International Paper ( IP) Friday announced a gain in first-quarter profit, as it saw lower costs from a restructuring. The company, which was recently dropped as a member of the Dow Jones Industrial Average, had net income of $79 million, or 16 cents a share, vs. $65 million, or 13 cents a share, a year ago. Revenue rose to $6.4 billion from $6 billion in the same period of 2003. Earnings from continuing operations with items factored in were $70 million, or 14 cents a share, compared with $51 million, or 10 cents a share, in the year-ago period. The consensus estimate was for 14 cents a share, according to Thomson First Call. The first-quarter results included an after-tax charge of $19 million, or 2 cents a share, for restructuring and other costs. The company took a $61 million after-tax charge for the same purposes in the year-ago period. Operating profit fell to $432 million from $447 million, partly because of higher energy prices, the company said.