LAKE FOREST, Ill. (AP) _ Packaging Corp. of America (PKG) on Wednesday reported first-quarter net income of $186.8 million.
On a per-share basis, the Lake Forest, Illinois-based company said it had profit of $1.97. Earnings, adjusted for non-recurring costs, came to $1.98 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.
The maker of containerboard and corrugated packaging products posted revenue of $1.73 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $1.75 billion.
Packaging Corp. shares have increased 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $98.85, a fall of 13 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PKG at https://www.zacks.com/ap/PKG