International Paper Becomes Latest Dow Member to Warn
International Paper
(IP) - Get International Paper Company Report
said today that it will miss Wall Street's fourth-quarter earnings estimates by about 14 cents a share, citing rising energy costs and market-related downtime.
The paper products company, which is based in Purchase, N.Y., joins a growing list of Dow components, including
Microsoft
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,
Intel
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,
Honeywell
(HON) - Get Honeywell International Inc. Report
,
SBC Communications
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(SBC)
,
General Motors
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and
J.P. Morgan
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to offer a bleak forecast.
The company said it expects to earn 30 cents a share for the quarter, well below the 55 cents International Paper earned in the year-ago period. Ten analysts polled by
First Call/Thomson Financial
called for the company to earn 44 cents in the fourth quarter.
"We expected a seasonal slowdown in the quarter, but rising fuel costs and concerns about the economic outlook are impacting our business across the board," the company said in a statement.
Shares of International Paper fell $1.94, or 4.9%, to $37.56 in recent
New York Stock Exchange
trading.
