LAKE FOREST, Ill. (AP) — LAKE FOREST, Ill. (AP) — Packaging Corp. of America (PKG) on Monday reported first-quarter profit of $146.9 million.

The Lake Forest, Illinois-based company said it had net income of $1.63 per share. Earnings, adjusted for non-recurring costs, were $1.72 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.63 per share.

The maker of containerboard and corrugated packaging products posted revenue of $1.98 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.91 billion.

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