Oct 28, 2009. /Lesprom Network/. International Paper Co. nearly tripled its 3Q earnings from the previous quarter thanks to a slight increase in demand for the company’s paper products. However, company officials remain cautiously optimistic about that demand continuing to increase, as Memphis Business Journal reported. International Paper’s (IP) net earnings were $371 million or 87 cents per share, compared to $136 million or 32 cents per share in the 2Q 2009. 3Q earnings in 2008 were $149 million or 35 cents per share. Memphis-based International Paper also reported net sales of $17.3 billion year to date in 2009, compared to $18.2 billion for the first nine months of 2008. The company reported a slight increase in quarterly net sales to $5.9 billion in the 3Q, compared to $5.8 billion in the 2Q. In the 3Q 2008, International Paper reported net sales of $6.8 billion. International Paper continued to see cash benefits from pre-tax credits for its use of alternative fuel mixtures. The company received a $320 million tax credit in the 3Q. It received a $294 million tax credit in the 2Q. Despite the increase in demand, during the company’s earnings call, John Faraci, Chairman and CEO of International Paper, said the decrease in global demand for the company’s products has been “deeper and has lasted longer” than originally anticipated. “We believe demand will come back, but it won’t be all at once,” Faraci said. Faraci also addressed the company’s recent closure of mills around the U.S. and in Europe, calling it an aggressive, systematic initiative to reduce headcount, which makes up 20% of the company’s cost structure. International Paper currently has 58,000 employees worldwide. “We recognize closing facilities creates significant hardship in local communities, but we feel confident we can serve existing needs and future needs,” Faraci said.