Packaging Corporation of America Posts $2.93 Q3 GAAP EPS

Packaging Corporation of America posted diluted GAAP earnings of $2.93 per share for the third quarter, while net sales reached $2.60 billion for the period ended Sept. 30, 2026. Adjusted diluted earnings were $3.04 per share, 13 cents above the company’s $2.91 guidance.

Net income increased to $262.3 million from $226.9 million in the year-earlier quarter. Net sales rose from $2.31 billion, an increase of 12.5%. The company’s adjusted net income was $272 million after excluding $9.7 million in after-tax special items. Those items equaled $0.11 per share. Adjusted earnings per share are a non-GAAP measure.

Favorable price and product mix in the Packaging segment, along with earnings from acquired Greif operations, supported the adjusted result. Higher labor and operating costs and weaker corrugated-product sales volume partly offset those gains.

Total corrugated-product shipments increased 10.6% from a year earlier both per day and overall. Shipments in the legacy packaging business fell 0.5% on both measures. Containerboard production totaled 1.489 million tons.

Chairman and CEO Mark W. Kowlzan said, “We executed very well across all aspects of our operations, resulting in very strong earnings performance for the quarter.”

PCA forecast fourth-quarter earnings of $2.81 per share, excluding special items. The outlook factors in higher expected freight, recycled-fiber and wood-fiber costs, among other considerations.