International Paper Profit Beats View, Revenues Miss; Demand Outlook Positive

(RTTNews) - International Paper Co. (IP) reported Wednesday that its first-quarter net earnings attributable to the company was $334 million or $0.81 per share, compared with net earnings of $313 million or $0.74 per share a year ago.

Net earnings in all periods include the impact of special items.

Operating earnings in the quarter totaled $330 million or $0.80 per share, compared to $357 million or $0.84 per share a year ago.

On average, 16 analysts polled by Thomson Reuters expected earnings of $0.69 per share. Analysts' estimates typically exclude special items.

Quarterly net sales were $5.11 billion in the first quarter, lower than $5.52 billion last year. Year-over-year revenues declined primarily due to the sale of the IP-Sun joint venture. Analysts were looking for revenues of $5.21 billion.

Business segment operating profits in the first quarter of 2016 were $497 million, lower than last year's $623 million.

Mark Sutton, Chairman and Chief Executive Officer, said, "Demand outlook is positive and we remain focused on productivity improvements, allocating capital to high return investments and generating free cash flow."