RTTNews | Jan 27, 2022 10:49AM EST

10:49 Thursday, January 27, 2022 (RTTNews.com) - Shares of Packaging Corporation of America (PKG) are up more than 9% Thursday morning following better-than-expected fourth-quarter profit. The company also provided first-quarter earnings, above view.

Net income in the fourth quarter was $216.5 million, or $2.28 per share, significantly higher than $123.5 million or $1.30 per share in the same quarter a year ago.

Excluding one-time items, earnings were $262 million, or $2.76 per share, that beat the average estimate of analysts surveyed by Thomson Reuters at $2.07 per share.

Net sales for the quarter increased to $2.043 billion from $1.714 billion last year.

Looking forward, the company sees earnings of $2.50 per share in the first quarter. The consensus estimate stands at $2.13 per share.

PKG is at $146.51 currently. It has traded in the range of $124.78- $156.54 in the past one year.

Read the original article on RTTNews ( https://www.rttnews.com/3257998/packaging-corporation-of-america-rallies-on-better-than-expected-quarterly-results-outlook.aspx)

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