Packaging and building products maker Temple-Inland Inc. (TIN) reported Thursday an increase in its second-quarter profit, helped primarily by a one-time tax credit. The non-GAAP earnings per share surpassed analysts' estimate by a wide margin.
For the second quarter, net income attributable to Temple-Inland surged to $66 million or $0.61 per share from $8 million or $0.07 per share in the previous year.
The results of the latest quarter included special items of $40 million, including income of $47 million for alternative fuel mixture tax credit, a charge of $11 million related to the previously disclosed substitution in connection with the 2007 sale of the timberland, and a gain of $5 million associated with the purchase and early retirement of $100 million of a term debt.
Excluding items, earnings for the three-month period was $26 million or $0.24 per share. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share in the second quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dipped to $906 million from $991 million last year. Seven analysts were expecting revenue of $921.96 million in the second quarter.
Corrugated packaging revenue came down to $762 million from $798 million, while revenue from building products declined year-over-year to $144 million from $193 million.
Doyle Simons, chief executive of Temple-Inland, said, "In Building Products, we did not experience the traditional seasonal pick-up in demand in the quarter."
For the six-month period, net income was $101 million or $0.94 a share, compared with loss of $5 million or $0.05 a share last year. Total revenue dipped to $1.85 billion from $1.93 billion in the year-ago period.
TIN is currently trading at $15.05, down $0.02 or 0.13%, on the NYSE.
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