Packaging Corp.'s Net Surges

Earnings rise and revenue is in line.
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Packaging Corp.

(PKG) - Get Report

third-quarter earnings jumped.

The company earned $43.7 million, or 42 cents a share, in the quarter, compared with $10.6 million, or 10 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 42 cents a share in the most recent quarter.

Third-quarter revenue rose 12% from a year ago to $575 million as against analysts estimate of $574.9 million.

The company's shipments of corrugated products rose 1.2% from last year. Containerboard production in the third quarter was 621,000 tons, up 20,000 tons compared with last year's third quarter.

For the fourth quarter, the company expects to earn 35 cents a share, considering higher energy costs with colder weather and somewhat higher fiber costs. Analysts expect earnings of 37 cents a share for the same period.

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