Packaging Corp. of America Fourth-Quarter Results Beat Expecations

By FeaturesDow Jones Newswires

Packaging Corp. of America (PKG) reported fourth-quarter earnings that beat analyst expectations, driven primarily by higher prices and mix and volumes in its packaging segment.

The Lake Forest, Ill.-based company reported a profit of $268.9 million, or $2.84 a share, up from $110.6 million, or $1.17 a share, a year earlier. Revenue of the producer of containerboard products and uncoated freesheet paper jumped 14.3% to $1.68 billion.

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Excluding tax-related items and others items, Packaging Corp. earned $1.56 a share, compared with $1.23 a share the year before. Analysts polled by Thomson Reuters had forecast adjusted earnings of $1.51 a share on $1.61 billion in revenue.

The company reported $122.1 million of estimated income tax benefit related to the U.S. tax reform.

The stock has remained unchanged at $124.71 in after-hours trading Tuesday. Shares are up 36% in the last year.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

January 30, 2018 18:12 ET (23:12 GMT)

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