International Paper’s 2nd-qtr profit falls 40 percent

International Paper’s 2Q falls 40 percent

International Paper Co.’s second-quarter net income slid 40 percent as lower sales and a slew of one-time charges hurt results for the top North American producer of cardboard box parts.

The company said its net income fell to $136 million, or 32 cents per share, down from $227 million, or 54 cents per share, a year earlier.

Special items included restructuring charges from mill closures and reorganizations, and a big pre-tax gain of $482 million from alternative fuel mixture credits.

Sales edged down to $5.8 billion from $5.81 billion.

Before special items, the company earned $86 million, or 20 cents per share. Analysts polled by Thomson Reuters expected, on average, breakeven profit on sales of $5.75 billion.

In premarket trading, shares of the Nashville, Tenn.-based company rose 86 cents, or 4.7 percent, to $19.25.