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PACKAGING CORPORATION OF AMERICA REPORTS THIRD QUARTER 2021 RESULTS Exhibit 99.1 Lake Forest , IL , October 25 , 2021 - Packaging Corporation of America ( NYSE : PKG ) today reported third quarter 2021 net income of $ 251 million , or $ 2.63 per share , and net income of $ 257 million , or $ 2.69 per share , excluding special items . Third quarter net sales were $ 2.0 billion in 2021 and $ 1.7 billion in 2020 . Diluted earnings per share attributable to Packaging Corporation of America shareholders Three Months Ended September 30 , 2021 2020 Change Reported Diluted EPS $ 2.63 $ Special Items Expense ( 1 ) 0.06 1.46 $ 0.11 1.17 ( 0.05 ) Diluted EPS excluding Special Items $ 2.69 $ 1.57 $ 1.12 ( ¹ ) For descriptions and amounts of our special items , see the schedules with this release . Reported earnings include $ .06 per share of special items expense in the third quarter of 2021 , primarily for certain costs at the Jackson , AL mill for paper- to - containerboard conversion related activities , and $ .11 per share of special items expense in the third quarter of 2020 , primarily for costs associated with Hurricane Laura which made landfall approximately 100 miles south of the DeRidder , LA mill , resulting in production being down a total of approximately 12 days . Excluding special items , the $ 1.12 per share increase in third quarter 2021 earnings compared to the third quarter of 2020 was driven primarily by higher prices and mix $ 1.58 and volume $ .62 in our Packaging segment , higher production volume $ .06 and prices and mix $ .05 in our Paper segment , lower non- operating pension expense $ .03 , and lower interest expense $ .01 . These items were partially offset by higher operating costs ( $ .84 ) , higher freight and logistics expenses ( $ .23 ) , higher converting costs ( $ .10 ) , higher scheduled outage expenses ( $ .04 ) , and lower sales volume in our Paper segment ( $ .02 ) . Results were $ .32 above third quarter guidance of $ 2.37 per share primarily due to higher realization of prices and mix in our Packaging segment . Financial information by segment is summarized below and in the schedules with this release . Segment income ( loss ) Packaging Paper Corporate and Other 2021 ( dollars in millions ) Three Months Ended September 30 , 2020 $ 365.2 11.0 $ 222.4 7.3 ( 23.4 ) ( 20.2 $ 352.8 $ 209.5 Segment income ( loss ) excluding special items Packaging $ 371.1 $ 235.7 Paper 12.2 7.3 Corporate and Other ( 23.3 ) ( 20.2 $ 360.0 $ 222.8 EBITDA excluding special items Packaging $ 466.9 $ 323.9 Paper 18.1 16.9 Corporate and Other ( 21.0 ) ( 18.0 ) $ 464.0 $ 322.8