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Packaging Corp profit beats Street
July 16, 2012 / 9:44 PM / 5 years ago

Packaging Corp profit beats Street

(Reuters) - Packaging Corp of America’s (PKG.N) 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 RKT.N and International Paper Co (IP.N), 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. (Reporting by Tej Sapru in Bangalore; Editing by Maju Samuel)

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