Temple-Inland 3Q Profit Jumps On Tax Gain, Improved Operations
DOW JONES NEWSWIRES
Temple-Inland Inc.'s (TIN) third-quarter profit surged amid a tax gain as the
manufacturer of corrugated packaging and building products again said it sees
signs that the economy is stabilizing.
Chief Executive Doyle Simons reiterated that economic conditions appeared to
be stabilizing and "appear to be on a slow path to recovery," echoing comments
from July.
Temple-Inland reported third-quarter earnings of $67 million, or 61 cents a
share, up from $3 million, or 3 cents, a year earlier. Excluding items such as
tax gain, earnings would have been 24 cents, compared with a 3-cent loss last
year.
Revenue fell 9.3% to $885 million.
Analysts had most recently forecast earnings of 18 cents a share on $876
million in sales.
The company's corrugated packaging segment, which accounts for most of its
business, saw revenue slide 7.9% and earnings rise 88% on an acquisition and
cost cuts. Its smaller building products division saw a drop of 16% in revenue
and a one-third gain in earnings.
Shares of Temple-Inland closed at $16.88 Wednesday and didn't trade premarket.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@
dowjones.com
(END) Dow Jones Newswires
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