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."
More about packaging
- Crown Holdings declines after Q2 sales miss, lower guidance
- Ball’s aerospace sale said to receive interest from Advent, Blue Origin
- Berry Global upgraded to Buy as Truist applauds management actions
For further details see:
Packaging Corp. of America reports decline in Q2 sales, earnings