Jul 23, 2008. /Lesprom.com/. Pactiv Corp.'s (PTV) 2Q net income dropped 13% as its price hikes failed to keep up with soaring costs for fuel and raw materials, Dow Jones Newswires reported. Shares fell 5.3% to $20.90 in after-hours trading as the packaging company projected 3Q earnings below what Wall Street was expecting and cut its 2008 guidance a second time. Pactiv reported net income of $61 million, or 46 cents a share, down from $70 million, or 53 cents a share, a year earlier. The latest quarter's results included a 1-cent restructuring charge. Earnings from continuing operations fell to $0.49 a share from $0.52. Revenue grew 15% to $951 million, primarily from the inclusion of sales from Prairie Packaging, which Pactiv acquired in June 2007, and a $0.03 price hike. Analysts' mean estimates were for per-share earnings of $0.48 on revenue of $931.2 million.