International Paper (IP) reported an earnings beat on Wednesday, but missed on revenue. The Tennessee-based company manufactures materials for consumer and industrial packaging and saw particularly strong results in North America for the second quarter. The company posted profits of $0.97 beating estimates of $0.92 per share and up from last year’s $0.95 per share. Revenue was hit by the strong dollar, coming in at $5.7 billion, down from last year’s $7.2 billion and missing the estimated $5.8 billion. Shares of International Paper have dropped 9 percent since the start of 2015, with the stock down around 3.5 percent in the last 12 months. The company spun off its distribution branch Xpedx at the beginning of July to focus on core business. International Paper remains the market leader in the U.S. for cardboard and paper products despite the drop in sales across all major segments and heavy dollar headwinds. Consumer packaging sales were down 5.5 percent, slumping to $797 million. Sales of printing papers were down 12.1 percent from last year to $1.2 million.
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