U.S. stocks edge higher; solid earnings season continues
NEW YORK - Packaging Corporation of America (NYSE:PKG) reported fourth quarter earnings that missed analyst expectations, sending shares down 3.5% in after-hours trading on Tuesday.
The Lake Forest, Illinois-based company posted adjusted earnings per share of $2.47, falling short of the $2.51 consensus estimate. Revenue came in at $2.15 billion, surpassing expectations of $2.12 billion.
For the quarter, Packaging Corp . saw total corrugated product shipments rise 9.1% YoY. Containerboard production reached 1,310,000 tons.
"As we have seen throughout the year, demand in our Packaging segment during the quarter remained very strong," said Mark W. Kowlzan, Chairman and CEO. "Our corrugated products plants delivered record fourth quarter total shipments and an all-time record shipments per day."
Looking ahead to Q1, the company expects earnings of $2.21 per share, below the current $2.51 analyst consensus. Packaging Corp. cited higher costs across most operating areas and seasonal factors impacting its outlook.
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