Packaging Corporation of America reported fourth quarter net income of $38 million. The reported results compare to fourth quarter 1999 net income of $16 million and third quarter 2000 net income of $40 million. Fourth quarter results for both years exclude non-recurring gains on timberland sales and extraordinary non-cash deferred financing charges.
Operating income for the fourth quarter increased 22% to $87 million from $71 million in 1999, excluding gains on timberland sales. Net sales for the fourth quarter were $466 million.
Full year net income was $134 million compared to pro forma 1999 net income of $17 million. Full year net sales were $1.9 billion.
The improved earnings for the quarter and full year compared to a year ago were driven primarily by higher prices for both containerboard and corrugated products, and lower interest expense.
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