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International Paper profit surges on $1.2B tax benefit

International Paper Co. said net earnings surged for the fourth quarter of 2017, with the company benefiting from a $1.2 billion special item related to the new U.S. tax law.

Net earnings came in at $1.5 billion, or $3.50 per diluted share, for the quarter ending Dec. 31, 2017, up from $218 million, or 53 cents per share, in the similar quarter in 2016. On a non-GAAP basis, adjusted operating earnings came in at $1.28 per share for the quarter, up from 67 cents per share.

Fourth-quarter net sales stood at $5.7 billion, up from $5 billion in the fourth quarter of 2016.

Business segment operating profits were $824 million for the quarter, up from $442 million in the prior-year quarter.

Industrial packaging segment operating profits stood at $609 million, while the global cellulose fibers segment operating profits were $79 million. Printing papers segment operating profits were reported at $136 million.

Net corporate expenses decreased to $18 million for the fourth quarter of 2017 from $32 million in the third quarter of 2017.

In annual terms, the company posted net earnings of $2.1 billion, or $5.13 per diluted share, in 2017 from $904 million, or $2.18 per diluted share, in 2016.