The company said net sales for Q1 2024 were $2.0 billion, the same as in Q1 2023, and net income was $147 million ($1.63 per diluted share), lower than the $190 million ($2.11) reported in Q1 2023.

1. 01

   The company said net sales for Q1 2024 were $2.0 billion, the same as in Q1 2023, and net income was $147 million ($1.63 per diluted share), lower than the $190 million ($2.11) reported in Q1 2023.

2. 02

   Excluding special items, the company said net income for Q1 2024 was $155 million ($1.72 per share), lower than $198 million ($2.20) in Q1 2023. It cited lower prices and mix in the Packaging and Paper segments, higher scheduled mill outage expenses and higher depreciation as factors in the decline.

3. 03

   Packaging segment income from operations fell to $204 million in Q1 2024 from $268 million in Q1 2023, the company said, while corrugated products shipments rose 11.0% per workday over the same period.

4. 04

   The company said net cash provided by operating activities was $260 million in Q1 2024 (versus $280 million in Q1 2023), and it held $692 million in cash and cash equivalents and $561 million in marketable debt securities as of March 31, 2024.

Key figures

Quarter ended March 31, 2024

Revenue

$2.0B

Operating income

$196M

Net income

$147M

EPS

$1.63

Gross profit

$370M

Operating cash flow

$260M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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