MEMPHIS, Tenn. (AP) - Paper and packaging company International Paper's second-quarter profits more than doubled in the past year.
But the company failed to meet Wall Street's expectations as improved pricing was offset by raw material costs and planned maintenance outages.
Net income rose to $190 million from $83 million. That's an increase of 17 cents per share to a total of 44 cents per share.
Earnings per share from continuing operations before one-time items grew to 52 cents per share from 30 cents in the prior-year period.
Analysts surveyed by Thomson Financial were looking for larger profit of 54 cents per share on higher revenue of $5.4 billion.