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Higher Costs and Restructuring Charges Lower International Paper's 3Q Profit by 31%
SUGAR LAND--November 3, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--The International Paper Company (NYSE:IP) (Memphis, Tennessee) has reported a third-quarter profit of $149 million, down 31% from $217 million in the same period last year. The decline is attributed to higher costs and charges related to restructuring. For more information, see September 18, 2008, news article - "New" International Paper Focuses on Continued Improvement After Acquiring Weyerhaeuser Unit. "Input costs for energy and recycled fibers have fallen recently, but costs for wood and some key chemicals are still rising," Chairman and CEO John Faraci said. "Currently in aggregate, input and transportation costs remain high." Global input costs increased by $286 million during the quarter, he said. Industrial Info is tracking 19 active International Paper projects worth $85 million. Ten of the projects are maintenance shutdowns, ranging from $2 million to $3 million each.
Other companies featured: Weyerhaeuser (NYSE:WY)
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Industry Segment: Pulp & Paper
Word Count: 448 Words
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