Packaging Corp. beats 2Q profit forecasts

Wednesday, Jul 22, 2015

Packaging Corp. of America (PKG) on Tuesday reported second-quarter earnings of $114 million.

On a per-share basis, the Lake Forest, Illinois-based company said it had net income of $1.16. Earnings, adjusted for one-time gains and costs, came to $1.18 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.

The maker of containerboard and corrugated packaging products posted revenue of $1.45 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.48 billion.

Packaging Corp. shares have declined 16 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $65.48, a drop of almost 7 percent in the last 12 months.

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