NEW YORK (TheStreet) -- Shares of Packaging Corp. of America (PKG - Get Report) are sliding, sharply down 8.88% to $70.18 on heavy trading volume on Tuesday afternoon, following the release of the containerboard maker's lower than expected first quarter earnings results.

For the first quarter, the company reported earnings of $1.01 per share, missing the $1.08 per share consensus estimate by Thomson Reuters.

Revenue of $1.43 billion for the period also missed Wall Street estimates of $1.44 billion.

Looking ahead to the second quarter, the company expects earnings to improve, as it plans to increase containerboard production and lower mill costs.

Packaging Corp. of America currently forecasts second quarter earnings of $1.03 per share.

About 3.4 million shares of exchanged hands as of 12:54 p.m. ET today, compared to its average trading volume of about 755,970 shares a day.

Lake Forest, IL-based Packaging Corp. of America is the fourth largest producer of containerboard and corrugated packaging products in the U.S., operating eight mills and 94 corrugated products plants.

Separately, TheStreet Ratings team rates PACKAGING CORP OF AMERICA as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PACKAGING CORP OF AMERICA (PKG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: PKG Ratings Report