Packaging Corporation of America reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the fourth quarter, the company reported net income of $110.6 million, or $1.17 per share and $1.23 per share excluding special items against net income of $104.3 million, or $1.07 per share and $1.08 per share excluding special items reported last year. Fourth quarter net sales were $1.5 billion in 2016 and $1.4 billion in 2015. Income from operations was at $192.9 million against $175.9 million reported last year. Income before taxes was at $168.5 million against $153.6 million reported last year. EBITDA was at $286.5 million against $264.5 million reported last year. Capital spending was $86.2 million against $96.6 million a year ago. EBITDA excluding special items was $292.8 million against $264.8 million a year ago. Cash provided by operations in the fourth quarter was $213 million, after deducting $64 million in cash tax payments and $4 million in pension payments.

For the full year of 2016, the company reported net income of $449.6 million, or $4.75 per share and $4.88 per share excluding special items against net income of $436.8 million, or $4.47 per share and $4.53 per share excluding special items reported last year. Net sales were $5.78 billion in 2016 and $5.742 billion in 2015. Income from operations was at $780.3 million against $750.0 million reported last year. Income before taxes was at $688.5 million against $664.5 million reported last year. EBITDA was at $1,138.3 million against $1,106.5 million reported last year. Capital spending was $274.3 million against $314.5 million a year ago. EBITDA excluding special items was $1,154.5 million against $1,106.2 million a year ago. For the full year, cash from operations was $801 million, and free cash flow was $527 million.

For the first quarter of 2017, EPS is expected to be $1.26 per share.

Based on current long-term debt, the company expects interest expense in 2017 to be approximately $100 million. It expects total capital expenditures to be between $310 million to $325 million. DD&A is expected to be about $370 million, up about $12 million over 2016, primarily due to the TimBar and the Columbus Container acquisitions. The combined federal and state effective tax rate for 2017 is expected to be similar to 2016 at just over 34%.