International Paper beats 3rd-quarter expectations

PURCHASE, N.Y. — International Paper, the world’s largest paper and forest products company, reported sharply higher third-quarter earnings Tuesday thanks to better pricing for its products and cost-cutting efforts.

Not counting one-time gains and losses, International Paper earned $192 million, or 46 cents a share, compared to $81 million, or 20 cents per share, in the same quarter a year ago.

The earnings were well above the 40 cents per share expected by analysts surveyed by First Call/Thomson Financial. The company’s stock, which is one of the 30 stocks in the Dow Jones industrial average, rose 18 3/4 cents to $48.68 3/4 on the New York Stock Exchange.

John Dillon, International Paper’s chief executive, credited the improved performance to better prices for the company’s products, cost-cutting measures and other benefits from the company’s recent acquisition of Union Camp, another paper company.

Revenues rose 3 percent during the quarter to $6.25 billion from $6.05 billion.