Packaging Corp. reports Q2 adjusted EPS $2.31, consensus $1.93

Reports Q2 revenue $1.95B, consensus $1.99B. CEO Mark Kowlzan said, “Actual results versus our guidance for the quarter reflect the outstanding efforts by employees across the company to manage our operations in an efficient and cost-effective manner as we continued to operate both our Packaging and Paper segments against a challenging demand environment. Results also reflect energy and virgin fiber prices being lower than anticipated…Looking ahead as we move from into Q3, in our Packaging segment, although there is one less shipping day for the corrugated business, we expect shipments per day to improve versus Q2. However, prices will be lower as a result of the previously published domestic containerboard price decreases along with slightly lower export prices…Considering these items, we expect Q3 earnings of $1.88 per share.”