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International Paper reports solid Q1 results
International Paper has announced strong first-quarter 2011 earnings, driven by robust sales of corrugated box packaging.
The US packaging and paper giant’s profit rose to $342 million in the first quarter, compared with a loss of $162 million a year earlier.
Its earnings per share were 78 cents in the quarter, compared to a loss of 38 cents per share in the year-ago quarter.
The company’s sales were $6.4 billion in Q1, more than 10% higher than the $5.8 billion recorded in the first quarter of 2010.
Chairman and chief executive John Faraci said: “First-quarter results reflect continued strong performances across all of our global mill businesses.
“Industrial Packaging and Printing Papers continued to post solid results, and Consumer Packaging delivered significantly higher earnings. Europe continued its strong performances in paper and packaging and the contribution from our Ilim joint venture also increased.
“As a result of these strong across-the-board results, first-quarter free cash flow was in-line with our expectations and we remain confident in our earnings and cash flow outlook for 2011.”
International Paper Q1 2011
Sales $6.4bn (2010: $5.8bn)
Net Earnings $342m (2010: ($162m)
Operating profits $585m (2010: $561m)
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