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International Paper beats Street estimates on Temple-Inland buy
January 29, 2013 / 1:00 PM / 5 years ago

International Paper beats Street estimates on Temple-Inland buy

Jan 29 (Reuters) - International Paper Co reported better-than-expected results for the fourth quarter, helped by its acquisition of smaller rival Temple-Inland last year.

Net earnings attributable to the company fell to $235 million, or 53 cents per share, in the fourth quarter, from $281 million, or 65 cents per share, a year earlier.

Profit, excluding items, was 69 cents per share. Net sales rose 10 percent to $7.08 billion.

Analysts on an average were expecting the company to earn 65 cents per share, on revenue of $6.97 billion, according to Thomson Reuters I/B/E/S.

“Our success capturing merger benefits from the Temple-Inland acquisition contributed to our fourth quarter results and International Paper’s record cash generation from operations in 2012,” Chief Executive John Faraci said in a statement.

Shares of the company closed at $42.12 on Monday on the New York Stock Exchange.

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