SAO PAULO, May 8 (Reuters) - Suzano, one of

the largest pulp makers in the world, on Thursday posted first

quarter core earnings that were below market expectations,

although they were higher when compared to a year earlier.

Core earnings, as measured by adjusted earnings before

interest, taxes, depreciation and amortization (EBITDA), stood

at 4.87 billion reais ($860.12 million), up 7% but missing the

5.77 billion reais seen by analysts polled by LSEG.

Santander said the adjusted EBITDA miss came from

lower-than-expected realized prices and higher-than-expected

operation expenses, while JPMorgan said the first-quarter had "a

lackluster pulp business performance."

Analysts from both JPMorgan and Santander said they

expect a negative market reaction for the shares in the

Brazilian company after the results.

Suzano's net income, on the other hand, multiplied to

6.3 billion reais from the 220 million real profit in the same

period last year, a result mainly attributed by the company to

currency effects.

Net revenue came in at 11.55 billion reais, rising 22%

from the year-ago period but also missing the 12.01 billion

reais expected by analysts.

($1 = 5.6620 reais)