IP reports hefty Q3 loss


26 October 2004 – Stamford (CT): International Paper (IP) has reported a net loss in its Q3 of $549 million, mainly due to the charge for the sale of its Weldwood Canadian subsidiary, expected to be completed in Q4.

The figure meant a loss per share of $1.13 for the company, compared to a net profit of $122 million, or EPS of $0.25, in the same period last year.

Despite this, net sales for the quarter were posted at $6.6 billion, up eight per cent from $6.1 billion a year ago.

IP chairman and CEO John Faraci said: "Our volumes remained strong during the quarter and price increases continued to be implemented across most grades of paper and packaging. However, this was offset by lower wood products pricing, rising raw material costs and the effect of hurricanes that hit Florida and the Gulf Coast region impacting sixteen of out facilities."