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International Paper (IP) Opens Corrugated Packaging Facility
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International Paper Company (IP - Free Report) announced the opening of its newest state-of-the-art corrugated packaging facility in Atglen, PA.
The new $100-million facility will manufacture corrugated packaging for customers in produce, processed food, beverage, shipping, distribution and e-commerce. The company will develop fiber-based sustainable products at the Atlgen facility.
International Paper chose Atlgen, considering its experienced workforce, multi-mode transportation capabilities and quick distribution access to key markets. The opening of this facility will create more than 100 manufacturing jobs in Atglen and the surrounding communities.
International Paper intends to grow earnings and cash flow by making capital investments at existing plants, as well as investing in new box plants in the next few years. The opening of the new facility is in sync with the plan.
International Paper reported second-quarter 2023 adjusted earnings of 59 cents per share, surpassing the Zacks Consensus Estimate of 42 cents per share by a margin of 40%. The bottom line declined 40% year over year, reflecting lower volumes in its segments due to the current weak demand environment and customer inventory destocking.
Net sales were $4.68 billion in the quarter under review, down 13% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $4.94 billion.
Price Performance
International Paper’s shares have fallen 6.2% in the past year against the industry’s 5.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
International Paper currently carries a Zacks Rank #3 (Hold).
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 62.7% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 72.9% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 50.4% in the last year.
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International Paper (IP) Opens Corrugated Packaging Facility
International Paper Company (IP - Free Report) announced the opening of its newest state-of-the-art corrugated packaging facility in Atglen, PA.
The new $100-million facility will manufacture corrugated packaging for customers in produce, processed food, beverage, shipping, distribution and e-commerce. The company will develop fiber-based sustainable products at the Atlgen facility.
International Paper chose Atlgen, considering its experienced workforce, multi-mode transportation capabilities and quick distribution access to key markets. The opening of this facility will create more than 100 manufacturing jobs in Atglen and the surrounding communities.
International Paper intends to grow earnings and cash flow by making capital investments at existing plants, as well as investing in new box plants in the next few years. The opening of the new facility is in sync with the plan.
International Paper reported second-quarter 2023 adjusted earnings of 59 cents per share, surpassing the Zacks Consensus Estimate of 42 cents per share by a margin of 40%. The bottom line declined 40% year over year, reflecting lower volumes in its segments due to the current weak demand environment and customer inventory destocking.
Net sales were $4.68 billion in the quarter under review, down 13% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $4.94 billion.
Price Performance
International Paper’s shares have fallen 6.2% in the past year against the industry’s 5.6% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
International Paper currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Hawkins, Inc. (HWKN - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and L.B. Foster Company (FSTR - Free Report) . HWKN and CRS sport a Zacks Rank #1 (Strong Buy) at present, and FSTR carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 62.7% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 72.9% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 50.4% in the last year.