NORTHBROOK, Ill. (AP) _ KapStone Paper and Packaging Corp. (KS) on Tuesday reported third-quarter profit of $31 million.
The Northbrook, Illinois-based company said it had profit of 32 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and stock option expense, were 37 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The maker of paper container and packaging products posted revenue of $776.6 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $809.8 million.
KapStone shares have declined 22 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.66, a drop of 21 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KS at https://www.zacks.com/ap/KS
Keywords: KapStone Paper, Earnings Report
Automated Insights, source Associated Press News