International Paper posts 66% rise in profit

STAMFORD, Conn. – International Paper Co. reported first-quarter profit jumped 66 percent as strong sales and price increases for its products offset higher costs.

The world’s largest paper company, which has mills in Jay and Bucksport, said earnings for the January-March period were $73 million, or 15 cents per share, compared with $44 million, or 9 cents per share, last year.

Analysts surveyed by Thomson First Call were expecting earnings of 14 cents per share.

“I’m pleased that we were able to more than offset the continued high costs of wood and energy with a better operational performance and higher sales volumes for the quarter, particularly in uncoated free sheet, bleached board and containerboard,” said John Faraci, the company’s chairman and chief executive officer.