MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported fourth-quarter net income of $165 million.
On a per-share basis, the Memphis, Tennessee-based company said it had net income of 42 cents. Earnings, adjusted for non-recurring costs, were $1.09 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.
The global paper and packaging company posted revenue of $5.5 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $5.58 billion.
For the year, the company reported profit of $1.23 billion, or $3.07 per share. Revenue was reported as $22.38 billion.
International Paper shares have declined roughly 6% since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1%. The stock has declined slightly more than 8% 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
Automated Insights, source Associated Press News