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International Paper Earnings ClimbNEW YORK, Aug 2 - International Paper Co. said on Thursday second-quarter earnings rose as improved pricing and stable volumes boosted results. The largest U.S. paper and forest products company said quarterly net income rose to $190 million, or 44 cents per share, compared with $83 million, or 17 cents per share, a year earlier. Excluding items, income from continuing operations rose to 52 cents a share, from 30 cents a share in the year-ago period. Quarterly sales fell 7 percent to $5.29 billion, the decline was mainly due to the companys sales of its U.S. coated papers business. Analysts, on average, had forecast earnings of 55 cents a share, on revenue of $5.31 billion, according to Reuters Estimates. "Were seeing continued margin expansion quarter-to-quarter, because of solid operations improvement, improved pricing and stable volumes," the companys Chief Executive John Faraci said in a statement. In an interview with CNBC, Faraci also said that he expects third-quarter results to be somewhat better than those of the second quarter. However, he declined to comment on whether the company would meet Wall Streets earnings expectations of 65 cents a share for the third quarter. "We anticipate continued operations improvement and cost reduction across our global manufacturing base, as well as lower mill maintenance shutdown expenses in the (third) quarter," Faraci said in a press release. The companys shares have fallen about 7 percent over the last three months, mirroring a drop of about 12 percent in the Standard & Poors Paper and Forest Products Index. Tag CloudExternal InformationAdditional InformationEnjoy Your Green Stay...Take-Two Examines Possible Sale of Company... Dow Drops More Than 200 Points... States Scrutinize Caffeinated Brews... Where Am I?News Main Page - Business - International Paper Earnings Climb |
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