International Paper swings to $434M 1st quarter profit

MEMPHIS, Tenn. (AP) - International Paper Co., a global supplier of uncoated paper and packaging materials, reported a turnaround to a first-quarter profit Thursday amid a two-year companywide reorganization.

International Paper put its first-quarter profit at $434 million, or 97 cents per share, compared to a loss of $1.2 billion, or $2.54 per share, for the same period last year.

Excluding special items, International Paper earned $203 million, or 45 cents per share for the quarter compared to $58 million, or 12 cents per share last year.

Analysts polled by Thomson Financial forecast a profit of 40 cents per share. Thomson estimates usually exclude special items.

Shares fell 20 cents, or 0.52 percent, to $38.21 on Thursday.

"They operated well, and I think you began to see just how international this company is," said Claudia Shank of JP Morgan. "One of the reasons why their results were good was that they benefited from the exposure to some of the emerging markets they're in."