International Paper: 4Q Earnings Snapshot
MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported fourth-quarter net income of $316 million.
The Memphis, Tennessee-based company said it had net income of 78 cents per share. Earnings, adjusted for non-recurring costs, were $1.65 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The global paper and packaging company posted revenue of $5.95 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $5.86 billion.
For the year, the company reported profit of $2.01 billion, or $4.85 per share. Revenue was reported as $23.31 billion.
International Paper shares have increased 17 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 7 percent. The stock has declined 26 percent in the last 12 months.