Packaging segment net sales increased by 9.6% to $1,970.3 million, driven by higher containerboard and corrugated products prices and mix, as well as higher volume. Solid demand drove a record 72.5 billion square feet of containerboard production, and corrugated plant shipments were up 2.5% compared to the first quarter of 2024.

Paper segment net sales decreased by 5.9% to $154.2 million due to lower volume, partially offset by higher prices and mix. This reflects the ongoing challenges in the communication papers market due to electronic data transmission alternatives.

The company expects capital investments in 2025 to be within a range of $840 million to $870 million. These expenditures could increase or decrease as a result of a number of factors, including our financial results, strategic opportunities, future economic conditions, and our regulatory compliance requirements.

Packaging segment operating income increased significantly due to higher containerboard and corrugated products prices and mix. This demonstrates management's ability to execute pricing strategies in response to market conditions.

While operating costs increased, management successfully lowered freight and logistics expenses and scheduled outage costs, partially offsetting the negative impact on profitability. This indicates effective cost management strategies.

The company expects higher prices in the Paper segment, although volume will be lower with the planned maintenance outage at our International Falls, MN mill. This suggests proactive management of operational efficiency but potential short-term impact on sales volume.

The 10-Q states that there have been no material changes to the risk factors disclosed in Part I, Item IA. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024.

In the Packaging segment, we anticipate continued uncertainty relative to foreign and domestic tariff actions, which may affect demand and negatively impact volume and costs.

Demand slowed down during the latter part of the quarter, which we believe was due to cautious ordering patterns by customers in response to uncertain macroeconomic conditions.

PCA is the third largest producer of containerboard products and a leading producer of UFS paper in North America.

Trade publications reported North American industry-wide corrugated products shipments were down (2.1%) in total and per workday during the first quarter of 2025 compared to the same quarter of 2024.

The market for communication papers competes heavily with electronic data transmission and document storage alternatives. Increasing shifts to these alternatives have reduced usage of traditional print media and communication papers.

Gross profit increased due to lower freight and logistics expenses. This indicates improved efficiency in supply chain management.

The company expects higher prices in the Paper segment, although volume will be lower with the planned maintenance outage at our International Falls, MN mill.

Solid demand drove a record 72.5 billion square feet of containerboard production, and corrugated plant shipments were up 2.5% compared to the first quarter of 2024, despite industry-wide decline.

The provided document does not contain specific details about R&D investments or technological capabilities.

The Jackson mill conversion-related activities are complete, which is related to the announced discontinuation of production of UFS paper grades on the No. 3 machine at the Jackson, Alabama mill associated with the permanent conversion of the machine to produce linerboard and other paper-to-containerboard conversion related activities.

The company expects capital investments in 2025 to be within a range of $840 million to $870 million.

We did not have any repurchases and retirements of the Company's common stock during both the three months ended March 31, 2025 and 2024.

We paid $112 million of dividends during the first three months of both 2025 and 2024.

We currently estimate capital expenditures to comply with environmental regulations will be about $24 million in 2025.

In the Packaging segment, we anticipate continued uncertainty relative to foreign and domestic tariff actions, which may affect demand and negatively impact volume and costs.

The market for communication papers competes heavily with electronic data transmission and document storage alternatives. Increasing shifts to these alternatives have reduced usage of traditional print media and communication papers.

Trade publications reported North American industry-wide corrugated products shipments were down (2.1%) in total and per workday during the first quarter of 2025 compared to the same quarter of 2024.