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International Paper Cuts Profit Forecast

Lower land sales hit the third quarter.

Third-quarter earnings at International Paper (IP) - Get Report will be less than analysts' consensus estimates due to lower-than-expected land sales.

The company said Tuesday it expects third-quarter profit will exceed second-quarter earnings of 52 cents a share. For the third quarter, however, analysts polled by Thomson Financial were expecting 63 cents a share.

IP said it now expects third-quarter land sales of about $100 million and full-year land sales of $450 million to $500 million. It had expected land sales of $110 million to $140 million in the third quarter.

Shares of the company closed Tuesday up 1.8% to $37.06

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