Apr 29, 2010. /Lesprom Network/. International Paper (IP) reported a preliminary 1Q 2010 net loss of $162 million ($0.38 per share) compared with a loss of $101 million ($0.24 per share) in the 4Q 2009 and net earnings of $257 million ($0.61 per share) in the 1Q 2009. Earnings before special items in the 1Q 2010 totaled $16 million ($0.04 per share), compared with $101 million ($0.24 per share) in the 4Q 2009 and $34 million ($0.08 per share) in the 1Q 2009, company said in a statement received by Lesprom Network. Quarterly net sales were $5.8 billion compared with $6.0 billion in the 4Q 2009 and $5.7 billion reported in the 1Q 2009. Operating profits in the 1Q were $20 million, up from an operating loss of $147 million in the 4Q 2009. Both amounts reflect the inclusion of special items. "We started the quarter with an extreme run up in fiber costs in North America but ended with costs peaking in March and now moderating," said John Faraci, Chairman and CEO. "The strong results of our European businesses helped offset higher input costs in North America. Importantly, we exited the quarter in North America seeing improved cost and fiber availability, stronger operations, improving demand and the further realization of our previously announced price increases – setting us up for a significantly better 2Q." International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company.