NEW YORK (CNN/Money) - International Paper Co. reported first-quarter earnings Friday that more than doubled its results from a year earlier, beating Wall Street estimates even though sales in the quarter actually fell.

The No. 1 forest and paper products maker reported earnings of $58 million before one-time items, or 12 cents a share, up from $24 million before one-time items, or 5 cents a share, a year earlier. Wall Street analysts surveyed by earnings tracker First Call expected 7 cents a share.

But sales in the quarter fell to $6 billion from $6.9 billion in the prior year. Much of the comparative earnings gain came from lower costs; the Stamford, Conn.-based company cut thousands of jobs last year as it struggled with weak demand and a recession in the U.S. economy.

"We completed the first quarter with strong momentum, and we continue to improve our underlying cost structure in a difficult macro environment," CEO John Dillon said.

Including special items, IP earned $65 million, or 13 cents a share, compared with a loss of $44 million, or 9 cents, in 2001's first quarter.

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Shares of IP (IP: up $0.97 to $42.30, Research, Estimates), a component of the Dow Jones industrial average, rose nearly 2 percent in early trading Friday, approaching their 52-week high of $46.20. Prudential Financial recently gave the stock a rare "sell" rating, saying it was overpriced and setting a price target of $27 a share.