All-time high for Packaging Corp after earnings

|About: Packaging Corporation Of ... (PKG)|By:, SA News Editor

Packaging Corp of America (PKG +6.1%) shoots higher after Q1 results arrive ahead of consensus estimates.

Packaging segment income was up 18% Y/Y to $191M, while paper segment income fell 17% to $30M.

Shipments per day were up 8.9% in the packaging segment during the quarter.

"Our results were driven by strong demand and higher prices for containerboard and corrugated products as well as from the benefits of our recent TimBar and Columbus Container acquisitions," notes CEO Mark Kowlzan.

Shares of PKG set a new all-time high of $101.01 earlier.