International Paper, the packaging producer trying to buy rival Temple-Inland, posted a better-than-expected quarterly profit yesterday as it cut costs to offset tenuous demand. The weak economy has taken a bite out of packaging sales, especially in North America where 70 per cent of IP’s business is centered. The company posted fourth-quarter net income of $257m (£173.8m), or 59 cents per share, compared with $316m, or 74 cents per share, in the year-ago period. Operating profit at the company's printing papers unit dropped 20 per cent to $189m but rose at the company's three other units.
International Paper beats Street
Friday 3rd February 2012, 2:27am
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