|
Paper makers top estimates
|
 |
April 13, 1999: 12:44 p.m. ET
International Paper, Weyerhaeuser say U.S., Asia help boost results
|
NEW YORK (CNNfn) - International Paper and Weyerhaeuser, two of the leading wood products companies, said improvement in the U.S. and Asian markets helped bolster first-quarter results that exceeded analysts' expectations.
Purchase, N.Y.-based IP said earnings for the quarter were $44 million, or 14 cents a diluted share, well above the 5 cents a share consensus of analysts surveyed by First Call. But the results trailed the $75 million, or 25 cents a share, reported in the year-earlier quarter.
Sales for the quarter rose to $4.96 billion from $4.87 billion.
"Prices on several of our key products have started to move up in the U.S. and some of our major Asian markets are beginning to recover from the economic problems of last year," IP Chairman John Dillon said. "Overall, business has clearly improved, and we are optimistic that the price increases we announced will be fully implemented during the second quarter."
Federal Way, Wash.-based Weyerhaeuser said earnings before special charges rose 19 percent to $102 million, or 51 cents a diluted share, from $85 million, or 43 cents, a year earlier. The results surpassed the 36 cents a share consensus of analysts surveyed by First Call.
Including after-tax charges for a new accounting standard and the decision to sell the composite products business, Weyerhaeuser said it lost $48 million, or 24 cents a diluted share, in the latest period.
Sales rose 2 percent to $2.67 billion from $2.60 billion a year ago.
Weyerhaeuser (WY) said pulp, paper and packaging operations improved performance despite difficult conditions. It said its results also were aided by the strong U.S. housing market and a stabilizing of log exports to Asia.
International Paper (IP) stock was up 1-11/16 to 48-1/16 in Tuesday midday trading. Weyerhaeuser shares were up 1-3/16 to 63-5/16.
|
|
|
|
|
|
Weyerhaeuser
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
