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Friday, October 21, 2011

Temple Inland Reports Q3 Results

Oct 19 (Reuters) - Temple Inland Inc , which agreed to be bought by International Paper Co , posted quarterly results below estimates, hurt by lower shipments of its corrugated packaging products.

For the third quarter, net income was $6 million, or 5 cents a share, compared with $125 million, or $1.13 a share a year ago.

Excluding items, the company earned 18 cents a share.  Revenue rose slightly to $974 million.

Analysts on average had expected earnings of 19 cents a share, before special items, on revenue of $982.6 million, according to Thomson Reuters I/B/E/S.

International Paper sealed a $3.7 billion deal to buy rival Temple Inland early last month.
Shares of Austin, Texas-based Temple Inland closed at $31.51 on Tuesday on the New York Stock Exchange. They have gained about 50 percent in value since June 6 when International Paper first made a bid for the company

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