Three of the nation's largest forest products companies--Union Camp Corp., Georgia-Pacific Corp. and Boise Cascade Corp.--reported sharply higher quarterly profits Thursday, fueled by strong sales of paper and office products.
Union Camp, which is based in Wayne, N.J., said its net income soared to $129.7 million, or $1.85 a share, from $21.7 million, or 31 cents a share. It said net sales for the quarter grew to $1.07 billion from $856 million.
Atlanta-based Georgia-Pacific said its net income for the quarter ended Sept. 30 more than tripled, to $324 million, or $3.57 a share, from $87 million, or 98 cents a share, in the year-ago period. Sales grew 12% to $3.7 billion, compared to $3.3 billion last year.
Boise Cascade said net income for the third quarter reached an all-time high of $118.5 million, or $2.03 per share, surpassing the record of $105.9 million established in the second quarter.
The company, based in Boise, Ida., had a net loss of $31.7 million, or $1.19 per share, in the 1994 third quarter.
Results for the 1995 third quarter include a gain of $6.2 million related to common stock sold by its Boise Cascade Office Products Corp. wholly owned subsidiary.
Sales rose to $1.34 billion from $1.09 billion in 1994.
Union Camp's stock slid 50 cents to $54.50, Boise Cascade fell 62.5 cents to $37.75, and Georgia-Pacific gained 37.5 cents to $84.75, all on the NYSE.