Stora Enso Oyj said its first-quarter normalized net income amounted to 15 euro cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

EPS increased 12.3% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €118.9 million, an increase of 12.3% from €105.9 million in the prior-year period.

The normalized profit margin climbed to 4.8% from 4.3% in the year-earlier period.

Total revenue grew year over year to €2.50 billion from €2.44 billion, and total operating expenses increased year over year to €2.31 billion from €2.24 billion.

Reported net income declined 6.7% on an annual basis to €110.6 million, or 14 cents per share, from €118.5 million, or 15 cents per share.