International Papers Beats Q2 Estimates Despite Big Drop in Profits

International Paper reported earnings Tuesday that beat estimates, but not because it sold more paper.
Author:
Publish date:

International Paper reported earnings Tuesday that beat estimates, but not because it sold more paper. Earnings of 95 cents a share beat estimates of 83 cents a share. Despite the strong bottom line, profits fell close to 40% from the same period a year ago due to one time charges under special items from restructuring costs and closing down of their Courtland, Alabama operations. Of the 95 cents a share, about 48 cents a share came from adding the special items back into the net earnings from continuing operations. Revenues of $7.2 billion fell short of estimates and last year's second quarter sales which were both $7.3 billion. . TheStreet's Whalen MacHale reports from New York.