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Georgia Pacific beats street
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October 9, 1997: 10:57 a.m. ET
Third-quarter profit of 94 cents a share tops estimates by 7 cents
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NEW YORK (CNNfn) - Improvements in its pulp and paper businesses and lower overhead moved Georgia Pacific Corp.'s third-quarter profit up to $86 million, or 94 cents a share, from $51 million, or 56 cents a share, a year ago.
Those results were significantly better than Wall Street was expecting. Analysts surveyed by First Call Research Network had predicted a profit of 87 cents.
"Once again, Georgia-Pacific posted significant declines in overhead expenses as a result of our cost-reduction efforts," said A.D. Correll, GP's chairman and chief executive officer.
He said the company's pulp and paper and building products businesses all improved over the same period last year, thanks in part to higher prices for many of those lines.
The company's operating profit climbed to $317 million in the quarter from $270 million a year ago.
Sales for the quarter came in at $1.94 billion compared with $2.04 billion a year earlier.
For the first nine months, GP's net income rose to $203 million, or $2.23 per share, from $154 million, or $1.70 a share, a year ago.
--Cyrus Afzali
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Georgia Pacific
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