UPM-Kymmene Oyj said its first-quarter normalized net income came to 33 euro cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS climbed 8.9% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €176.3 million, a gain of 8.9% from €161.9 million in the prior-year period.

The normalized profit margin climbed to 7.1% from 6.6% in the year-earlier period.

Total revenue grew year over year to €2.48 billion from €2.45 billion, and total operating expenses totaled €2.19 billion, compared with €2.17 billion in the prior-year period.

Reported net income increased 5.7% year over year to €240.0 million, or 45 cents per share, from €227.0 million, or 43 cents per share.