International Paper Co. forecasted Thursday its pretax earnings will amplify by 38% over the coming three years or so, as the firm increased its cost reduction objective from the integration of recently purchased cardboard box marker Temple-Inland Inc.
International Paper currently anticipates the cost savings from Temple to touch $400 million a year in two years, higher from the $300 million prediction formerly.
Above half of the savings will come from Temple’s box operations and decreases in Temple’s corporate overhead costs. The firm as well estimated that Temple’s base sales will rise by $300 million a year, bringing Inland’s yearly benefit from Temple to almost $700 million.
Its competitors include Domtar Corp. (USA) (NYSE:UFS) that surged 0.99% to $79.41 with the total traded volume of 72,689.00 shares and MeadWestvaco Corp. (NYSE:MWV) that dropped -0.29% to $27.89 with the total traded volume of 131,954.00 shares.
Other consumer goods stocks with bullish trend include Sara Lee Corp. (NYSE:SLE) up 1.97% to $21.24, Delphi Automotive PLC (NYSE:DLPH) up 1.08% to $28.00 and The Goodyear Tire & Rubber Company (NYSE:GT) up 2.30% to $10.66, whereas with bearish trend include VeriFone Systems Inc (NYSE:PAY) down -13.40% to $38.97, Kraft Foods Inc (NYSE:KFT) down -0.44% to $38.52 and The Coca-Cola Company (NYSE:KO) down -0.24% to $75.38.
International Paper Company (NYSE:IP) dropped -0.30% or -$0.09 to trading at $29.53 at 11:10AM EDT following it hit intraday high level of $29.74. The total traded volume in the current trading session is 923,337.00 shares as compared to average 4.84 million shares. Its fifty two week trading range is $21.55 – $36.50. The total market capitalization reached $12.86 billion.
The stock price was ahead its 52 week low price with 40.06% and it lagged behind -18.74% from its 52 week maximum mark. Stock price volatility for last month remained 2.66%. In its share capital, the company has 437.32 million outstanding shares out of which 434.08 million shares have been floated in the market. For now, stock ownership with company’s management remained 0.83%.
IP presented an optimistic weekly performance of 3.78% with respect to its rate of return and it remained -10.92% for the month. However, the performance for a quarter experienced a negative change of -9.22% and it surged 1.23% for a year and its year to date performance remained in green with 1.79%.
Current stock price is in the downbeat territory taking into account of 20 days moving average with -5.16% and continued bearish run for 50 days moving average with -10.32%. Its earning per share for the past twelve months was $2.78. Company’s beta coefficient was at 2.21. Beta measures the amount of market risk associated with market trade.
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