By Colin Kellaher
International Paper Co. (IP) on Thursday posted stronger-than-expected second-quarter earnings, bolstered by sequential volume growth and price realization across its three businesses.
The Memphis, Tenn., paper company reported net income of $405 million, or 97 cents a share, for the quarter, up from $80 million, or 19 cents a share, a year earlier.
Excluding items, the company reported a profit of $1.19 a share, compared with 66 cents a share a year earlier. Analysts were expecting an adjusted profit of $1.09 a share, according to FactSet.
Sales rose about 8.4% to $5.83 billion. Analysts were expecting revenue of $5.8 billion, according to FactSet.
"We see healthy demand across our global operations and are confident in our commitment to deliver a second consecutive year of strong earnings growth," said Mark Sutton, chairman and chief executive.
International Paper shares edged up 1.3% to $53.75 in premarket trading. Shares in the company are down 8% this year.
In June, International Paper named Timothy Nicholls as finance chief, shortly after the company pulled its proposed $10.4 billion bid for Dublin, Ireland-based competitor Smurfit Kappa Group PLC.
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