Smurfit-Stone posts profit
July 26, 2005 By Pulp & Paper Canada
Smurfit-Stone Container Corporation has reported second quarter net income of $1 million, or break-even per diluted…
Smurfit-Stone Container Corporation has reported second quarter net income of $1 million, or break-even per diluted share. Although the profit is modest, compared to the second quarter of 2004, where the company posted a $10 million loss, it’s considerable.
Sales for the three month period were $2.2 billion, up from $2 billion in the second quarter of 2004.
For the first half of 2005, the company reported a net loss of $18 million, or $0.07 per diluted share, compared to a year ago net loss of $76 million, or $0.30 per diluted share. Sales for the first half were $4.2 billion, compared to $4 billion in the first half of 2004.
"Seasonally stronger volume, higher mill operating rates and moderating costs drove the sequential improvement in second quarter results," said Patrick J. Moore, chairman, president and CEO. "Box prices declined slightly due to inconsistent domestic demand and increased price competition."
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