Memphis, Tennessee, USA, 09 October 2007 -- /PRNewswire/ -- International Paper (NYSE: IP) today announced that third-quarter earnings will be less than analysts' consensus estimates due to lower land sales than previously estimated in the quarter. The company continues to expect that third-quarter earnings will exceed second-quarter earnings of USD 0.52 per share.
While the company previously estimated that third-quarter land sales earnings would be approximately USD 110 million to USD 140 million, it now expects third-quarter land sales earnings of approximately USD 100 million and full-year 2007 land sales earnings in the range of USD 450 million to USD 500 million.
Separately, the company announced that fourth-quarter earnings from its recently completed 50:50 joint venture with Ilim Group will be included in International Paper's first-quarter 2008 financial statements; thereafter, the company will continue to report the joint venture results on a one-quarter lag.
About International Paper
International Paper (NYSE: IP), founded in 1898, is a global uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, Asia, and North Africa. Its uncoated papers and packaging businesses are complemented by xpedx, North America's largest distributor of printing papers and graphics supplies and equipment. Headquartered in the United States, International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. Annual sales are about USD 22 billion. International Paper partners with customers and environmental, academic, civic, and governmental organizations, as well as landowners and harvesting professionals, to encourage responsible forest stewardship, improve the health and productivity of forestlands, and increase recovery of our recyclable products. The company has a long-standing policy of using no wood from endangered forests. To learn more about International Paper, its products, and commitment to economic, social, and environmental sustainability, visit www.internationalpaper.com.
Source: International Paper