International Paper Profit Tops Views, But Sales Miss

By Colin Kellaher

International Paper Co. (IP) on Thursday posted third-quarter profits that topped expectations, but sales fell a bit shy of Wall Street's forecasts.

The Memphis, Tenn., paper company reported net income of $344 million, or 87 cents a share, for the quarter, down from $562 million, or $1.37 a share, a year earlier.

Excluding items, International Paper posted adjusted third-quarter earnings of $1.09 a share. Analysts polled by FactSet, on average, were expecting an adjusted profit of 99 cents a share.

Sales fell 5.6%, to $5.57 billion, missing Wall Street's estimate of $5.61 billion.

"We continue to demonstrate the strength and resilience of our cash engine and our ability to perform well in a challenging global environment," the company said. "Looking ahead to the fourth quarter, we will continue to maximize performance by optimizing our full value chain from fiber to the customer."

Shares of International Paper edged up 1.3% in premarket trading Thursday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 31, 2019 08:40 ET (12:40 GMT)

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