Number one US paper and wood products company International Paper has narrowed its fourth quarter loss after cost cutting helped offset restructuring charges and increased legal reserves. It reported a net loss of $130 million for the period, compared with a net loss of $572 million a year ago. Excluding one-time items earnings were more than double last year’s due to its lower cost base. Sales were flat at $6.3 billion.
In its outlook the company said it expects weak demand to hit first quarter results, but anticipates an improvement in the Spring.
30-Jan-2003
