Page 1

PACKAGING CORPORATION OF AMERICA REPORTS SECOND QUARTER 2021 RESULTS Lake Forest , IL , July 26 , 2021 - Packaging Corporation of America ( NYSE : PKG ) today reported second quarter 2021 net income of $ 207 million , or $ 2.17 per share , and net income of $ 207 million , or $ 2.17 per share , excluding special items . Second quarter net sales were $ 1.9 billion in 2021 and $ 1.5 billion in 2020 . Diluted earnings per share attributable to Packaging Corporation of America shareholders Reported Diluted EPS Special Items Expense Diluted EPS excluding Special Items ( 1 ) ( 1 ) For descriptions and amounts of our special items , see the schedules with this release . Segment income ( loss ) Packaging Paper Corporate and Other Segment income ( loss ) excluding special items Packaging Paper Corporate and Other 2021 EBITDA excluding special items Packaging Paper Corporate and Other 2.17 2.17 Reported earnings in the second quarter of 2021 include special items expense and income rounding to a negligible impact , while reported earnings in the second quarter of 2020 include $ .79 per share of special items expense primarily for the impairment of goodwill associated with our Paper segment . Three Months Ended June 30 , 2020 Excluding special items , the $ .79 per share increase in second quarter 2021 earnings compared to the second quarter of 2020 was driven primarily by higher prices and mix $ 1.01 and volume $ .74 in our Packaging segment , higher volume in our Paper segment $ .03 , and lower non - operating pension expense $ .03 . These items were partially offset by higher operating costs ( $ .57 ) , higher annual outage expenses ( $ .19 ) , higher freight and logistics expenses ( $ .19 ) , higher converting costs ( S.05 ) , higher depreciation expense ( S.01 ) , and lower prices and mix in our Paper segment ( $ .01 ) . Financial information by segment is summarized below and in the schedules with this release . $ $ 0.59 0.79 1.38 $ 2021 ( dollars in millions ) Three Months Ended June 30 , 317.2 2.6 ( 25.2 ) 294.6 314.2 5.4 ( 25.9 ) 293.7 $ $ $ Change $ 408.8 $ 11.6 ( 23.6 ) 1.58 ( 0.79 ) 0.79 2020 197.6 ( 61.4 ) ( 20.1 ) 116.1 Exhibit 99.1 223.6 ( 5.7 ) ( 20.1 ) 197.8 312.5 4.7 ( 18.2 )