Packaging Corporation of America reported third quarter net income of $29 million. This compares to $31 million in the second quarter of 2001 and $40 million in the third quarter of last year. Net sales for the third quarter were $455 million compared to $467 million in the second quarter of 2001 and $488 million in the third quarter of 2000.
Net income for the first nine months of the year was $89 million compared to $96 million for the first nine months of 2000.
Lower prices for both containerboard and corrugated products reduced third quarter earnings and sales compared to last year. The impact of lower pricing was partially offset by lower interest expense and lower containerboard manufacturing costs. Containerboard production and corrugated products shipments were essentially flat compared to last year and PCA ended the quarter with its total containerboard inventory about 4,000 tons lower than third quarter 2000.
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