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International Paper 1st-Quarter Net Up 69% on Industrial-Packaging Sales

International Paper Co.'s (IP) first-quarter profit rose 69% as the company's industrial-packaging sales posted a double-digit increase.The paper and pulp company last year completed its $3.48 billion acquisition of rival Temple-Inland Inc. after months of resistance from the maker of corrugated packaging and building products. International Paper has since divested some assets, including the sale of three U.S. container-board mills, to meet regulator requirements. In December, it agreed to sell Temple-Inland's building-products division to Koch Industries Inc. for $750 million.International Paper reported a profit of $318 million, or 71 cents a share, versus $188 million, or 43 cents a share, a year earlier. Excluding restructuring expenses and other items, operating earnings were 65 cents, up from 63 cents a year ago.Net sales grew 6.5% to $7.09 billion.Analysts polled by Thomson Reuters forecast operating earnings of 74 cents a share and $7.05 billion in revenue.Sales at Internation...

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