the As versus sit the XQ. effect off drop and seat, through? demand being the it on XQ timing here the affect the expected. flowing it that's you biggest

helpful. If couple you qualitative would comments follow-ons. of could And that, a us give that then on some be

Mark Kowlzan

Yes, George, that start me let out.

and if decreases, price they've again, you the think, I look how November, rolled February, in. December at and

I the timing what's think detailed real pretty had incidents on years, But that's kind we happening. price past in impacting, but X of or you of some XX-plus this can X that's Bob color of give only decreases. how much

Robert Mundy

exactly to in we the the right, declines majority look that, those from last You're in show price that's what's as that And in going just of vast up unprecedented XQ at Mark. call And quarter. the you company's happening. George, XQ, that's on And $XX, the that the magnitude, quarter's it's mentioned second timing -- of history. would

it's decreases of And really drop price of sort just that. is the much So what's published answer. an in based timing on pretty unprecedented driving the the that's

George Staphos

might off and relative billings us in bookings I Could And there. a appreciate you and Understood. the look demand prior been how give early XQ? to have sense what for the your much color like expectations

Mark Kowlzan

why Yes. a... take go you ahead Tom, and don't

Thomas Hassfurther

Yes, George.

me you give color -- give that. Let a me let on little you

If month. last I as it the on, just in rolled quarter, weaker were decent out you starting pretty call little bit the we recall our bookings. got in January mean, each a quarter on And

was disappointing. really what demand. in So what I consumer then what of And told and that course, destocking the you it terms was back impossible was to in of was predict happening happening was

starting was And months big in was. with as they or situation indicators, really volume and of turnaround all Managers what kind the kind if The a Purchasing Index correlated exactly there's April. index, whether you more good manufacturing those the that is, look on negative it of the demand is all news the been got consumer went

so down right up XX%, And days all-time they're to quarter. good April a Still bookings XX% record. our XX are April alone look now into month. 'XX, 'XX And first over March but the compared just was the got of over X% we've and up our of

all through other the turn April way. the So just COVID to the volume calibrate significantly started and increase continued to because finally to everybody, way of then

double digits really of still of are April. month all we've given improvement. So huge it's fact where that we're we the ahead a got is in And sectors. coming tough that March But the the in across of comp

still we've some in got laggards Now there.

or talk down badly you the other we you Florida for that the talk alluded other If ag we or hurricanes. first that to, improvement quarter that but building as some areas, these us in of home suffered is big home business plus from in in

In course, from and in California cold coming they Northwest the Pacific well. flooding weather. as of rain significant and the Northern back the had, that And of that's because

So I that towards to got situation. of relative think big the some -- we've think we're the that end volume I problem

George Staphos

I'll one, quick turn Last it over.

relative in a the shift for recycled kind they're cost, you let How there. allowing an this lower-cost box your on Can dictates versus closures, optimizing comes you want of it of little calls. virgin customers operations PCA. board, dictate recycled and that system standpoint. up or talk lower-cost recognizing I'll facility flexing from they cost bit ultimately recycled given kind And to what go about what the Board. your your the periodically are ultimately question Just

Thomas Hassfurther

announced George. process. and footprint all quarter, typical our and the that the first the of at we center capital evaluation relative design Thanks, closure we Yes, do that it's to planning is times, Okay. the that our plant of of in part

planning capital trying say, not demand volume that. to anything where just are to these or all like knee-jerk part are of let's These process change system. our we're our optimize So reactions

made and like years we've the course, over things acquisitions Of that. other

fix. have So we to -- want some do in that some have we of duplicity the do markets we

it's be focused I've been this been, PCA match so continuous system a fiber in doing have this. that we the and just in right what to what Relative process necessary recycled years now the the amount to the our for virgin And been of the marketplace. we've to versus said is mill performance on has that's been before, -- to able

those has served that those of ultimately of markets. things than than proprietary recycled in our mill virtually those marketplace the incredibly all well of of is more and the us most some some and we've And products system in done competitive even in

us. very our the an about very, we've expertise, we've So engineering and by been able been performance people. system. tech these in I'm a that's we the what flex with that course, in outstanding And about pleased talked mills, And provided of nature of flexibility talked expertise. and that, It's We've the back to and obviously, degree the prices do makes mill will with to when our OCC our have we all the of we most sense. forth, paper can

Operator

Mark from Partners. Weintraub from Research comes question Seaport next Our

Mark Weintraub

well, third bit it's that quarter industry. year-over-year hear but bit below April, a to a a demand looking to fourth your were and of quarter overlap. up in and as George's I I bit an Good shipments want the follow But realize little better the did the in box on question,

data And on and as But to that, us XX.X% you get Friday. the guys guess, I we'll certainly, we was don't the industry the yet, surprised well. have downside

