revised its previously reported third-quarter earnings lower, citing changes to its income tax calculations, mainly from the sale of its stake in New Zealand's Carter Holt Harvey.
The revisions cut the paper major's profit to $1.02 billion, or $2.03 a share, from $1.04 billion, or $2.07 a share, as had been reported in October. Earnings from continuing operations, before items, were revised downward to 29 cents a share from 33 cents.
International Paper, based in Stamford, Conn., didn't make any changes to its sales or operating profits by industry segment.
"The income tax calculations were corrected in connection with the company's routine internal control procedures," and will be detailed in a filing with the
Securities and Exchange Commission
, the company said.
Shares of International Paper were up 20 cents to $30.01 in premarket trading Tuesday.