Packaging Corporation Of America Posts Higher Q1 Profit

(RTTNews) - Packaging Corporation of America (PKG) reported first quarter net income of $90.1 million or $0.92 per share, compared to $62.3 million or $0.64 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $106.5 million or $1.08 per share

Net sales for the first quarter rose to a record $1.43 billion from $755.2 million.

Analysts polled by Thomson Reuters expected the company to earn $1.00 per share on revenue of $1.42 billion for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts second quarter earnings of about $1.10 per share. Analysts currently expect the company to earn $1.14 per share for the second quarter.