International Paper Co. shares surged 3.9% in premarket trade Thursday, after a profit beat offset a slight revenue miss. Memphis, Tenn.-based company said it had net income of $424 million, or $1.05 a share, in the quarter, down from $729 million, or $1.74 a share, in the year-earlier period. Adjusted per-share earnings came to $1.11, ahead of the 91 cents FactSet consensus. Sales edged up to $5.643 billion from $5.621 billion, just below the FactSet consensus of $5.729 billion. "Looking ahead to the second quarter, we anticipate improved seasonal demand and we are well positioned to continue generating strong cash flows in 2019," Chief Executive Mark Sutton said in a statement. Shares have fallen 17.2% in the last 12 months, while the S&P 500 has gained 10.9%.