Smurfit-Stone Container Corporation reported a third-quarter loss, compared with a profit last year, on poor demand for packaging.
The company said it lost $47m in the quarter, compared with a profit of $43m last year.
This includes a charge of 15 cents a share for a legal reserve for lawsuits accusing the company's subsidiaries and other containerboard makers of engaging in price fixing dating from 1993.
Net sales rose modestly to $1.94 billion from the prior-year quarter.
Chairman and chief executive Patrick Moore in a statement said, 'We've begun to see seasonal pickup in demand, although the overall economic recovery has yet to have a significant impact on our business.'
Smurfit-Stone last week said it was cutting 4% of its work force and closing a Canadian mill to reduce costs. It forecast a larger loss from operations in the fourth quarter, citing modest pricing pressures, the impact of a strong Canadian dollar and seasonally lower volumes.
