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Text: I'm Mark Kowlzan, Chairman and CEO of PCA, and with me on the call today is Tom Hassfurther, Executive Vice President, who runs our Packaging business; and Bob Mundy, our Chief Financial Officer.
After which, I'll wrap things up, and then we'll be glad to take any questions.
Yesterday, we reported second quarter net income of $57 million or $0.59 per share.
Excluding the special items, second quarter 2020 net income of $132 million or $1.38 per share compared to the second quarter of 2019, net income of $194 million or $2.04 per share.
Second quarter net income was $1.54 billion in 2020 and $1.76 billion in 2019.
Total company EBITDA for the second quarter, excluding special items, was $299 million in 2020 and $376 million in 2019.
Second quarter net income included special items expenses of $0.79 per share related primarily to the impairment of goodwill associated with our paper segment.
Bob will discuss that in more detail in a few minutes.
Special items expenses also included the previously reported closure of our corrugated products facility in San Lorenzo, California and costs and expenses associated with the COVID-19 pandemic.
Excluding the special items that we mentioned, the $0.66 per share decrease in second quarter 2020 earnings compared to the second quarter of 2019 was driven primarily by lower prices and mix in our packaging segment of $0.66 and paper segment $0.05, lower volumes in our paper segment, $0.40 and higher depreciation expense, $0.04.
These items were partially offset by lower operating costs of $0.33, primarily in the areas of labor and fringes, repairs, materials and supplies and several fixed cost areas.
We also had lower annual outage expenses of $0.10, lower converting costs, $0.03, lower freight expenses, $0.02 and other costs, $0.01.
Looking at our packaging business.
EBITDA, excluding special items in the second quarter of 2020 of $313 million with sales of $1.4 billion resulted in a margin of 22% versus last year's EBITDA of $349 million and sales of $1.5 billion or 23% margin.
We ran our containerboard mills to demand, built some much-needed inventory from the historically low levels at the end of the first quarter and maintained the industry-leading integration rate by supplying our box plants with the necessary containerboard to establish a new second quarter record for box shipments per day.
We ended the second quarter with inventory still at the relatively low levels but in adequate position to meet our expected stronger third quarter demand.
Our efficiencies and cost control at the mills and corrugated products facilities throughout the quarter were truly remarkable.
And we continue to see improvements in freight and logistics expenses through the optimization of our trucking operations and geographic footprint of our containerboard supply.
Demand for our corrugated products was very good in the second quarter, especially during the month of June.
As Mark indicated, our corrugated products plants achieved a new second quarter record for shipments per day, which were up 1.2% compared to last year's second quarter.
Total shipments for the quarter were also up 1.2% over last year.
As a comparison for the second quarter, the industry was down 1.4% in total and on a workday basis.
Through the first half of 2020, our box shipment volume is up 2.5% on a per day basis versus the industry being up 0.6%.
Outside sales volume of containerboard was about 10,000 tons below last year's second quarter and 23,000 tons below the first quarter of 2020, and as we ran our containerboard system to demand, supplied the record needs of our box plants and positioned our inventory for even higher demand during an expected stronger third quarter.
Domestic containerboard and corrugated products prices and mix together were $0.61 per share below the second quarter of 2019 and down $0.18 per share compared to the first quarter of 2020.
Export containerboard prices were down about $0.05 per share versus last year's second quarter and flat compared to the first quarter of 2020.
Finally, I'd like to point out that the benefits from our capital spending strategy in the box plants that we've spoken about over the last couple of years are continuing to gain traction.
As we have said many times, this strategy of improving the technology and equipment in various plants as well as the construction of new box plants is based upon our customers' needs and demands and improving our capabilities to grow with them.
We're seeing this in our volume growth with new and existing customers, operating efficiencies and various operating and conversion cost areas.
Looking at the paper segment, EBITDA, excluding special items in the second quarter was $5 million with sales of $123 million or a 4% margin compared to second quarter 2019 EBITDA of $48 million and sales of $238 million for a 20% margin.
