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MEMPHIS, Tenn. (AP) — MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Thursday reported first-quarter net income of $172 million.
On a per-share basis, the Memphis, Tennessee-based company said it had net income of 49 cents. Earnings, adjusted for non-recurring costs, came to 53 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.
The global paper and packaging company posted revenue of $5.02 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $4.95 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a IP">Zacks stock report on IP at https://www.zacks.com/ap/IP