International Paper (IP) Handily Beats Q3 Wall Street Profit Views

October 28, 2009 8:57 AM EDT

International Paper Co. (NYSE: IP) reported third-quarter earnings of 37 cents per share, ex-items, above the consensus of $0.24. Revenues fell to $5.9 billion, compared to the consensus of $5.89 billion.

Results of in the year-ago quarter for the Company were revenue of $6.81 billion, a drop of 13 percent, with earnings of 35 cents per share.

Sales of cardboard materials produced by the Company slipped from last year's results due to the weak economy and the decline in consumer spending.

International Paper did see a slight increase in revenue and earnings per share over the second-quarter of 2009, which saw $5.8 billion in sales and earnings of 32 cents per share.

"At the end of the third quarter, we began to see some modest improvements in demand in some segments of our paper and packaging businesses," said Chairman and CEO John Faraci. "We expanded margins year-over-year and continued to deliver strong cash flow and pay down debt, and I'm confident we're in position to benefit as the economy continues to slowly recover."

Based on the increase in earnings, shares for international paper have climbed 3.8 percent in pre-market trading to $23.50. The stock has fluctuated between $3.93 and $25.40 in the past year.

Related Categories

Earnings

Stocks Mentioned

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?