Restructuring IP reports Q4 loss

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3 February 2006 – Stamford (CT): International Paper (IP) has posted a Q4 loss of $77 million citing unusual items that resulted in a net charge against its earnings.
 
The company’s loss amounted to $0.16 per share for the period October to December, compared with earnings of $169 million, or an EPS of $0.35 the year before. Without the unusual items and discontinued operations, earnings were $58 million, or an EPS of $0.12. Sales for the quarter were $6.13 billion, a two per cent increase from $6.02 billion in 2005.
 
IP earned $1.1 billion for the year in 2005, or an EPS of $2.21, compared to a loss of $35 million, or -$0.07 per share, in 2004. Sales of $24.1 billion were three per cent greater than $23.36 billion a year earlier.
 
The company is currently undergoing a massive restructuring plan involving assets sales and mill closures to reduce debt and tighten financial operations.