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International Paper profit misses consensus by 20.5% in Q3

International Paper Co. said its normalized net income for the third quarter was 84 cents per share, compared with the S&P Capital IQ consensus estimate of $1.05 per share.

EPS increased 17.7% year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $348.8 million, a gain of 18.3% from $294.9 million in the prior-year period.

The normalized profit margin increased to 5.9% from 5.6% in the year-earlier period.

Total revenue rose 12.3% on an annual basis to $5.91 billion from $5.27 billion, and total operating expenses climbed 11.4% from the prior-year period to $5.25 billion from $4.71 billion.

Reported net income grew 27.3% from the prior-year period to $396.5 million, or 95 cents per share, from $311.5 million, or 75 cents per share.