International Paper Reports $1.2 Billion 1Q Loss
The International Paper Co. reported a first-quarter loss of $1.2 billion yesterday. In a statement, the company said the loss was the result of charges it has taken due to discontinued operations. The results meant a net loss of $2.52 a share, in contrast to a profit of $77 million, or 16 cents a share, a year earlier.
Despite the overall loss, the company reported increased profits in a number of its segments for the quarter, including printing papers, packaging and distribution. The company also announced that under a transformation, it plans to sell 5.7 million acres of U.S. forestland for approximately $6.6 billion, the after-tax proceeds from which could exceed $11 billion.