International Paper crumples earnings forecast
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Manufacturing News, Source : TheManufacturer.com
Published : 27 Jun 2005 21:38
Paper manufacturing giant International Paper said that its second-quarter earnings could be 30 percent or more below forecasts due in part to declining sales of industrial packaging and printing paper.
Climbing energy costs and more expensive raw materials were also cited by the company as factors in its earnings slump.
In April 2005, International Paper had said it expected its second quarter to be stronger than its first quarter, but today’s announcement signaled the opposite.
Several other major companies have given warnings of profit shortfall this month due to high materials costs or slack demand, including Big Three automaker Ford. This month, another packaging manufacturer, Greif, reported lower-than-expected sales in the second quarter.
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