LAKE FOREST, Ill. (AP) — LAKE FOREST, Ill. (AP) — Packaging Corp. of America (PKG) on Wednesday reported first-quarter net income of $170.9 million.
The Lake Forest, Illinois-based company said it had profit of $1.91 per share. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, were $2.40 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.17 per share.
The maker of containerboard and corrugated packaging products posted revenue of $2.37 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $2.41 billion.
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