Packaging Corporation of America (PKG) reported fourth quarter net income of $58.7 million or $0.57 per share, compared to $30.2 million or $0.30 per share in the year ago quarter.
Fourth quarter net income included $44 million, or $0.42 per share, from alternative fuel mixture tax credits, and after-tax non-cash charges of $1.2 million, or $0.01 per share, from asset disposals related to the announced major energy projects at the Counce and Valdosta mills.
Excluding income from alternative fuel mixture tax credits and the asset disposal expenses, net income was $16 million, or $0.16 per share, versus fourth quarter 2008 net income of $30 million, or $0.30 per share.
Net sales for the fourth quarter were $532.2 million compared to $546.1 million in the fourth quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share on revenues of $510.01 million for the quarter. Analysts' estimates typically exclude special items.
The company currently estimates its first quarter earnings at about $0.12 per share. Analysts expect the company to report earnings of $0.17 per share for the quarter.
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