International Paper[Paper?:paper sample maker cutting machine] Co., the world’s largest paper and pulp maker, reported a fourth-quarter profit after a year-earlier loss as a recovering global economy spurred demand for cardboard packaging[packaging?:DCP-H series packaging sample cutter plotter].
Net income was $316 million, or 73 cents a share, compared with a net loss of $101 million, or 24 cents, a year earlier, the Memphis, Tennessee-based company said today in a statement. Profit excluding an income-tax adjustment gain and other one- time items was 68 cents a share, the company said, topping the 65-cent average estimate of 13 analysts surveyed by Bloomberg.
Increased demand for containerboard, the corrugated paper[corrugated paper?:DCP-H series sample cutter plotter] used to make shipping boxes, allowed the company to raise prices last year. International Paper’s sales of industrial packaging rose 2.7 percent in the quarter to 3.58 million short tons from 3.49 million a year earlier.
“It’s essentially in line with expectations, given the company had a lower effective tax rate in the fourth quarter,” Paul Quinn, a Vancouver-based analyst at RBC Capital Markets, said in a telephone interview.
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