Adjusted operating earnings in the third quarter of 2017 were $449 million or $1.08 per share compared with $270 million or $0.65 per share in the second quarter of 2017 and $380 million or $0.91 per share in the third quarter of 2016.
Quarterly net sales were $5.9 billion in the third quarter of 2017 compared with $5.8 billion in the second quarter of 2017 and$5.3 billion in the third quarter of 2016. The year-over-year revenue increase was primarily due to the pulp business that was acquired in late 2016.
Business segment operating profits in the third quarter of 2017 were $707 million, compared with $129 million in the second quarter of 2017 and $613 million in the third quarter of 2016.The second quarter of 2017 includes the impact of the Kleen Products settlement.
Free cash flow (non-GAAP) was $624 million for the third quarter of 2017 and $575 million in the third quarter of 2016.
“We had a solid third quarter driven by price realization across key businesses and significantly lower maintenance outage costs, even as our operations were impacted by two hurricanes and record high recycled fiber prices,” said Mark Sutton, chairman and CEO. “Looking forward, continued strong demand across our Industrial Packaging and Global Cellulose Fibers businesses, combined with prior price increases, should keep International Paper on track to deliver our expected targeted earnings growth in 2017.”
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