International Paper down after missing Q3 revenue estimates
IP•International Paper reported Q3 net sales of $6.20 billion, below analysts’ $6.27 billion estimate, while adjusted EPS of 37 cents beat expectations of 29 cents. Shares fell about 5% in premarket trading.
1. Q3 results
International Paper said soft demand hurt revenue in the third quarter. The company reported net sales of $6.20 billion, missing analysts’ estimates of $6.27 billion, while adjusted EPS was 37 cents, compared with expectations of 29 cents, helped by pricing actions and lower operating costs.
2. Planned separation
The company said it is making progress on plans announced in January to separate its Europe, Middle East and Africa Packaging Business into an independent company.
