MEMPHIS, Tenn. (AP) — MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Thursday reported a loss of $1.1 billion in its third quarter.
On a per-share basis, the Memphis, Tennessee-based company said it had a loss of $2.09. Losses, adjusted to account for discontinued operations and non-recurring costs, came to 43 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The global paper and packaging company posted revenue of $6.22 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $6.89 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IP at https://www.zacks.com/ap/IP
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