Despite the bottom-line hit, the company managed to outperform analyst expectations on an adjusted basis, posting earnings of 37 cents per share against a projected 29 cents. Net sales slid to $6.2 billion, missing the $6.28 billion consensus forecast held by Wall Street analysts.
In section Market Quotes
International Paper Reports $1.13 Billion Loss Amid EMEA Struggles
A $1.38 billion noncash goodwill impairment charge in its European packaging segment pushed International Paper deeper into the red this quarter. The company reported a net loss of $1.13 billion, or $2.13 per share, as persistent macroeconomic headwinds continue to suppress demand across the EMEA region.
Chairman and Chief Executive Andy Silvernail framed the results within the context of a broader corporate restructuring. The company is actively working to separate its EMEA packaging business, a move Silvernail claims will clear a path toward a more focused, value-driven organization. He maintained that management holds conviction in the current strategy despite the ongoing pressure on European operations.
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