Packaging Corp forecasts upbeat profit on strong demand, higher pricing

Packaging of America

23/07/2024 22:22

July 23 - Packaging Corporation of America  PKG.N 
forecast third-quarter profit above market estimates, aided by
higher pricing and strong demand for its corrugated packaging
products. 
    Demand for corrugated packaging and container board is
slowly improving from a post-pandemic slowdown that followed a
boost from e-commerce and delivery services during lockdowns. 
    The company supplies paper and packaging products for
industries such as food and beverages, retail trade and chemical
products. 
    PKG expects a third-quarter profit of $2.45 per share, above
analysts' estimates of $2.43 per share, according to LSEG data. 
    The Lake Forest, Illinois-based company reported a quarterly
adjusted profit of $2.20 per share, beating estimates of $2.14. 
    Corrugated products shipments per day were up 9.2%
year-over-year.
    Total revenue for the second quarter ended June 30 was $2.08
billion, up 6.3% from a year earlier, compared with expectations
of $2.02 billion. 

 (Reporting by Aishwarya Jain; Editing by Mohammed Safi Shamsi)
 ((Aishwarya.Jain@thomsonreuters.com;))