MEMPHIS, Tenn. (AP) — MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Thursday reported a loss of $2.38 billion in its fourth quarter.
On a per-share basis, the Memphis, Tennessee-based company said it had a loss of $4.52. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to 8 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The global paper and packaging company posted revenue of $6.01 billion in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $5.88 billion.
For the year, the company reported a loss of $3.52 billion, or $6.95 per share. Revenue was reported as $23.63 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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