International Paper: 2Q Earnings Snapshot
MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported second-quarter earnings of $292 million.
The Memphis, Tennessee-based company said it had profit of 73 cents per share. Earnings, adjusted for non-recurring costs, came to $1.15 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.
The global paper and packaging company posted revenue of $5.67 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $5.81 billion.
International Paper shares have increased slightly more than 9% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%. The stock has fallen 17% in the last 12 months.