International Paper Posts $2.13 Loss Per Share in Third Quarter
IP is trading near its 52-week low of $29.26 (9.4% above the low).
Summary
International Paper reported a third-quarter loss of $1.13 billion, or $2.07 per share from continuing operations, a sharp swing into the red, on sales of $6.2 billion and adjusted EPS of 37 cents. That follows a Q2 where sales of $6.0 billion missed consensus and management guided Q3 EBITDA below expectations, citing soft EMEA demand. The company is already cutting more than 3,000 roles across 31 sites in an EMEA restructuring, and it has confirmed it is evaluating unsolicited bids for its EMEA Packaging business with Lone Star and Atlas Holdings among the remaining bidders. A loss of this size keeps pressure on the turnaround story and raises the stakes on the EMEA divestiture as the main lever for the balance sheet.
At the time of this announcement, IP was trading at $32.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $17.7B. The 52-week trading range was $29.26 to $50.25. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.