Packaging Corporation of America (NYSE: PKG), Lake Forest, IL, reported third-quarter sales of $1.5 billion, an increase of 79.8 percent year-over-year. Profit increased 23.3 percent to $104.4 million.
“This was our eighth consecutive quarter of record earnings driven by strong sales volume, record mill productivity, and mill cost reductions," said CEO Mark Kowlzan. "The integration of Boise packaging continues to generate significant synergies, and operational improvements in White Papers have resulted in lower costs and higher margins."
For the first nine months of the year, sales were $4.4 billion, up 84 percent over the prior-year period. Profit increased 37.9 percent to $294.1 million.