International Paper Reports Second Quarter 2024 Results

International Paper reported second quarter 2024 financial results.

Net sales for the second quarter of 2024 were $4,734 million, up from both 1Q 2024 and 2Q 2023. Second quarter net earnings were $498 million ($1.41 per diluted share), including a tax benefit of $338 million ($0.96 per diluted share) related to internal legal entity restructuring. Second quarter cash provided by operations weas$365 million and the company returned $160 million to shareholders in dividends.

“Reflecting on my first 90 days, I am confident in our teams’ ability to unlock substantial value at IP,” said CEO Andy Silvernail. “While our second quarter financial results increased sequentially on better price and seasonally higher volumes, we expect near-term performance to be challenged.

“In order to accelerate improvement, we are deploying an 80/20 business process,” added Silvernail. “We will make the changes needed to focus our portfolio, become excellent with our customers and optimize our cost to deliver profitable growth. In North America, our investments will center on providing customers with the most reliable and innovative packaging solutions. We also look forward to the combination with DS Smith and together creating significant value for our shareholders.”