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Packaging Corp Of America

Packaging Corp Of America (PKG)

Packaging Corporation of America (PCA), incorporated on January 25, 1999, is a producer of containerboard products and uncoated freesheet. The Company operates through three segments: Packaging, Paper, and Corporate and Other. The Packaging segment produces a range of corrugated packaging products. The Paper segment manufactures and sells a range of papers, including communication-based papers and pressure sensitive papers. As of December 31, 2016, the Company operated five containerboard mills, three paper mills and 94 corrugated products manufacturing plants.

Packaging

The Company's containerboard mills produces linerboard and semi-chemical corrugating medium, which are papers primarily used in the production of corrugated products. The Company's corrugated products manufacturing plants produce a range of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays. The Company also produces packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. During the year ended December 31, 2016, its Packaging segment produced 3.7 million tons of containerboard at its mills. As of December 31, 2016, the Company manufactured its Packaging products at five containerboard mills, one containerboard machine (at its Wallula, Washington white paper mill), corrugated manufacturing operations, and protective packaging operations.

The Company's Counce, Tennessee mill produces kraft linerboard. The Counce mill produces basis weights from 26 pounds (lb) to 90 lb. The mill also produces a range of performance and specialty grades of linerboard. The Company's DeRidder, Louisiana mill produces kraft linerboard and linerboard and semi-chemical corrugating medium. Its Valdosta, Georgia mill produces kraft linerboard. Its Tomahawk, Wisconsin mill produces semi-chemical corrugating medium. The Tomahawk mill produces basis weights from 23 lb. to 47 lb. and a range of performance and specialty grades of corrugating medium. Its Filer City, Michigan mill produces semi-chemical corrugating medium. Its Filer City mill produces corrugating medium in basis weights from 20 lb. to 47 lb. Its Wallula, Washington mill primarily produces white paper, but also produces semi-chemical corrugating medium. Wallula produces corrugating medium in basis weights from 23 lb. to 45 lb. As of December 31, 2016, the Company operated 94 corrugated manufacturing operations, a technical and development center, eight regional design centers, a rotogravure printing operation, and a complement of packaging supplies and distribution centers.

Paper

The Company manufactures uncoated freesheet in the United States. The Company manufactures and sells white papers, including both commodity and specialty papers. White papers consist of communication papers (cut-size office papers and printing and converting papers) and pressure sensitive papers, including release liners, which its customers use to produce labels for use in consumer and commercially-packaged products. The Company's Jackson, Alabama mill produces both commodity and specialty papers. Its International Falls, Minnesota mill produces both commodity and specialty papers. Its Wallula, Washington mill produces pressure sensitive papers and a range of white paper grades. The mill also produces corrugating medium.

Corporate and Other

The Corporate and Other segment includes corporate support staff services and related assets and liabilities. This segment also includes transportation assets, such as rail cars and trucks.

The Company competes with International Paper Company, WestRock Company, Georgia-Pacific LLC, KapStone Paper and Packaging Corporation, Pratt Industries and Domtar Corporation.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 25.0c 100%
2012 106.25c 325.0%
2013 160.0c 50.6%
2014 120.0c (25.0%)
2015 220.0c 83.3%
2016 236.0c 7.3%
2017 252.0c 6.8%
2018 300.0c 19.0%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
13 Mar 2012 13 Apr 2012 2011 Final Quarterly Paid 25c
13 Jun 2012 13 Jul 2012 2012 Interim Quarterly Paid 25c
13 Sep 2012 15 Oct 2012 2012 Interim Quarterly Paid 25c
13 Dec 2012 28 Dec 2012 2012 Interim Quarterly Paid 25c
13 Mar 2013 15 Apr 2013 2012 Final Quarterly Paid 31.25c
12 Jun 2013 15 Jul 2013 2013 Interim Quarterly Paid 40c
11 Sep 2013 15 Oct 2013 2013 Interim Quarterly Paid 40c
19 Dec 2013 15 Jan 2014 2013 Interim Quarterly Paid 40c
12 Mar 2014 15 Apr 2014 2013 Final Quarterly Paid 40c
11 Jun 2014 15 Jul 2014 2014 Interim Quarterly Paid 40c
11 Sep 2014 15 Oct 2014 2014 Interim Quarterly Paid 40c
17 Dec 2014 15 Jan 2015 2014 Final Quarterly Paid 40c
11 Mar 2015 15 Apr 2015 2015 Interim Quarterly Paid 55c
11 Jun 2015 15 Jul 2015 2015 Interim Quarterly Paid 55c
11 Sep 2015 15 Oct 2015 2015 Interim Quarterly Paid 55c
23 Dec 2015 15 Jan 2016 2015 Final Quarterly Paid 55c
11 Mar 2016 15 Apr 2016 2016 Interim Quarterly Paid 55c
13 Jun 2016 15 Jul 2016 2016 Interim Quarterly Paid 55c
13 Sep 2016 14 Oct 2016 2016 Interim Quarterly Paid 63c
21 Dec 2016 13 Jan 2017 2016 Final Quarterly Paid 63c
13 Mar 2017 14 Apr 2017 2017 Interim Quarterly Paid 63c
13 Jun 2017 14 Jul 2017 2017 Interim Quarterly Paid 63c
14 Sep 2017 13 Oct 2017 2017 Interim Quarterly Paid 63c
22 Dec 2017 12 Jan 2018 2017 Final Quarterly Paid 63c
14 Mar 2018 13 Apr 2018 2018 Interim Quarterly Paid 63c
14 Jun 2018 13 Jul 2018 2018 Interim Quarterly Paid 79c
13 Sep 2018 15 Oct 2018 2018 Interim Quarterly Paid 79c
14 Dec 2018 15 Jan 2019 2018 Final Quarterly Paid 79c
14 Mar 2019 15 Apr 2019 2019 Interim Quarterly Paid 79c
13 Jun 2019 15 Jul 2019 2019 Interim Quarterly Paid 79c
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Packaging Corp Of America optimized dividend - 12 month history

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