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International Paper profit misses consensus by 21.5% in Q2

International Paper Co. said its normalized net income for the second quarter was 51 cents per share, compared with the S&P Capital IQ consensus estimate of 65 cents per share.

EPS rose 470.5% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $211.3 million, a gain of 472.9% from $36.9 million in the prior-year period.

The normalized profit margin increased to 3.7% from 0.7% in the year-earlier period.

Total revenue grew 8.5% on an annual basis to $5.77 billion from $5.32 billion, and total operating expenses rose on an annual basis to $5.32 billion from $5.18 billion.

Reported net income grew 90.8% on an annual basis to $79.1 million, or 19 cents per share, from $41.5 million, or 10 cents per share.