MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Thursday reported second-quarter profit of $266 million.
The Memphis, Tennessee-based company said it had net income of 67 cents per share. Earnings, adjusted for non-recurring costs, were 77 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The global paper and packaging company posted revenue of $4.87 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $5.12 billion.
International Paper shares have decreased 20% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 1%. The stock has declined 18% in the last 12 months.