Packaging Corporation Turns in a Strong Start to 2017; Raising Fair Value Estimate to $66
Packaging Corporation managed a strong first quarter, driving adjusted EPS higher by roughly 14% thanks in large part to the integration of its two recent acquisitions and the flow-through of higher containerboard prices. These tailwinds in PCA's packaging segment more than made up for sustained weakness out of its paper segment, which we believe will continue to face margin pressures for the foreseeable future. We've also integrated our new tax outlook beyond 2017, as discussed in our recent no...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.
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