Packaging Corp Of America Reports Mixed Q3 Earnings: CEO Highlights Cost-Effective Operations
Portfolio Pulse from Shivani Kumaresan
Packaging Corp Of America (NYSE:PKG) reported a Q3 FY23 sales decline of 8.94% YoY to $1.94 billion, missing the analyst consensus estimate of $1.99 billion. Adjusted EPS of $2.05 beat the consensus estimate of $1.93. The company's CEO highlighted cost-effective operations, including keeping the Wallula, WA mill temporarily idled during the quarter. PKG shares were up 2.4% at $148.00 at the time of publication.
October 24, 2023 | 3:10 pm
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Packaging Corp's Q3 FY23 sales declined, missing estimates, but adjusted EPS beat consensus. The company's shares were up 2.4%.
Despite the sales decline and missing estimates, Packaging Corp's shares were up, likely due to the company's adjusted EPS beating the consensus estimate. The CEO's emphasis on cost-effective operations may also have positively influenced investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100