Second quarter paper prices and mix were about 5% below last year, and less than 1% below the first quarter of 2020.
As expected, our sales volume was about 45% below last year, and as announced back in April, we had our Jackson mill down for the months of May and June to help manage our supply with our demand outlook.
Unfortunately, our view of demand as we approached the end of June did not improve to the point of allowing us to restart the mill, resulting in us recently announcing that Jackson will also be down for the months of July and August.
We'll continue to assess the market conditions for potential September restart of the mill.
Cash provided by operations for the second quarter was $227 million, with free cash flow of $146 million.
The primary uses of cash during the quarter included capital expenditures of $81 million, common stock dividends of $75 million; net interest payments of $41 million and cash taxes of $39 million.
We ended the quarter with $853 million of cash on hand or $977 million, including marketable securities.
Our liquidity at June 30 was just over $1.3 billion.
During the second quarter, uncoated freesheet market conditions and especially demand for our cut size office paper products, continued to deteriorate rapidly arising from the COVID-19 pandemic.
These conditions, along with the estimated impact on our paper segment and its projected future results of operations, resulted in a triggering event indicating possible impairment of goodwill and the long-lived assets within our paper segment.
Due to this triggering event in a more likely than not assessment that an impairment of goodwill occurred, an interim quantitative impairment analysis as of May 31, 2020, was performed.
Based on this evaluation, we determined that goodwill was fully impaired for the paper segment and recognized a noncash impairment charge totaling $55.2 million.
The impairment charge is not tax deductible.
We also performed a recoverability test on the long-lived assets within our paper segment, including long-lived intangible assets as of May 31, 2020.
The results of this test indicated that these assets were 100% recoverable.
Lastly, we are planning to take or to make a change to the scheduled outages in our containerboard mills for the fourth quarter of this year versus what we discussed during last quarter's call.
Our current plans are to pull forward some recovery boiler work at the DeRidder Mill from next year to eliminate the risk of unscheduled downtime and during this period, perform a high-return capital project on the No.
one paper machine real section.
The fourth quarter estimate for our scheduled outages is now $0.59 per share, and the full year increment is now $1.05 per share.
As in the first quarter, the employees at all of our manufacturing and office locations ran their operations safely and in a very cost effective manner while facing the unprecedented conditions brought on by the COVID-19 pandemic.
All facilities continue to operate in adherence to CDC guidelines and followed a strict protocol for workplace operations as well as notification of and response to potential issues.
Although we did experience some challenges during the second quarter we have not experienced any material disruption in our operations or our supply chain to the pandemic due to the pandemic.
The accomplishments of our employees during this period with the help of our customers and suppliers were truly amazing.
Looking ahead to the third quarter we'll stay focused on preserving our financial and balance sheet strength during these uncertain times.
We remain well positioned to manage whatever lies ahead while ensuring we take care of the needs and expectations of our employees, customers, suppliers and shareholders.
During the unprecedented times corrugated products demand has performed quite well so far this year, and we expect the third quarter to be even stronger.
We began the third quarter with replenished yet still relatively low container board inventories and our expectation is that we'll end the quarter at levels below where we started while managing scheduled outages at two of our mills.
We've already announced the actions being taken in the paper business and we'll continue to evaluate the demand for our paper products throughout the third quarter.
However, shelter in place and lockdown conditions continue to change constantly across the country and such events and actions could adversely impact those expectations in the operations in not only our facilities but also the availability of services and products we rely upon from our suppliers.
As a result, we're not able to quantify our guidance for the third quarter.
These statements were based on current estimates, expectations and projections of the company and involve inherent risks and uncertainties including the direction of the economy and those identified as risk factors in our annual report on Form 10-K which is on file with the SEC.

user
packaging corp of america q2 earnings per share $1.38 excluding items.
q2 earnings per share $1.38 excluding items.
q2 earnings per share $0.59.
q2 sales $1.54 billion versus refinitiv ibes estimate of $1.63 billion.

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