MEMPHIS, Tenn. (AP) _ International Paper Co. (IP) on Thursday reported first-quarter net income of $349 million, after reporting a loss in the same period a year earlier.

The Memphis, Tennessee-based company said it had profit of 88 cents per share. Earnings, adjusted for non-recurring gains, came to 76 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The global paper and packaging company posted revenue of $5.36 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $5.29 billion.

International Paper shares have risen 16% since the beginning of the year, while the S&P's 500 index has increased 11%. The stock has climbed 61% 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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News