Packaging Corp. of America says it expects 4th-quarter earnings to miss analyst estimates

Packaging Corp. 4Q earnings to miss expectations

LAKE FOREST, Ill. — Cardboard box maker Packaging Corp. of America issued a fourth-quarter earnings forecast below Wall Street expectations on Monday, citing lower volume and prices.

The company said it expects to earn 13 cents per share during the fourth quarter. It called for reduced volume due to three fewer shipping days and normal seasonality, along with lower containerboard prices, higher wood costs and increased energy usage due to colder, wetter weather.

Analysts surveyed by Thomson Reuters expect 97 cents per share, on average, for the fourth quarter.

The company said Monday its third-quarter income nearly doubled, though the boost came largely from a gain related to a one-time tax credit.

Shares fell in after-hours trading, losing $1.41, or 6.5 percent, to $20.25.