NEW YORK, Feb 9 (Reuters) - Temple-Inland Inc (TIN.N) reported an adjusted fourth-quarter loss on Tuesday, missing Wall Street expectations as the slumping housing market offset gains in its packaging business.
Net income was $38 million, or 34 cents per share, compared with a net loss of $6 million, or 6 cents per share a year earlier, the Austin, Texas-based company said.
But excluding special items of 41 cents per share, for alternative fuel mixture tax credits, Temple-Inland posted a loss of 7 cents per share. On that basis, analysts on average were expecting a profit of 3 cents per share in the quarter, according to Thomson Reuters I/B/E/S/
Total revenue dropped to $845 million from $973 million a year earlier, the company said.
"Building Products markets continue to suffer from the decline in housing markets," Chairman and Chief Executive Officer Doyle Simons said.
He said operating income in the segment declined in the fourth quarter from the third primarily due to lower shipments and prices for all products.
In contrast, he noted Temple-Inland's corrugated packaging business posted record operating income of $347 million in 2009. Operating income improvement was driven by a lower cost structure in its box plant system and benefits from lower raw material costs and a focus on the food and beverage market.
In early trading on the New York Stock Exchange, Temple-Inland stock was up 35 cents at $16.80. (Reporting by Steve James; Editing by Maureen Bavdek)
