MEMPHIS, Tenn., Oct. 26, 2023 - International Paper (NYSE: IP) today reported third quarter 2023 financial results.
THIRD QUARTER 2023 HIGHLIGHTS
- Net earnings of $165 million ($0.47 per diluted share); Adjusted operating earnings (non-GAAP) of $224 million ($0.64 per diluted share)
- $75 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $195 million, exceeding full-year targets
- Cash provided by operations of $468 million, bringing year-to-date to $1.3 billion
- Returned $160 million to shareholders in dividends, bringing year-to-date to $679 million in share repurchases and dividends
- Completed the sale of our Ilim Joint Venture interest for $508 million
"Our third quarter results came in as expected, and we are encouraged by continuing demand recovery across our portfolio," said Mark Sutton, Chairman and Chief Executive Officer. "We exceeded our full-year target for Building a Better IP through commercial and process improvement initiatives. Our operations continue to perform reliably with a focus on controlling costs. However, in this challenging macro environment, we are not satisfied with our absolute results. We are taking actions to structurally reduce fixed costs in our mill system, while optimizing our supply chain and investing in our box capabilities to grow with customers."
Source: International Paper
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