International Paper Posts Quarterly Profit
From Associated Press
International Paper Co., the world’s largest paper company, swung to a profit in the fourth quarter, citing cost cutting and improved pricing for some products.
The Stamford, Conn.-based company reported net income of $48 million, or 10 cents a share, reversing a net loss of $130 million, or 27 cents, a year earlier. Revenue was $6.5 billion, up from $6.3 billion.
In trading on the New York Stock Exchange, International Paper shares closed up 24 cents at $42.51.
