Packaging Corporation of America 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)
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