Monday, Packaging Corp. of America (PKG) reported third-quarter net income of $73 million or $0.71 per share, compared to $38.1 million or $0.37 per share in the same quarter last year.
Excluding income from alternative fuel mixture tax credits, net income for the quarter was $25 million or $0.25 per share, down from net income of $38 million or $0.37 per share in the previous year quarter.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $554 million from $621 million in the comparable quarter last year. Analysts expected the company to report revenue of $548.82 million for the quarter.
Looking ahead to the fourth quarter, the company expect lower volume due to three less shipping days along with normal seasonality. Excluding income from alternative fuel mixture tax credits, the company currently estimate fourth quarter earnings at about $0.13 per share. Analysts currently anticipate the company to earn $0.17 per share for the quarter.
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