Packaging Corp Disappoints the Market but Marginally Beats Our Bearish Expectations
Packaging Corporation of America's third quarter included few surprises, but disappointed the market with a reduced outlook for the remainder of 2016. Management updated its guidance for the fourth quarter to $1.15 per share, versus a consensus of $1.18. However, guidance for the remainder of 2016 remained largely in line with our expectations. PCA's paper segment surprised us, exhibiting both volume and price improvements in the third quarter, leading to adjusted EBITDA margins in excess of 20%...Packaging Corporation of America is a producer of containerboard products and a producer of uncoated freesheet paper. The company's segments include: Packaging, which produces a variety of corrugated packaging products, including shipping containers, multi-color boxes and displays, and honeycomb protective packaging, as well as produces packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products; Paper, which manufactures and sells papers, including both commodity and specialty papers; and Corporate and Other, which includes transportation assets, such as rail cars and trucks, to transport the company's products to and from its manufacturing sites.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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