Packaging Corporation of America reported fourth quarter 2022 net income of $212 million, or $2.31 per share, and net income of $215 million, or $2.35 per share, excluding special items. Fourth quarter net sales were $1.98 billion in 2022 and $2.04 billion in 2021. Full year 2022 net income was $1.03 billion, or $11.03 per share, and net income of $1.04 billion, or $11.14 per share, excluding special items. Full year net sales were $8.5 billion in 2022 and $7.7 billion in 2021. In the Packaging segment, shipments per day were down (8.7%) and total corrugated products shipments, with one less shipping day, were down (10.2%) versus last year’s fourth quarter. Containerboard production was 961,000 tons, and containerboard inventory was down 66,000 tons from the third quarter of 2022 and down 46,000 tons compared to the fourth quarter of 2021. In the Paper segment, sales volume was down 14,000 tons compared to the third quarter of 2022 and down 15,000 tons from the fourth quarter of 2021.

Peter Oswald, MM CEO, comments: “The MM Group recorded a decline in both Group sales and adjusted operating profit in the 1st quarter of 2024 compared to the previous year’s value, due to the earnings performance in the Board & Paper division. The destocking in the supply chain has been largely completed, leading to a significant recovery of volumes sold in Board & Paper. However, pressure on margins continued as expected, as price increases will only compensate for the recent rise in production costs from the 2nd quarter onwards. In contrast, the Packaging division recorded a slight increase in results compared to the previous year, even though the margin was below the strong level of the 3rd and 4th quarter of 2023. Against this background, the profit & cash protection programme, which has already been successfully implemented, and the measures to intensify market penetration will be systematically continued in 2024.

Stora Enso arranged a virtual inauguration ceremony to celebrate the successful conversion of the Oulu Mill which was transformed from paper production into high-quality kraftliner production. The Prime Minister of Finland, Sanna Marin, inaugurated the mill. Oulu is Stora Enso’s second successful conversion, following Varkaus Mill, inaugurated in 2016. The EUR 350 million conversion project proceeded according to plan, from the investment decision made in May 2019 to the start of the commercial deliveries in the first quarter of 2021. The current ramp-up phase is proceeding ahead of plan, and the customer feedback has been positive. The new machine is estimated to reach its designed annual production capacity of 450 000 tonnes by the end of the June 2021. “Stora Enso has a long and proud history of being able to transform, innovate and embrace the future. Today’s inauguration celebrates a successfully completed project. Packaging already today represents more than 40% of our total sales. The additional kraftliner capacity in Oulu enables us to further strengthen Stora Enso’s offering in the global markets with significant room for growth,” says Annica Bresky, Stora Enso’s President and CEO. The product, AvantForteTM by Stora Enso, has three fibre layers, making it the strongest kraftliner in Stora Enso’s portfolio.