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International Papers Beats Q2 Estimates Despite Big Drop in Profits

International Paper reported earnings Tuesday that beat estimates, but not because it sold more paper.

International Paper reported earnings Tuesday that beat estimates, but not because it sold more paper. Earnings of 95 cents a share beat estimates of 83 cents a share. Despite the strong bottom line, profits fell close to 40% from the same period a year ago due to one time charges under special items from restructuring costs and closing down of their Courtland, Alabama operations. Of the 95 cents a share, about 48 cents a share came from adding the special items back into the net earnings from continuing operations. Revenues of $7.2 billion fell short of estimates and last year's second quarter sales which were both $7.3 billion. . TheStreet's Whalen MacHale reports from New York.