* Q2 adj EPS $0.49 vs est $0.45
* Q2 rev $712.5 mln vs est $689.4 mln
* Sees Q3 EPS $0.54 vs est $0.53
* Corrugated product shipments up 7 pct
* Shares rise 3 pct after market
July 16 (Reuters) - Packaging Corp of America's quarterly profit beat analysts' expectations for the third time in a row, helped by a rise in corrugated product shipments, and the company forecast third-quarter earnings above estimates.
The paper container maker's corrugated products shipments rose 7 percent for the second quarter.
The company forecast third-quarter earnings of 54 cents a share. Analysts on average were looking for earnings of 53 cents a share, according to Thomson Reuters I/B/E/S.
Packaging Corp, which competes with RockTenn Co and International Paper Co, said its April-June net income rose to $45.2 million, or 46 cents per share, from $39.6 million, or 39 cents per share, last year.
Excluding items, the company earned 49 cents per share.
Revenue increased 7 percent to $712.5 million.
Analysts had expected a profit of 45 cents per share on revenue of $689.4 million.
Shares of the Lake Forest, Illinois-based company were up 3 percent in extended trading. The stock, which gained 7 percent of its value in the last month, closed at $29.06 on the New York Stock Exchange on Monday.