Packaging Corp falls on profit forecast miss

Packaging of America

22/04/2024 23:21

** Paper and packaging company Packaging Corp of America's
shares  PKG.N  fall 3.4% to $173.17 in extended trading
    ** Co forecasts Q2 earnings of $2.07 per share, below
analysts' average estimate of $2.22 per share - LSEG data
    ** Q1 adjusted EPS/shr fell to $1.72 from $2.20 a year
earlier, but exceeded analysts' expectations of $1.68
    ** PKG beat estimates for Q1 profit and net sales on higher
prices, improved production and recovery in demand for its
corrugated packaging products
    ** Q1 net sales $1.98 bln vs $1.91 bln - LSEG data
    ** YTD, stock had risen 10%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))