As last the you look recognizing time, if outgrown substantially so, that actually very any very have market industry or to back and why thoughts might reduced profitably. over you over showing share, X been months as you've the

And coming of terms been whether what are ag going with book business? business? to you this your it's with have Or what might up on as in

Mark Kowlzan

let improvement Yes. just than and a seeing has the most And to local book remember into into accounts, quickly. specialized in nimble. as business. not very the more that back competitors. tuned it's do our simple local when to our account seems. that I'm volume because, accounts then downturn we But have. stronger rapid in what's it with their predominantly that on spring, XXXX than period, we believe smaller can And business more came These Mark, saw elaborate the I move with faster we local the competitors. started back of own going are XXXX we happening They're as They much in Tom again, very

Thomas Hassfurther

Mark. Yes,

I important the think we -- that things is, think that any I is lost volume. the haven't is one of number X really

the we've sectors we But That's any the not thing business base pride So share. of base that we're taking not about that talked you the in and have losing broad we great many broad if deal think market take is about of that place. times and we across.

during were XXX%. to And of particular sectors as up ended, this COVID as Now -- some in course, much COVID, we are of once had those those significantly. going be down

depends sector. are some we've sort situation just And down it volume this would on you a a than to the various why lot -- sectors these longer have of But hoped. through do had we of -- have little So that's significantly. what these

are of up level, Some of stayed them them have slightly. some

that's the But most part, for biggest the factor.

would And we had The that we placed business we outside, have supplied back that that we on of other not now done. again. outside thing we COVID a which during the did traditionally the from get business is to have lot could run

the you we though keep on of has even that's Does our drag the help? and the but revenue based on it it's funny kind income, will, keep us. the affecting to FBA, math, just reported to that's So that's And factor be another a volume. that way if we

Mark Weintraub

does. It

lost customers, were you mentioned obviously, haven't basically you are think down? Just X is volumes One not -- lost you quick volume follow-ups. your

Thomas Hassfurther

of what down. of Obviously, would things down. We you But haven't is volume any share that. customers in lost in terms or like customers terms our market call it's

or are those any broad-based lost significantly. down some within that like sectors that just anything share It's some business, accounts We that. haven't of of those

with same footprints we've regions have hit did ag it mentioned, getting never where we we the I where a at period got the big like all in as hit had And time.

Mark Weintraub

outside that And a outside. you're from it. needs, bit and apparently, and Why the the capability fulfilled given have Got demand little you then would clarification. weak have being certainly has just maybe now which of maybe the were you fulfilling been -- from to fulfilled

I understand you don't I'm I got you've a to given plenty it or puzzled maybe exactly. guess meet little internally why would of I would, think, capability,

Thomas Hassfurther

because can outside. cost to the on Well, is much done get at reason the produce a higher we than that we have

But cost so opted us our to much customers, that. to And do do sense a take it for to in point. of it at doesn't we make care order higher

it. of we're the why that's So as we doing And possibly to we course, plants maintain want run our efficiently -- as can.

just from it's So most sense. makes cost standpoint the a

Operator

from Ng Phil from comes question next Our Jefferies.

Unidentified Analyst

details. it's something guys with And want quantify? XQ start how you've been can and given some that Phil. that trends Is can of quarters, downtime normalize? in This Appreciate bit to economic the first maybe for out, starting for we the a all off is that in of called demand the And you how last on asking took I think much to outsized. about you couple XQ John

Robert Mundy

It quarter. first the in Yes. was about XXX,XXX tons

Unidentified Analyst

about Okay. to And how any insights on XQ? think

Mark Kowlzan

We we've -- No. do got demand to what and to always just we've done, base. satisfy customer we're to going do run to just as our

go back January going our anticipated when quarter, in spring you time, volume anticipated shutdowns the would and need. to at that If of the we winter first have and We were settle through was greater down period improve. annual starting look

was inventory. little a our more So build plan to

first extra of tons quarter I was February volume the deteriorating -- the saw matter we didn't more that need and inventory think fact, volume. number about certainly as we But in fact, in last we that the March, year in a through As XX,XXX especially ended the year.

