Shares of International Paper Co. (NYSE:IP) jumped as much as 12% in trading Thursday after the company reported third-quarter 2018 results. The gain was gradual throughout the day, and at 3:45 p.m. EDT shares were up 10.7%.
Revenue was up 7% to $5.9 billion, which also slightly beat estimates of $5.89 billion in revenue from Wall Street. Net income jumped 42.3% to $562 million, or $1.38 per share. Excluding one-time items, earnings were $1.56 per share, which easily beat estimates of $1.46 per share.
Revenue growth doesn't look particularly strong, but that was partially impacted by Hurricane Florence, which hit in mid-September and impacted some of International Paper's operations.
CEO Mark Sutton said: "Looking ahead to the fourth quarter, we see continued healthy demand for our products and remain confident in our commitment to deliver strong full-year earnings growth in 2018." It looks like the strong earnings results in the third quarter will continue throughout the year. If that's the case, today's pop may be the beginning of a nice run for International Paper's shares.