07.31.23
International Paper reported second quarter 2023 financial results.
Net sales in 2Q 2023 were $4.682 billion, down from $5.02 billion in 4Q 2022 and $5.389 billion in 1Q 2022. Free cash flow was $261 million in 2Q 2023, up from $4 million in 4Q 2022 and up from $204 million in 1Q 2022.
Net earnings were $235 million ($0.68 per diluted share); adjusted operating earnings (non-GAAP) were $204 million ($0.59 per diluted share). The company reported $55 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $120 million. Cash provided by operations was $528 million, bringing year-to-date to $873 million; Free cash flow (non-GAAP) is $265 million year-to-date in 2023.
"In the second quarter, the operations of International Paper continued to run well and we managed our businesses effectively in a challenging demand environment," said Mark Sutton, chairman and CEO. "We continued to advance our Building a Better IP initiatives, including our commercial improvement and cost management opportunities. The benefits of that work and our strong financial foundation position International Paper well as we navigate the current economic environment."
Net sales in 2Q 2023 were $4.682 billion, down from $5.02 billion in 4Q 2022 and $5.389 billion in 1Q 2022. Free cash flow was $261 million in 2Q 2023, up from $4 million in 4Q 2022 and up from $204 million in 1Q 2022.
Net earnings were $235 million ($0.68 per diluted share); adjusted operating earnings (non-GAAP) were $204 million ($0.59 per diluted share). The company reported $55 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $120 million. Cash provided by operations was $528 million, bringing year-to-date to $873 million; Free cash flow (non-GAAP) is $265 million year-to-date in 2023.
"In the second quarter, the operations of International Paper continued to run well and we managed our businesses effectively in a challenging demand environment," said Mark Sutton, chairman and CEO. "We continued to advance our Building a Better IP initiatives, including our commercial improvement and cost management opportunities. The benefits of that work and our strong financial foundation position International Paper well as we navigate the current economic environment."