MEMPHIS, Tenn. (AP) — MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Thursday reported first-quarter net income of $56 million.
The Memphis, Tennessee-based company said it had profit of 16 cents per share. Earnings, adjusted for non-recurring costs, were 17 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The global paper and packaging company posted revenue of $4.62 billion in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $4.45 billion.
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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
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