So and X,XXX to at back be. ended it we we as opposed trimmed tons the only XQ of where end up scaled and operations would back thought

demand. to running continue So again, just we'll

Unidentified Analyst

over side. And Okay. That's the to cost then wanted helpful. I pivot to just

guidance. But out the done have very taking system. terms of job cost in in guys the a You good

Just a of questions. couple

driving to understanding what's that converting get a higher the want maybe of the better I labor side? more on costs. Is First,

something better structure on of a then bit increases. of the rate Is give can And those the understanding you rail us that that little maybe contracts?

of XQ How Like XQ? will weighing on better how maybe in into rates forecast was Just long be get place to kind have. to us much renegotiated? it when the going models those and some tools they give

Robert Mundy

John, it's Bob. Yes,

rate as first of that of during at then it beginning -- and second. the we some had quarter, that most just started the is rail the far occurred the As increases, on of some

you'll start from because move impact as So you much second quarter. the have XQ we to it's a higher large pretty those all as of XQ

driving cost freight sorry, that's your the question what's I'm higher. So first was.

Unidentified Analyst

I are guess, on the to for next couple stay of second, just a that year, for next contracted those rates years? the

Robert Mundy

Yes, typically. Typically, that's about probably to think it. good a way

Unidentified Analyst

the the costs And costs. was driving converting and converting higher first around what's question

Robert Mundy

Yes, really that's -- labor that's just part benefits, it. obviously, -- with of just

to is those at box and really The had start to another skyrocketed expect improving And in forth, just prices this we we is other you're our that are more increase volume types that big -- something things. and starch. of so using year. as Starch plants and the of

And your number. are of and some what's converting included some so of that material labor that your also driving in that's costs

Unidentified Analyst

starting it starch turn still.. is over? Or to the Is

Robert Mundy

No, it's No. not.

Unidentified Analyst

All right, I appreciate all. the insight, thank you

Mark Kowlzan

Thank you.

Next question.

Operator

Instructions]. [Operator

Pettinari Our next comes from question Citi. Anthony from

Anthony Pettinari

not pricing. are containerboard open like right about markets Kraft I'm couple of a for of thoughts forward feel been sell liner now. wondering But in board I'm any about asking the kind kind where And don't now. understanding had have market, you of much you just stable if they and prices months

where projects ago? of sense mean, containerboard I of have started versus just and maybe I we few of were to capacity up wanted being these of markets sort number months your maybe are some a you've get maybe cycles absorbed. a seen

Thomas Hassfurther

Tom. There's one. Anthony, stabilized. it. have about this prices no I'll question this is take Yes,

there argument relative but forward, think a In of predictor past. that whole is been outlook can a tell price I fact, I'm price activity I lot And an can hasn't -- hasn't not to the been there positive. more in just of really make I you that the going

I've adjust small open is many times, I a Of demand. dramatically said And to as the really open market mean, course, you've the seen industry today. market

export sell have the capacity to also under into or are try those to markets. looking out markets are they're either figure to those duress. how Which some to that So excess downtime taking

open think that general stability. in we I given market I have market -- towards And much small that today. But the think that past, different I more the the think leads the is than

Anthony Pettinari

a that Got That's I it. -- Got a and have it. from sheet know CapEx you're for don't a big given cycle perspective, just maybe capital then wonder about about investing an can projects. maybe flexibility where bit, the then little return I of capital lot And coming you in helpful. And if business, balance you attractive doing repurchases. I terms mean, talk allocation, could the off you're if in you're a talk dividend. you of internal opportunities paying

Just in where could allocation capital about wondering of year. return capital if opportunities and seeing kind this you talk you're the

Mark Kowlzan

Yes, nothing's changed.

foresee that the done this As we've range. with that could mills, And capital going our to just year. to Also, into projects and about we big optimization. in for through working year, talked million box plant we've bring next year, were we're plans continue the down $XXX anticipate and that the in most last of we're would the I

far as opportunities We'll go acquisitions. like we utilization of remain all of dividends, As that share any terms other and on repurchases, as in regard forward. flexible in opportunities cash

take flexibility years, opportunities many, present at of as many And for we've of how we that's done now, look to day. day we've to these they themselves. that got it advantage As all

Operator

Securities. question George a Our Staphos from is follow-up of next Bank America from

George Staphos

Actually, my question. next Anthony took

to over person. the next So I it turn will

Operator

Instructions]. [Operator

question a next Weintraub from Partners. from Mark Our Research also is follow-up Seaport

Mark Weintraub

back a I volumes was about anticipated believe twice your had you January. bit down what ended I about being -- up in little thinking how

