04.26.24
International Paper reported first quarter 2024 financial results.
Net sales in 1Q 2024 were $4.619 billion, up slightly from $4.601 billion in 4Q 2023 and down from $5.02 billion in 1Q 2023. Free cash flow was $144 million in 1Q 2024, down from $187 million in 4Q 2023 and up from $4 million in 1Q 2023.
"International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, chairman and CEO. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve.
"Looking ahead," Sutton added, "International Paper is well positioned for its next chapter as Andy Silvernail steps into the CEO role on May 1. I am confident that his leadership experience and proven track record, paired with the industry expertise of our senior leadership team, will amplify the company's success going forward. On a personal note, it has been a privilege to be part of the IP team for the past 40 years and an honor to lead the company for the past decade."
Net sales in 1Q 2024 were $4.619 billion, up slightly from $4.601 billion in 4Q 2023 and down from $5.02 billion in 1Q 2023. Free cash flow was $144 million in 1Q 2024, down from $187 million in 4Q 2023 and up from $4 million in 1Q 2023.
"International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, chairman and CEO. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve.
"Looking ahead," Sutton added, "International Paper is well positioned for its next chapter as Andy Silvernail steps into the CEO role on May 1. I am confident that his leadership experience and proven track record, paired with the industry expertise of our senior leadership team, will amplify the company's success going forward. On a personal note, it has been a privilege to be part of the IP team for the past 40 years and an honor to lead the company for the past decade."