International Paper reported third quarter 2020 financial results.
Net sales were $5.123 billion, up from $4,866 in 2Q 2020 but down from $5,568 in 3Q 2019.
Third quarter net earnings (loss) attributable to International Paper was $204 million ($0.52 per diluted share), compared with $266 million ($0.67 per diluted share) in the second quarter of 2020 and $344 million ($0.87 per diluted share) in the third quarter of 2019
Third quarter adjusted operating earnings (non-GAAP) were $280 million ($0.71 per diluted share) compared with $305 million ($0.77 per diluted share) in the second quarter of 2020 and $431 million ($1.09 per diluted share) in the third quarter of 2019.
Free cash flow was $616 million, down from $638 million in 2Q 2020 but up from $597 million in 3Q 2019. Third quarter cash provided by operations was $735 million and year-to-date of $2.3 billion compared with $2.7 billion year-to-date in the same period of 2019. Third quarter debt reduction was $760 million, bringing year-to-date 2020 to $1.1 billion.
"International Paper once again delivered solid results and generated strong cash from operations in a dynamic environment," said Mark Sutton, chairman and CEO. "Our performance continues to demonstrate the strength of our customer solutions and the scale and flexibility of our system. As we enter the fourth quarter, we see continued momentum in demand for corrugated packaging, and we will again leverage the commercial and operating strengths of International Paper with a focus on cash generation and maintaining a strong balance sheet."