International Paper Posted Q2 2023 Results

SEATTLE (Scrap Monster): Memphis, Tennessee-headquartered International Paper (IP) reported second quarter 2023 financial results.

The company reported net earnings of $235 million or $0.68 per diluted share and adjusted operating earnings of $204 million or $0.59 per diluted share. The cash provided by operations totalled $528 million. It achieved $55 million of earnings from various Building a Better IP initiatives. International Paper returned $200 million to shareholders through $40 million share repurchases and $160 million in dividends.

Mark Sutton, Chairman and Chief Executive Officer, IP stated that the operations continued to run well in the second quarter of the year. The company managed its businesses effectively in a challenging demand environment. The advancement in Building a Better IP initiatives coupled with cost management efforts benefited the company, he added.

The Industrial Packaging operating profits during the quarter were $304 million, as compared with $322 million in the first quarter of 2023. The North American earnings recorded decline on lower sales price.

Meantime, the Global Cellulose Fibers segment posted operating profit of $30 million in Q2 2023, upon comparison with $16 million loss in the initial quarter of the year. The earnings jump was mainly on account of lower operating costs as well as planned maintenance costs and input costs.