10.27.23
International Paper reported third quarter 2023 financial results.
Net sales in 3Q 2023 were $4.613 billion, down slightly from $4.68 billion in 2Q 2023 and $5.4 billion in 3Q 2022. Free cash flow was $240 million in 3Q 2023, down from $261 million in 2Q 2022 and up from $197 million in 3Q 2022.
Net earnings were $165 million ($0.47 per diluted share), with adjusted operating earnings (non-GAAP) of $224 million ($0.64 per diluted share). International Paper reported $75 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $195 million, exceeding full-year targets.
In addition, cash provided by operations of $468 million, bringing year-to-date to $1.3 billion. The company returned $160 million to shareholders in dividends, bringing year-to-date to $679 million in share repurchases and dividends, and completed the sale of the 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 CEO. "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 supply chain and investing in our box capabilities to grow with customers."
Net sales in 3Q 2023 were $4.613 billion, down slightly from $4.68 billion in 2Q 2023 and $5.4 billion in 3Q 2022. Free cash flow was $240 million in 3Q 2023, down from $261 million in 2Q 2022 and up from $197 million in 3Q 2022.
Net earnings were $165 million ($0.47 per diluted share), with adjusted operating earnings (non-GAAP) of $224 million ($0.64 per diluted share). International Paper reported $75 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $195 million, exceeding full-year targets.
In addition, cash provided by operations of $468 million, bringing year-to-date to $1.3 billion. The company returned $160 million to shareholders in dividends, bringing year-to-date to $679 million in share repurchases and dividends, and completed the sale of the 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 CEO. "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 supply chain and investing in our box capabilities to grow with customers."