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International Paper’s Q1 Results Blow Away Expectations (IP)
Paper and packaging giant International Paper Company ( IP ) on Thursday posted much-better-than-expected first quarter earnings, led by strong sales of corrugated box packaging.
The Memphis, TN-based company reported first quarter net income of $342 million, or 78 cents per share, compared with $162 million, or 38 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 74 cents per share.
Revenue rose 10% from last year to $6.38 billion.
On average, Wall Street analysts expected a much smaller profit of 59 cents per share, on slightly lower revenue of $6.36 billion.
International Paper shares rose 42 cents, or +1.4%, in premarket trading Thursday.
The Bottom Line
We have been recommending shares of International Paper ( IP ) since Apr.5, 2011, when the stock was trading at $30.07. The company has a 3.50% dividend yield, based on last night's closing stock price of $29.98.
International Paper Company ( IP ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.