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G-P towel and tissue profit rises 30 percent

July 19, 2002
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ATLANTA — Georgia-Pacific Corp. (NYSE:GP) consumer products division operating profit was up 30 percent to $279 million for the second quarter as per share profits tripled for the company as a whole. According to a G-P press release, packaging division net income fell almost 10 percent while building products net income was up 28 percent Overall net income was $87 million, or 38 cents per share, on sales of $6.22 billion, compared to net income of $29 million, or 13 cents a share, on sales of $6.6 billion in the year-ago quarter. Shares of the company closed at $23.88 Thursday afternoon on the New York Stock Exchange, up 63 cents, or 2.7 percent. The news that earnings exceeded analysts'' forecasts by about a penny may have helped send share prices up 2.7 percent to $23.88 Thursday afternoon even as the Dow slipped about 2 percent; G-P shares, however, were trading down about 1 percent Friday morning. Click here for the industry''s top news stories