IP Announced First Quarter 2024 Results

SEATTLE (Scrap Monster): Memphis, Tennessee- headquartered International Paper (IP) reported first quarter 2024 results.

The company reported first quarter net earnings of $56 million or $0.16 per diluted share. The Q1 2024 adjusted operating earnings stood at $61 million or $0.17 per diluted share. The net sales recorded slight improvement from $4,601 million in Q4 2023 to $4619 million in the first quarter of 2024. The cash provided by operations totalled $395 million. IP returned $161 million to shareholders in dividends.

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The Industrial Packaging segment reported operating profits of $216 million in the first quarter of 2014. This compares with $315 million in the fourth quarter of 2023. Meantime, the Global Cellulose Fibers segment operating losses narrowed from $58 million during the prior quarter to $47 million in Q1 2024.

Commenting on the results, Mark Sutton, Chairman and Chief Executive Officer, IP noted that the company made progress in executing its strategic initiatives during the first quarter. The costs remained elevated during the quarter. The volumes too were seasonally lower. However, the market trends continued to improve during Q1 this year, he added. Looking ahead, Sutton said that IP is well positioned for its next chapter of growth as Andy Silvernail steps into the CEO role on May 1.