International Paper Co. said its first-quarter normalized net income amounted to 45 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS fell 28.6% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $187.5 million, a decline of 28.2% from $261.3 million in the prior-year period.

The normalized profit margin dropped to 3.4% from 5.1% in the year-earlier period.

Total revenue grew 7.8% on an annual basis to $5.51 billion from $5.11 billion, and total operating expenses grew 10.5% year over year to $5.12 billion from $4.63 billion.

Reported net income decreased 38.7% year over year to $208.0 million, or 50 cents per share, from $339.5 million, or 82 cents per share.