Reuters: Mergers News: UPDATE 1-International Paper profit beats on box sales

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-International Paper profit beats on box sales Apr 27th 2012, 11:33 Fri Apr 27, 2012 7:33am EDT * Adj EPS 57 cents vs. Street forecast 50 cents * Sales up 5 percent to $6.66 billion; miss Street * CEO says feels "very good about the rest of the year" By Ernest Scheyder April 27 (Reuters) - International Paper Co, which acquired rival packaging maker Temple-Inland Inc in February, posted a better-than-expected quarterly profit on strong sales of shipping boxes and paper. The company, which became the largest North American producer of corrugated packaging in the buyout, said pockets of weakness remain -- especially in Europe -- but signs of recovery are emerging. "I feel very good about the rest of the year," Chief Executive John Faraci said in an interview. "It's not a macro-bullish story. It's a macro-positive story." For the first quarter, International Paper posted net income of $188 million, or 43 cents per share, compared with $281 million, or 65 cents per share, in the year-ago quarter. Excluding restructuring charges and other one-time items, the company posted profit of 57 cents per share. By that measure, analysts had expected earnings of 50 cents per share, according to Thomson Reuters I/B/E/S. Sales rose 4.6 percent to $6.66 billion. Analysts had expected $6.79 billion in revenue. Shares, which closed Thursday at $33.75, have traded between $21.55 and $36.50 in the past 52 weeks. Link this Share this Digg this Email Reprints

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