Pactiv Corp 3rd Qtr Profits Hold Steady (PTV)

Lake Forest, Illinois based consumer and food packaging product manufacturer Pactiv Corporation PTV announced its financial results on Monday morning. Pactiv Corporation reported that its 3rd quarter income from continuing operations was unchanged at $79 million, or 59 cents per share, compared with $79 million, or 59 cents per share, a year earlier. Revenue rose to $944 million, up from $839 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 56 cents per share, on revenue of $939.08 million. Chairman and chief executive officer Richard L. Wambold said, “We had good volume performance in the quarter in markets that continue to be weak, with organic volume growth of 6 percent and the PWP acquisition adding 5 percent. However, margins were compressed as raw material costs increased in the quarter, and we incurred approximately $11 million of higher operating costs related to the startup of new production processes and equipment. In addition, there was approximately $9 million in expense related to the proposed sale of Pactiv.” Pactiv Corporation (PTV) closed the previous trading day at $33.17 per share. Analysts covering the company's stock give it a consensus price target of $33.09 per share. Read more from Benzinga's Company news.