HOUSTON, July 20 (Reuters) - Packaging Corp of America reported sharply higher quarterly earnings on Monday that topped Wall Street estimates as alternative fuel mixture credits boosted results.
Shares of the Lake Forest, Illinois company rose 12 percent to $20.25 in after-hours trading from their $18.07 close in regular trading on the New York Stock Exchange.
Net income was $109 million, or 80 cents per share, compared with $35 million, or 34 cents per share.
Excluding income from alternative fuel mixture tax credits, net income was $29 million, or 28 cents per share. On that basis, analysts on average had expected a profit of 16 cents per share, according to Reuters Estimates.
(Reporting by Anna Driver; Editing by Tim Dobbyn) Keywords: PACKAGINGCORP/ (anna.driver@thomsonreuters.com; 1 713 210 8509; Reuters Messaging: anna.driver.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shares of the Lake Forest, Illinois company rose 12 percent to $20.25 in after-hours trading from their $18.07 close in regular trading on the New York Stock Exchange.
Net income was $109 million, or 80 cents per share, compared with $35 million, or 34 cents per share.
Excluding income from alternative fuel mixture tax credits, net income was $29 million, or 28 cents per share. On that basis, analysts on average had expected a profit of 16 cents per share, according to Reuters Estimates.
(Reporting by Anna Driver; Editing by Tim Dobbyn) Keywords: PACKAGINGCORP/ (anna.driver@thomsonreuters.com; 1 713 210 8509; Reuters Messaging: anna.driver.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.