Atlanta, GA, October 28--Georgia-Pacific Corp. on Thursday posted a larger third-quarter profit, lifted by increased prices on tissue, packaging and paper products and stronger results from its building products division.
In the latest quarter, the company earned $240 million, or $0.91 per share, up 25 percent from $192 million, or $0.76, in the year-ago period. Excluding one-time items, Georgia-Pacific's adjusted income of $235 million, or $0.89 per share, topped estimates of $0.84 from analysts surveyed by Thomson First Call.
The company said its results included a charge of $15 million, or $0.6 per share, from expensing stock-based compensation, as well as gains on property sales and working capital settlements, and charges from severance and restructuring.
Net sales declined 8 percent to $4.74 billion from $5.13 billion a year earlier, hurt by $1.19 billion in lost revenue from the sale of its building products distribution business to a unit of Cerberus Capital Management LP.
Meanwhile, sales of North American consumer products gained 5 percent to $1.44 billion, international consumer products sales rose 5 percent to $498 million and building products manufacturing added 15 percent to $1.81 billion during the quarter.
