IP earnings fall on restructuring charges
Posted in the Ticonderoga Forum
#1 Jul 28, 2010
International Paper reported an almost 32 percent drop in profits for the second quarter, which it attributed in part to restructuring costs from the closure of one of its mills.
IP reported net earnings of $93 million, or 21 cents per share, in the second quarter, as compared with $136 million, or 32 cents per share, for the same period last year.
Net sales increased about 5 percent to $6.1 billion.
The paper company said its earnings were "significantly improved" over the previous quarter and even the previous year when special items for both periods were excluded.
In the second quarter of this year, IP spent about $144 million before taxes on restructuring expenses, including $111 million to close a paper mill in Franklin, Va.
During the same period last year, IP received a $482 million boost from an alternative fuel tax credit, which was only partially offset by additional restructuring and other charges.
Excluding those items, net income increased from $86 million last year to $181 million this year, the company said.
"Operating rates are strong, inventories are low, and input costs are moderating," said CEO John Faraci. "All of these factors position us well for a stronger third quarter."
The market wasn't entirely convinced, however. At the market's close on Wednesday, IP shares were down $1.37, or about 5.4 percent, to $24.12.
International Paper employs approximately 600 at its facility in Ticonderoga.
Posted in Local on Wednesday, July 28, 2010 6:11 pm | Tags: International Paper, Wall Street, Investments, Employment
#2 Jul 28, 2010
#3 Jul 29, 2010
Does this mean workers wages go down or that they will work less hours?
#4 Jul 29, 2010
why is the ticonderoga mill singled out in this article?
#5 Jul 29, 2010
This is the original article in the Post Star.
#6 Aug 13, 2013
#7 Aug 13, 2013
They will do whatever they have to in order to keep the stockholders happy.
Do you really think Ticonderoga matters to IP? lol
#8 Aug 13, 2013
This article is from 2010. Clearly not eminent if it was 3 years ago!
#9 Aug 13, 2013
today, closed @ $48.12
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