X% or $X.XX. about fair the think it year-over-year up I and and if about been impact Is being talking flat down been would negative volumes day like XX.X%. talked to -- you'd have about ended therefore, down on you it so X% average you

the you additional come anticipated. had, the So that, half had negative through demand -- experienced if as in took volumes weakness you that you impact I of was that fact, just from so the that incremental

that pricing the made. if and by that math work. of that might to adjustments presumably to the you relates particularly that sort everybody fact that then huge had impact. difference And a the case the been maybe down small case, which if February, some have would we was add operating the you in closer had the all that is have doesn't $X.XX, had $XX theory, In $X.XX, that's and But you from if

I'm sort of a get a couldn't on that just less you that's to sense because to going something the could bit what to those measures as trying was of spend on whether in you or taken hang were of maybe types little business? certain defer. And

just trying that sort a in So environment. a of underlying get future of of sense to earnings power type

Robert Mundy

Yes. Mark, Bob. this is

there. a going lot there's So on

were larger? you're a lot volumes it saying something anticipated, had at you're closer what higher, that if $X.XX If we to looking our were being

Mark Weintraub

negative looking believe it -- than that X.X% -- does stated you And the saying, I'm have would January instead have of rather a a half shipments down call be that, been hit, mean you of well, so $X.XX about box had for like average negative hit. suggested $X.XX to I that were sequentially, XX.X%. down Well, during daily would being basically, that flat in which the about

Robert Mundy

just export volume, there's That -- volume there's box domestic It's volume. outside shipments, right? trade, it's -- is there's not

good So not look it. would that at way be a to

running full. more number. a higher cost But your it yes, would would a be system be lot probably within would also better have your because However, you mills directionally,

would box be running full. more plants Your

types offset not unabsorbed you're all additional would decline be direct would things, converting any variable costs makes would price costs, as of those higher volumes. your your in variance, of you that more if see that So than that costs, sense, because high

Mark Weintraub

your that but only the comes been. it to had you're of off back what It does, point sort $X.XX guidance

Robert Mundy

to you no Yes. immediately. the containerboard $XX outside that. pretty guidance. math, we a on published dropped sort much price want look drops, at it price simply said delay. it the after when our And if before, price do we There's that sort published And -- hits you of gave the And as if of our ton

So sort decline just from do if $X.XX there's that our math, gave you after the of that about we guidance. occurred price

Mark Weintraub

Right.

to get trying that of is the I'm relative type to and be that very demand sort in a what if it run what back our of so in get could bounce down. -- suggested sort of rate rebound seem we earnings this dramatic you in had And would $X.XX to

Mark Kowlzan

would Absolutely, anticipate. Mark. we Absolutely. That's what

Mark Weintraub

questioning Okay. thank I fairly the you. apologize for convoluted But here.

Operator

is also Jefferies. follow-up a from Ng question next from Phil Our

Unidentified Analyst

john to again. I quickly taking bit over the than lower to wanted follow-up. appreciate just Demand was the had This you is I shift segment. we a paper expected.

insights next quarter should Just to looks year-over-year. of double-digit kind It on are this where another maybe of get how volumes paper the segment see trending. like we looking down some type volume

Just what's main the kind what factors side. are the on going and maybe of paper on demand impacting

Mark Kowlzan

choose too. market little allows to to over profit. that and And tons we're -- do become want we the is and maximize of optimize where that that selling us run we we of capable XXX,XXX and to our as now is and Minnesota, Again, really But we peak slightly paper International sell just much year. sell to off a last a spoke business year down in that capability. what has We're what that's just the where Falls pretty mill up mill

we the of where have real spot luxury in really tons now, Any player being to of year. down off last we're a we thousand were fourth the So don't I other few anything. largest a please? just sweet and do right say questions, have we

Operator

America Bank And George? question from again, a our Once of Staphos. from follow-up George comes Securities. final

George Staphos

here. technical a you've got issue Sorry,

reaffirm pricing guidance want the to just segment be on paper and I is the So volume for to down slightly sequentially.

Bob? and good luck very that in Thanks -- Tom the much Mark? And the Was and comment, quarter.

Robert Mundy

Yes, That's George. correct.

George Staphos

in luck quarter. the good guys, thanks Excellent,

Mark Kowlzan

George. you Thank

Operator

you questions more no see I comments? Kowlzan, Mr. this at have Do any time. closing

Mark Kowlzan

covering a nice quarter everybody, on you day. appreciate to second us the talking joining Thank your today, earnings look in forward for Have July we Thank time, and call results. and you. the and you, with

Operator

ladies gentlemen, and conclude for that you will and call And thank joining. today's do conference presentation. We

You disconnect your now may lines.

Packaging Corporation of America (PKG) 25 Apr 232023 Q1 Earnings call transcript