Shares of corrugated packaging manufacturer
were down almost 6% after the company said third-quarter earnings will fall short of analyst expectations.
The company cited mill operating issues, higher costs for old corrugated containers and declining lumber prices for the shortfall.
Recently, shares were down $2.46 at $41.11 on the
New York Stock Exchange
The Austin, Texas, company expects earnings of about 25 cents a share. Analysts were expecting the company to earn 45 cents a share.
Temple-Inland said the cost of old corrugated containers will be $8 million higher and expects box shipments to be 3% lower than in the second quarter.
Earnings also took a $5 million hit from a maintenance outage and other mill operating issues.
Temple-Inland will release its earnings on Oct. 14.