International Paper hurt by weak housing market
International Paper Co. posted third-quarter earnings that fell short of Wall Street estimates as the weak U.S. housing market led to lower prices on wood products.
Net income was $201 million, or 42 cents a share, down from $1 billion, or $2.03, a year earlier, the Memphis, Tenn.-based company said. Sales were little changed from a year earlier at $5.9 billion.
Earnings in the year-earlier period were boosted by more than $1.70 a share by one-time gains from the sale of a unit and a federal tax agreement.
Earnings from continuing operations, before special items, totaled $188 million, or 39 cents a share. On that basis, analysts’ average forecast was 44 cents a share, according to Reuters Estimates.
Shares of International Paper closed down 54 cents at $32.50.
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