International Paper Company (IP) reported operating earnings (excluding one-time items) of $409 million or 95 cents per share for the third quarter of 2014 compared with $455 million or $1.01 per share in the year-ago quarter. The earnings comfortably beat the Zacks Consensus Estimate of 88 cents.
Net earnings came in at $355 million or 83 cents per share compared with $382 million or 85 cents per share in the year-ago quarter. The reported earnings were lower due to high income tax provision.
Net sales for the second quarter were $6,051 million versus $5,975 million in the year-ago quarter and came above the Zacks Consensus Estimate of $5,968 million.