BUZZ - International Paper's stock drops as third-quarter revenue misses expectations

October 28 - ** Shares of packaging company International Paper IP.N fell about 5% in premarket trading, to $31.66

** Weighed down by weak demand, the company’s third-quarter revenue missed expectations

** Quarterly net sales were $6.20 billion, below analyst estimates compiled by LSEG of $6.27 billion

** Driven by price increases and lower operating costs, adjusted third-quarter earnings per share were 37 cents, above market expectations of 29 cents

** The company said that its plan formulated in January (link) — to spin off its packaging business in Europe, the Middle East, and Africa into an independent company — is making progress

** As of the close of the previous session, IP is down about 15% year-to-date

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