International Paper 2Q earnings jump 20 percent

MEMPHIS — International Paper says its second-quarter profit jumped 20 percent, beating Wall Street's estimates, as strong international sales helped offset rising raw material costs.

The company says it earned $227 million, or 54 cents per share, compared with $190 million, or 44 cents per share, in the year-ago quarter.

On an adjusted basis, the company says it earned $235 million, or 56 cents per share, compared with $223 million, or 52 cents per share, in the 2007 quarter.

Thomson Financial says analysts, who typically exclude one-time items from their estimates, expected earnings of 39 cents per share on sales of $5.81 billion.

The Memphis, Tenn.-based company says revenue rose 10 percent to $5.81 billion from $5.29 billion the same time last year.

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