Smurfit-Stone posts $1.4B profit in Q2
Smurfit-Stone Container Corp. reported Tuesday adjusted net income of $2 million for the second quarter, compared with a loss of $21 million a year earlier, excluding $1.4 billion in income and tax benefits from the company's emergence from bankruptcy.
Including the impact of the bankruptcy income, Smurfi reported net income attributable to common stockholders of $1.41 billion for the second quarter, compared with a net income of $155 million a year earlier.
The company reported sales of $1.6 billion for the three months ended June 30, up 14 percent from $1.4 billion in the prior-year quarter.
Smurfit, which is dually headquartered in Creve Coeur, Mo., and Chicago, exited from Chapter 11 bankruptcy in June. Smurfit has nearly all of the firm’s executives based in St. Louis. The company operates corrugated container, folding carton, recovered paper and recycling services facilities. Smurfit-Stone has 30 recycling plants in the U.S. The company reported $5.57 billion in 2009 revenue.