International Paper Posts Profit In Q1, Beats Estimates

(RTTNews) - International Paper Co. (IP) Wednesday announced a return to profit in the first-quarter, with net earnings of $313 million or $0.74 per share, compared a net loss of $95 million or $0.21 per share last year. The first quarter results included a $0.04 per share non-cash foreign exchange charge for the Ilim JV, while the prior year earnings included a pre-tax charge of $495 million associated with the Courtland mill shutdown.

Excluding special items and non-operating pension expenses, Operating earnings for the quarter was $357 million or $0.84 per share, up from $260 million or $0.60 per share in the previous year.

On average, 19 analysts polled by Thomson Reuters expected the company to earn $0.80 per share. Analysts usually exclude special items.

Net sales were $5.5175 billion in the first quarter of 2015 compared with $5.943 billion in the fourth quarter of 2014 and $5.7 billion in the first quarter of 2014. Wall Street was looking for $5.80 billion.