Packaging Corp.: 3Q Earnings Snapshot
LAKE FOREST, Ill. (AP) _ Packaging Corp. of America (PKG) on Wednesday reported third-quarter earnings of $179.8 million.
The Lake Forest, Illinois-based company said it had profit of $1.89 per share. Earnings, adjusted for non-recurring costs, were $1.92 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The maker of containerboard and corrugated packaging products posted revenue of $1.75 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $1.76 billion.
For the current quarter ending in December, Packaging Corp. expects its per-share earnings to be $1.70.
Packaging Corp. shares have climbed 32% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $110.01, a rise of 26% in the last 12 months.