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Packaging Corp. beats Street 1Q forecasts

LAKE FOREST, Ill. (AP) _ Packaging Corp. of America (PKG) on Wednesday reported first-quarter profit of $117.4 million.

On a per-share basis, the Lake Forest, Illinois-based company said it had profit of $1.24. Earnings, adjusted for non-recurring costs, were $1.27 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The maker of containerboard and corrugated packaging products posted revenue of $1.54 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.48 billion.

Packaging Corp. shares have climbed 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $94.54, a rise of 43 percent in the last 12 months.

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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

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Keywords: Packaging Corp., Earnings Report