International Paper Swings To Profit In First Quarter

International Paper Co IP swung to a first-quarter profit, from a loss in the year-ago period. The company reported its Q1 net profit at $342 million, or $0.78 per share, from a net loss of $162 million, or $0.38 per share, in the year-ago quarter. Excluding one-time items, the company's adjusted earnings came in at $0.74 per share. However, analysts were expecting earnings of $0.59 per share. The company's sales declined to $6.4 billion from $6.5 billion. IP shares gained 1.13% to $30.32 in after-hours trading. Read more from Benzinga's Company news.