July 21, 2008 / 9:35 PM / 10 years ago

UPDATE 1-Packaging Corp's second-quarter profit declines

(Adds details on special items, sales and outlook)

NEW YORK, July 21 (Reuters) - Packaging Corp of America (PKG.N) said on Monday its second-quarter earnings fell, as higher fuel, chemical and freight costs weighed down results.

Net income was $35 million, or 34 cents per share, compared with a year-ago profit of $46 million, or 44 cents per share, the Lake Forest, Illinois-based company said.

Second quarter 2008 results include special items totaling $3 million, or 3 cents per share, for tornado damage at two facilities; start-up costs for two major mill projects and costs related to debt refinancing, the company said.

Net sales for the second quarter were up 5.2 percent to $616 million, helped by higher sales prices.

Packaging Corp also expects third-quarter earnings of 41 cents a share, above the Reuters Estimates consensus figure of 36 cents a share. (Reporting by Anna Driver in Houston; additional reporting by Steve James in New York; Editing by Andre Grenon)

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