AUSTIN, TX - Temple-Inland Inc. reported a first quarter 2010 net loss of $4 million.
Doyle Simons, chairman and CEO of Temple-Inland Inc., said, "We executed well in the quarter despite challenging conditions due to the extreme weather and rising input costs.
"In Corrugated Packaging, we delivered solid operating results as cost improvements and rising volumes somewhat offset dramatically higher input costs in the quarter,” Simons continued. “Our quarter-end inventories were at the lowest first quarter-ending levels since 2002. We began implementing Box Plant Transformation II in the quarter and announced the closure of three converting facilities.
"In Building Products, we improved our operating results compared with fourth quarter 2009 and generated positive EBITDA,” Simons added. “Rising lumber prices were partially offset by higher fiber prices in the quarter.
"Looking ahead to the second quarter, we will benefit from improving box demand, higher prices, easing input costs and the box plant transformation in our Corrugated Packaging operation. In Building Products, pricing and demand is improving for all our products, and we anticipate a return to profitability in the second quarter."
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