trainman111
Packaging Corp. of America (NYSE:PKG) said Q2 sales and earnings declined from a year earlier on softer demand for some products.
The maker of container products said sales fell 13% from a year earlier to $1.95 billion, compared with the consensus estimate of $2 billion.
Adjusted earnings of $2.31 a share beat the average estimate of $1.99 a share.
Net income fell 33% to $202.7 million, or $2.24 a share, in Q2 from $301.5 million, or $3.20 a share, a year earlier.
“We expect shipments per day to improve versus the second quarter,” Mark Kowlzan, CEO of Packaging Corp. (PKG), said in a statement. “However, prices will be lower as a result of the previously published domestic containerboard price decreases along with slightly lower export prices.”
