International Paper Co posted better-than-expected quarterly profit on Tuesday as strong sales of corrugated boxes offset weakness in the consumer packaging unit.IP became the largest North American producer of corrugated packaging with its 2012 takeover of smaller rival Temple-Inland , and profit in that unit jumped 10 percent. Amazon.com Inc is a key IP customer.But in the consumer packaging unit, profit slumped 38 percent as overseas customers bought more domestically produced boxes for soap, medicine and other consumer items, causing a supply glut in the United States, IP Chief Executive John Faraci said in an interview. Roughly 20 percent of consumer packaging made in the United States is exported."We didn't do as well as we could have in the fourth quarter," Faraci said.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail Websites and focuses on selection, price, and convenience. Shares of AMZN remained unchanged at $276.04. In the past year, the shares have traded as low as $172.00 and as high as $284.72. On average, 3118140 shares of AMZN exchange hands on a given day and today's volume is recorded at 24398.
International Paper Company (International Paper) is a global paper and packaging company, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Shares of IP remained unchanged at $42.12. In the past year, the shares have traded as low as $27.29 and as high as $42.74. On average, 3385950 shares of IP exchange hands on a given day and today's volume is recorded at 3540.
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