Paper products maker International Paper Company (IP) on Friday said its first quarter earnings fell significantly from last year.
The Memphis-based company reported first quarter net income of $188 million, or 43 cents per share, compared with $281 million, or 65 cents per share, in the year-ago period. Excluding special items, adjusted profit was 57 cents per share.
Revenue rose 4.6% from last year to $6.66 billion.
On average, Wall Street analysts expected a smaller profit of 50 cents per share, albeit on higher revenue of $6.79 billion.
International Paper shares rose 48 cents, or +1.4%, in premarket trading Friday.
The Bottom Line
Shares of International Paper (IP) have a 3.11% dividend yield, based on last night’s closing stock price of $33.75. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$37 price levels.
International Paper Company (IP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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