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.