MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported first-quarter profit of $424 million.
On a per-share basis, the Memphis, Tennessee-based company said it had profit of $1.05. Earnings, adjusted for non-recurring costs, came to $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 91 cents per share.
The global paper and packaging company posted revenue of $5.64 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $5.74 billion.
International Paper shares have risen almost 10 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 17 percent. The stock has declined 16 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IP at https://www.zacks.com/ap/IP