UPDATE 1-International Paper profit beats expectations

* Adj Q2 EPS 42 cts vs. Street 41 cts

* Sales up 5.5 pct to $6.12 bln

* Year-ago results include 'black liquor' credit

By Ernest Scheyder

NEW YORK, July 28 (Reuters) - International Paper Co (IP.N) posted better-than-expected quarterly profit on Wednesday, as the giant paper and packaging company saw sales jump in nearly all its segments.

For the second quarter, International Paper posted net income of $93 million, or 21 cents per share, compared with $136 million, or 32 cents per share, in the year-ago period.

Excluding one-time items, such as restructuring charges, the company posted profit of 42 cents per share. By that measure, analysts had expected earnings of 41 cents per share, according to Thomson Reuters I/B/E/S.

The year-ago figures included the so-called black liquor alternative fuel tax credit, which has now been phased out for pulp and paper processors. [ID:nN2849347] [ID:nN21231665]

Sales at the Memphis, Tennessee-based company rose 5.5 percent to $6.12 billion. Analysts had expected $6.19 billion.

Rival UPM-Kymmene Corp (UPM1V.HE), based in Finland, will post its results on Aug. 3. (Reporting by Ernest Scheyder, editing by Gerald E. McCormick)