Temple-Inland reported 1Q 2010 net loss of $4 million
Apr 21, 2010. Temple-Inland Inc. reported 1Q 2010 net loss of $4 million compared with 4Q 2009 net income of $38 million and 1Q 2009 net income of $35 million.
Apr 21, 2010. /Lesprom Network/. Temple-Inland Inc. reported 1Q 2010 net loss of $4 million compared with 4Q 2009 net income of $38 million and 1Q 2009 net income of $35 million. 1Q 2010 net loss excluding special items was $1 million, compared with 4Q 2009 net loss excluding special items of $7 million and 1Q 2009 net income excluding special items of $32 million, company said in a statement received by Lesprom Network.
Doyle R. Simons, Chairman and CEO of Temple-Inland Inc., said, “We executed well in the quarter despite challenging conditions due to the extreme weather and rising input costs.
“In Corrugated Packaging, we delivered solid operating results as cost improvements and rising volumes somewhat offset dramatically higher input costs in the quarter. Our quarter-end inventories were at the lowest 1Q-ending levels since 2002. We began implementing Box Plant Transformation II in the quarter and announced the closure of three converting facilities.
“In Building Products, we improved our operating results compared with 4Q 2009 and generated positive EBITDA. Rising lumber prices were partially offset by higher fiber prices in the quarter.
“Looking ahead to the 2Q, we will benefit from improving box demand, higher prices, easing input costs and the box plant transformation in our Corrugated Packaging operation. In Building Products, pricing and demand is improving for all our products, and we anticipate a return to profitability in the 2Q.”
Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products.