Temple-Inland Inc. (TIN), a manufacturer of corrugated packaging and building products, Tuesday reported a profit for the fourth quarter, compared to a loss last year, helped by tax credits.
The Austin, Texas-based company reported fourth-quarter net income attributable to the company of $38 million or $0.34 per share, compared to a loss of $6 million or $0.06 per share last year.
Special items in the just concluded period were income of $45 million, or $0.41 per share, for alternative fuel mixture tax credits.
In the previous year, results included special items of $0.17 per share consisting of a special after-tax charge of $8 million, or $0.07 per share, primarily related to the closure of the Rome, Georgia box plant and the hardboard siding operation in Diboll, Texas; and a tax adjustment of $10 million, or $0.10 per share, resulting from a change in the annual tax rate.
Excluding special items, net loss for the latest quarter was $7 million or $0.07 per share, compared to net income of $12 million or $0.11 per share last year. On average, 11 analysts polled by Thomson Reuters expected the company to report a profit of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
In the third quarter, the company's net income was $67 million, or $0.61 per share.
Total revenues declined to $845 million from $973 million generated last year. Analysts expected revenue of $836.33 million for the quarter.
Revenue from Corrugated packaging dropped to $715 million from $819 million in the previous year, while Building products revenue slipped to $130 million from $154 million in the previous year.
For the full year, net income attributable to the company was $207 million or $1.89 per share, compared to a loss of $8 million or $0.08 per share in the prior year. Excluding special items, net income in 2009 was $78 million, or $0.70 per share, compared to $12 million, or $0.11 per share, in 2008. Total revenues for the year decreased to $3.577 billion from last year's $3.884 billion.
Wall Street expected 2009 earnings of $0.82 per share on revenues of $3.58 billion.
TIN closed Monday's regular trade at $16.45, down from the previous close of $16.71, on 2.09 million shares.
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