MEMPHIS, Tenn. (AP) — MEMPHIS, Tenn. (AP) — International Paper Co. (IP) on Wednesday reported a loss of $105 million in its first quarter.
The Memphis, Tennessee-based company said it had a loss of 24 cents per share. Earnings, adjusted for non-recurring costs, came to 23 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The global paper and packaging company posted revenue of $5.9 billion in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $6.61 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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