Packaging Corp Posts $3.04 Adjusted EPS for Third Quarter
PKG sits 25% above its 52-week low of $191.5.
Summary
Packaging Corp reported third-quarter adjusted EPS of $3.04, on sales of $2.6B and net income of $262.3M, and guided Q4 to $2.81. That compares with $2.35 adjusted in Q2, when GAAP EPS fell 19% to $2.15 on higher costs and acquisition-related interest expense tied to the Greif deal. The stock trades near $239 with a roughly $21B market cap, so a print this far above the prior quarter's adjusted figure is material for the containerboard thesis. Full release details will determine whether the move holds.
At the time of this announcement, PKG was trading at $239.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $21.3B. The 52-week trading range was $191.50 to $259.98. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.