KRONENWETTER, Wis. (WSAU) – Wausau Paper made more money in the second quarter than it did the same time a year ago.
The Kronenwetter-based paper maker reported net earnings of $5.6 million or $0.11 a share. That's compared to a net loss of $1.9 million or $0.04 a share the same quarter a year ago. Its adjusted earnings were $0.07 a share, below analyst expectations of $0.11 a share.
“Our businesses remain on track despite facing weak economic conditions,” said president and CEO Tom Howatt.
Sales rose one percent while shipments dropped five percent. The company says it expected the shipping decrease after it closed its paper mill in Jay, Maine, in May 2009.
Howatt offered a cautious outlook at the third quarter.
“Sluggish economic conditions and high market pulp prices will remain a factor,” he said in a statement. Howatt estimated the company's third quarter earnings at between $0.13 and $0.15 a share. Analysts are predicting earnings of $0.22 a share.
The company will hold its second quarter conference call Tuesday at 10 a.m.