The paper and packaging giant’s net sales for the quarter were $US6.8bn ($A10bn), up from $US5.8bn ($A8.6bn) in the second quarter and $US5.5bn ($A8.1bn) in the third quarter of 2007.
Pre-tax profit was $US265m ($A391m) for the three months ending 30 September 2008, down from $US315m ($A465m) the same period a year earlier.
Chairman and chief executive John Faraci said: “While our third-quarter results were solid, our higher prices did not offset higher input costs, which negatively impacted on our net earnings. Input costs for energy and recycled fibres have fallen recently, but costs for wood and some key chemicals are still rising.”
Faraci said that the integration of packaging business Weyerhaeuser, which IP acquired earlier this year, was going smoothly. He added that the board was focused on managing the business in the current “significantly weaker economy”.
Read the original article at www.printweek.com.
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