International Paper (NYSE: IP) today reported preliminary second-quarter 2010 net earnings attributable to common shareholders totaling $93 million ($0.21 per share) compared with a net loss of $162 million ($0.38 per share) in the first quarter of 2010 and net earnings of $136 million ($0.32 per share) in the second quarter of 2009. Amounts in all periods include special items.
Earnings before special items in the 2010 second quarter totaled $181 million ($0.42 per share), compared with $16 million ($0.04 per share) in the first quarter of 2010 and $86 million ($0.20 per share) in the second quarter of 2009.
Quarterly net sales were $6.1 billion compared with $5.8 billion in the first quarter of 2010 and $5.8 billion reported in the second quarter of 2009.
Operating profits in the second quarter were $353 million, up from $20 million in the first quarter of 2010. Both amounts reflect the inclusion of special items.
"Each of our businesses posted strong results in the second quarter, leading to the significant increase in earnings per share and solid free cash flow," said John Faraci, chairman and chief executive officer. "Operating rates are strong, inventories are low, and input costs are moderating. All of these factors position us well for a stronger third quarter."
SOURCE International Paper
Thursday, 29 July 2010 11:43
International Paper Reports Significantly Improved Second-Quarter Earnings
Ian Melin-Jones
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North American News
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