PKG - Packaging Corp. of America reports decline in Q2 sales earnings

2023-07-24 19:16:19 ET

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."

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