International Paper Gains but Hammermill Declines

International Paper reported a 32.9% in its first-quarter profit, while Hammermill Paper said its profit was down 46.5% from a year ago as sales at both companies were virtually steady.

The companies said the strong dollar hurt their exports, and Hammermill also said an increase in domestic production and paper imports had a negative effect on pricing throughout the industry for the period.

International Paper, which is based in New York, reported earnings for the three months ended March 31 of $37.1 million, compared to a profit of $55.3 million in 1984. The 1984 results included $12.1 million for a land sale. Revenue slipped to $1.13 billion from $1.15 billion a year earlier.

Hammermill, based in Erie, Pa., said its profit fell to $7.9 million, compared to $15.1 million a year ago. Its revenue edged up to $428 million from $423.7 million.