8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

_________________

Date of Report: October 26, 2004

(Date of earliest event reported)

TEMPLE-INLAND INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-08634	75-1903917
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1300 MoPac Expressway South, Austin, Texas 78746

(Address of Principal Executive Offices, including Zip code)

(512) 434-5800

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

        Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))

Item 7.01. Regulation FD Disclosure.

        On October 26, 2004, Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., participated in a conference call discussing the Company’s earnings for the quarter ended October 2, 2004. Copies of the presentation materials used by Mr. Jastrow are furnished as exhibit 99.1 of this report.

Item 9.01. Financial Statements and Exhibits.

      (c) Exhibits.

99.1 Presentation materials of Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., used in Mr. Jastrow’s conference call on October 26, 2004, discussing the Company’s earnings for the quarter ended October 2, 2004.

SIGNATURE

        Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TEMPLE-INLAND INC.
Date: October 26, 2004	By:   /s/ M. Richard Warner
	Name:  M. Richard Warner Title:  President

EXHIBIT INDEX

Exhibit	Description	Page
99.1	Presentation materials of Kenneth M. Jastrow, II, Chief Executive Officer of Temple-Inland Inc., used in Mr. Jastrow’s conference call on October 26, 2004, discussing the Company’s earnings for the quarter ended October 2, 2004.	4

EX-99

Third Quarter 2004 Results

October 26, 2004

October 26, 2004

2

This presentation contains forward-looking statements that involve risks
and uncertainties. The actual results of Temple-Inland may differ
significantly from the results discussed in the forward-looking
statements. Factors that might cause such differences include general
economic, market, or business conditions; the opportunities (or lack
thereof) that may be presented to and pursued by Temple-Inland; the
availability and price of raw materials; competitive actions by other
companies; changes in laws or regulations; the accuracy of judgments
and estimates concerning the integration of acquired operations and
Temple-Inland's consolidation and supply chain initiatives; and other
factors, many of which are beyond the control of Temple-Inland.

Third Quarter Results

TIN

3

Net Income

$

41

$

(3)

$

56

Diluted EPS

$  0.73

$ (0.06)

$  0.99

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004

3rd qtr. 2004 special items – total ($0.26 per share)

-  Repositioning mortgage activities - $13 million ($0.23 per share)

-  Converting facility closures - $3 million ($0.05 per share)

-  Income from discontinued operations - $1 million ($0.02 per share)

3rd qtr. 2003 special items – total ($0.46 per share)

Debt reduced $100 million during the quarter

Third Quarter Results (cont’d)

4

Net income per dil. share

$

0.73

$

(0.06)

$

0.99

Special items

0.26

0.46

0.06

Net income per dil. share

$

0.99*

$

0.40

$

1.05

excluding special items  

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004  

*

3rd qtr. 2004 income was negatively impacted $15 million, or $0.16 per

share,  from an increase in the mortgage servicing valuation allowance

due to the reduction in long-term interest rates.

Third Quarter Segment Results

5

Operating Income

(millions)

Corrugated Packaging

$  42

$

7

$ 26

Forest Products

$

68

$  24

$

65

Financial Services

$

37

$

49

$

59

$

147

$

80

$150  

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004

Corrugated Packaging

6

Price

Average box price up $21/ton vs. 3rd qtr.

2003 and up $33/ton vs. 2nd qtr. 2004

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004

$ 42

$  7

$ 26

Operating income

(millions)

Corrugated Packaging (Cont’d)

7

Volume

On a volume per workday basis, shipments up 6.2% in

3rd qtr. 2004 compared with 3rd qtr. 2003, but down

3.4% compared to 2nd qtr. 2004 levels

Industry shipments up 3.2% on a volume per workday

basis in 3rd qtr. 2004 compared with 3rd qtr. 2003, but

down 1.5% compared with 2nd qtr. 2004

YTD, on a volume per workday basis, TIN shipments

up 6.2% compared to industry growth of 3.6%, despite

the closure of 7 box plants since 3rd qtr. 2003,

including the closure of 3 box plants in 3rd qtr. 2004

Corrugated Packaging (Cont’d)

8

Recycled Fiber

Prices up $28/ton vs. 3rd qtr. 2003 and flat vs.

2nd qtr. 2004

Energy

Energy costs up $3 million vs. 3rd qtr. 2003

and down $2 million vs. 2nd qtr. 2004

Pension

- Pension expense up $2 million vs. 3rd qtr.

2003

Forest Products

9

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004

$ 68

$ 24

$  65

Operating income

(millions)

Lumber

-  Average price up $56 vs. 3rd qtr. 2003 and

down $2 vs. 2nd qtr. 2004

-  Volume up 4% vs. 3rd qtr. 2003 and up 1% vs.

2nd qtr. 2004

Forest Products (Cont’d)

10

Particleboard

Average price up $88 vs. 3rd qtr. 2003 and up $27 vs.

2nd qtr. 2004

-

Volume down 5% vs. 3rd qtr. 2003 and down 13% vs.

2nd qtr. 2004

MDF

-

Average price up $79 vs. 3rd qtr. 2003, and up $30 vs.

2nd qtr. 2004

-

Volume up 12% vs. 3rd qtr. 2003, and down 16% vs.

2nd qtr. 2004  

Forest Products (Cont’d)

11

Gypsum

- Average price up $30 vs. 3rd qtr. 2003 and up $6 vs.

2nd qtr. 2004

- Volume up 23% vs. 3rd qtr. 2003 and up 3% vs. 2nd

qtr. 2004

High-Value Land Sales

- $3 million from high-value land sales in 3rd qtr. 2004

vs. $2 million in 3rd qtr. 2003 and $6 million in 2nd

qtr. 2004

-

Average sales price for 3rd qtr. 2004 approximately

$6,000 per acre  

Financial Services

12

3rd Qtr

3rd Qtr

2nd Qtr

2004

2003

2004

$ 37

$ 49

$ 59

Operating income

(millions)

-

Operating income negatively impacted $15 million, or

$0.16 per share after-tax, in 3rd qtr. 2004 due to increase

in the mortgage servicing valuation allowance

-

Excluding this $15 million increase in the

mortgage

servicing valuation allowance, financial services income

would have compared favorably to 3rd qtr. 2003 earnings

Comments

13

Corrugated Packaging - 4th qtr. 2004

-

Current box prices up approximately $15 per ton vs. 3rd

qtr. average and further price improvement expected

during the quarter

-

Historically, volume is seasonally weaker in 4th qtr.

(especially December)

-

There are 3 less shipping days in 4th qtr. 2004 vs. 3rd

qtr. 2004, due to holidays

-

Major annual mill maintenance outages in 4th qtr. will

impact earnings $8-10 million vs. 3rd qtr.

YTD Summary Comments

14

Corrugated Packaging

YTD 2004 vs.

($ in Millions)

YTD 2003

Market Factors – Box & Board Pricing, OCC

($66)

Business Improvement – Volume, Mill & Converting Costs

$128

Net Improvement

$62

Forest Products

Financial Services