UPDATE 1-Packaging Corp 4th-qtr profit down 32 pct

(Adds figures, outlook)

HOUSTON, Jan 20 (Reuters) - Packaging Corp of America (PKG.N) said on Tuesday its fourth-quarter earnings fell, as a slump in industrial demand and consumer spending weighed on demand for its cardboard boxes and other packaging products.

Net income in the quarter fell to $30 million, or 30 cents a share, from $44 million, or 42 cents a share a year ago.

Fourth-quarter 2008 net sales fell nearly 6 percent from a year earlier to $546 million.

Looking ahead to the first quarter, Packaging Corp said it expects to earn 20 cents a share. That compares with analysts estimates of 21 cents a share, according to Reuters Estimates. (Reporting by Anna Driver in Houston; editing by Carol Bishopric)