Packaging Corp of America rises on Q3 results beat

Packaging of America

22/10/2024 23:03

** Packaging Corp of America's shares  PKG.N  rise ~4% to
$225.00 after the bell
    ** Co posts Q3 profit and revenue exceeding Wall Street
estimates, driven by price increases in its paper and packaging
segments
    ** Q3 adjusted profit came in at $2.65 per share, surpassing
average analysts' estimates of $2.50 per share, according to
data compiled by LSEG.
    ** Q3 revenue rose 13% to $2.18 bln, compared with estimates
of $2.09 bln
    ** CEO Mark Kowlzan says total shipments for the corrugated
business in Q4 could be affected by two fewer shipping days,
hurricane damage to the strawberry crops in Florida
    ** Sees sequential decline in shipments in the paper
segment, although demand in the packaging segment is expected to
remain strong
    ** Co forecast Q4 adjusted profits of $2.47 per share,
slightly above the LSEG compiled mean of $2.46 per share
    ** As of last close, stock had risen 33% YTD

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