Smurfit-Stone posts second quarter results

Smurfit-Stone Container Corporation has reported net income attributable to common stockholders of $1.41 billion for the second quarter of 2010, compared with a net loss of ($91) million in the first quarter of 2010, and net income of $155 million for the second quarter of 2009.

Smurfit-Stone's second-quarter 2010 adjusted net income was $2 million, compared with an adjusted net loss of ($59) million, in the first quarter of this year, and an adjusted net loss of ($21) million, in the second quarter of 2009.

The most significant adjustment in the second quarter of 2010 was exclusion of $1.42 billion of income, including tax benefits, related to the company's emergence from bankruptcy reorganization proceedings in the U.S. and Canada.

Patrick J. Moore, Smurfit-Stone's Chief Executive Officer, commented, "We believe our successful financial restructuring positions us for long-term profitable growth. We will continue to focus on what matters - serving our customers, improving margins and delivering shareholder value. Looking ahead, we are confident that continued high operating rates, productivity improvements, higher average prices, and low inventories combined with assumed stable demand will drive significant earnings improvement in the second half of the year."

Source: Smurfit-Stone