IP Announced Robust Q3 2023 Results

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

During the quarter, the company reported net earnings of $165 million or $0.47 per diluted share. The adjusted operating earnings for the quarter stood at $224 million or $0.64 per diluted share. The cash provided by operations totalled $468 million. IP returned $160 million to its shareholders in the form of dividends.

On the operational side, the company announced completion of sale of its investments in the prior Ilim joint venture.

The Industrial Packaging segment operating profits in Q3 this year were $325 million, compared with $304 million in the prior quarter. The North American earnings recorded improvement, mainly driven by higher sales volumes. Meantime, the EMEA earnings dipped. The Global Cellulose Fibers operating profits were $27 million in Q3, down marginally from $30 million in Q2 2023.

Commenting on the results, Mark Sutton, Chairman and Chief Executive Officer said that the company’s third quarter results were in line with the expectations. IP is encouraged by the continuing demand recovery across its portfolio. However, it is not satisfied with the absolute results and will take necessary actions to structurally reduce fixed costs in its mill system and invest in box capabilities to ensure further growth, he added.

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