Stone Container Corp. reported third-quarter net income of $12 million, or 64 cents a share, after a loss of $6 million a year earlier. Price increases and increased demand were cited as reasons for the third-period gain.
The Chicago-based firm reported that sales increased to $550 million from the $304 million in the third period of last year.
In the first nine months of this year, earnings increased more than threefold, to $10.7 million, or 49 cents a share, from the $3.5 million, or 23 cents a share on a smaller number of shares outstanding a year earlier.
”Demand for our principal products is very strong,” said Roger Stone, chairman. ”This has enabled us to implement price restorations, not only for container board and kraft paper but also for our converted products as well.”
