Officials of IBP, inc. (NYSE:IBP) yesterday announced that second quarter net earnings totaled $42 million or $0.40 per diluted share, compared to $46 million or $0.43 per diluted share, during the same period in 2000. Holding aside the pre-tax charge for variable plan accounting for stock based compensation that totaled $12 million for the second quarter of 2001 and $1 million for the same period last year, net earnings for the quarter reached $52 million, exceeding year ago levels by 9%. Net sales for the second quarter totaled $4.4 billion versus $4.3 billion last year.