Packaging Corporation of America reported un-audited consolidated earnings and operating results for the fourth quarter and earnings results for the full year ended December 31, 2014. For the quarter, net income excluding special items was $114.4 million or $1.16 per diluted share compared to $102.3 million or $1.05 per diluted share a year ago. Net income was $98.5 million or $1.00 per diluted share compared to $228.1 million or $2.34 per diluted share a year ago. Net sales were $1.43 billion, up 13% from $1.26 billion reported for the same period last year. Income from operations was $173.2 million compared to $122.9 million a year ago. Income before taxes was $150 million compared to $95 million a year ago. Capital spending was $165.4 million compared to $104 million a year ago. EBITDA was $265.4 million compared to $194.9 million a year ago. EBITDA excluding special items was $283.3 million compared to $249.6 million a year ago. Cash from operations in the fourth quarter was $179 million.

For the full year, the company reported net sales of $5.85 billion compared to $3.67 billion a year ago. Income from operations was $702.7 million compared to $481.9 million a year ago. Income before taxes was $614.3 million compared to $423.6 million a year ago. Net income was $392.6 million or $3.99 per diluted share compared to $441.3 million or $4.52 per diluted share a year ago. Capital spending was $420.2 million compared to $234.4 million a year ago. Net income excluding special items was $458.6 million or $4.66 per diluted share compared to $325.2 million or $3.33 per diluted share a year ago. EBITDA was $1,093.7 million compared to $683.7 million a year ago. EBITDA excluding special items was $1,143.6 million compared to $750.7 million a year ago. Cash from operations in the fourth quarter was $736 million.

Containerboard production in the fourth quarter was 927,000 tons, up 69,000 tons over the third quarter of 2014. The higher production was primarily from the DeRidder No. 3 machine, which produced 58,000 tons during the quarter after starting up on October 17.

The company provided earnings guidance for the first quarter of 2015. The company currently expects first quarter earnings of $1.07 to $1.10 per share.

For the year 2015, the company expects total capital expenditures to be between $275 million to $300 million. The combined federal and state effective and cash tax rate is expected to average about 35.5%. Interest expense in 2015 would be about $90 million.