PKG - Why Packaging Corporation of America Shares Are Soaring Today
Shares of consumer goods packaging outfit Packaging Corporation of America (NYSE: PKG) are higher by 8.8% as of 1:18 p.m. ET Thursday following Wednesday's post-close release of its fiscal fourth-quarter results. The company's top and bottom lines both topped estimates.
Consumerism is still going strong, certainly stronger than it was a year earlier, when the COVID-19 pandemic was stifling commerce of every sort. For the three-month stretch ending in December, Packaging Corporation of America turned $2.04 billion worth of revenue into a per-share operating profit of $2.76. Those numbers beat expectations of $1.92 billion and $2.08, according to Zacks, and were well ahead of the year-ago figures of $1.71 billion and $1.33 per share. The company's full-year numbers were similarly impressive.
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Why Packaging Corporation of America Shares Are Soaring Today