The Memphis-based paper maker's second-quarter net income rose to $498 million, or $1.41 a share, compared with $235 million, or 68 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast earnings per share of 43 cents.

The figure includes a tax benefit of $338 million, or 96 cents a share, related to internal legal entity restructuring, the group added.

Adjusted earnings per share--the company's preferred metric, which strips out exceptional and other one-off items--came in at 55 cents, down from 59 cents a year ago. Analysts expected 41 cents per share according to FactSet.

Revenue fell to $4.73 billion from $4.68 billion, missing market expectations for $4.78 billion according to FactSet.

"While our second quarter financial results increased sequentially on better price and seasonally higher volumes, we expect near-term performance to be challenged," Chief Executive Andy Silvernail said.

The CEO added that the group will make changes to focus its portfolio and cut costs to deliver profitable growth.