IP announces quarterly profit

TICONDEROGA International Paper reported preliminary third-quarter 2007 net earnings of $217 million, or 51 cents per share, compared with net earnings of $190 million, or 44 cents per share in the 2007 second quarter. The report was issued Nov. 2. International Paper employs approximately 700 at its Ticonderoga mill. Earnings from continuing operations and before special items in the third quarter of 2007 were $243 million, or 57 cents per share, compared with $223 million, or 52 cents per share, in the second quarter. Quarterly net sales were $5.5 billion, up slightly from $5.3 billion in the second quarter and $5.4 billion in the third quarter of 2006. We had a solid third-quarter, said International Paper Chairman and Chief Executive Officer John Faraci. We continue to improve paper and packaging business earnings and expand margins, and we continue to improve earnings capacity from non-U.S. operations. Volumes were flat quarter-to-quarter, but we saw overall price improvement, which more than offset some increases in raw material and distribution costs. Commenting on the fourth quarter of 2007, Faraci said, We expect slightly higher earnings from continuing operations. Volumes will slow seasonally in most segments. We expect modest overall improvement in pricing with the realization of previously announced price increases. Costs for wood, energy and transportation will continue to increase, and other costs will remain high.

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