Tuesday, November 04, 2014 3:33:27 PM
7 hours 40 minutes ago - DJNF
By Angela Chen
International Paper Co. said its third-quarter revenue edged up 1.3% on strong sales in the North American industrial-packaging segment, though restructuring costs continued to hurt profit as the company expands into emerging markets.
The results beat analyst expectations.
International Paper in September named company veteran and chief operating officer Mark S. Sutton as chief executive, succeeding John Faraci effective Nov. 1.
The Memphis-based pulp and paper company has been considering potential expansion opportunities in emerging markets such as Brazil, as the pressure continues on the paper industry in North America. In China, paper supply is outstripping demand and Russia faces a further slowdown because of wide-ranging sanctions.
In the latest quarter, seasonally lower sales volumes led to a decrease in earnings in Europe. Brazilian industrial packaging sales fell to $76 million from $85 million, while Asian industrial-box packaging fell to $102 million from $111 million.
Overall, the company reported a profit of $355 million, or 83 cents a share, compared with a year-earlier profit of $382 million, or 85 cents a share.
Special items in the latest period included a loss of $24 million for restructuring and other charges.
Operating earnings, which are earnings from continuing operations excluding special items and nonoperating pension expense, fell to 95 cents from $1.01 a year earlier.
Sales grew to $6.05 billion from $6 billion.
Analysts polled by Thomson Reuters had targeted earnings of 91 cents a share on revenue of $6.01 billion.
Sales at the company's industrial-packaging segment were about flat at $3.74 billion, but were buoyed by strong operating earnings in the North American segment. These results were driven by strong operating performance and lower planned maintenance outage costs, though partially offset by lower export volume.
Printing papers business sales fell 6.5% to $1.45 billion.
Write to Angela Chen at angela.chen@dowjones.com
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(END) Dow Jones Newswires
November 04, 2014 07:51 ET (12:51 GMT)
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