During the third quarter, the company repurchased approximately $200 million in common stock at an average price of $52.03 per share. The company intends to continue repurchasing such shares in open market transactions. The company’s board of directors also raised the quarterly common stock dividend by $0.025 per share or 5.3%, which brings the per share dividend to $2.00 annually.
“The repurchase authorization and the dividend increase reflect our continued confidence in International Paper’s long-term outlook and strong free cash flow generation,” said Mark Sutton, chairman and CEO. “Today’s announcement is part of our commitment to return cash to shareholders through systematic share repurchases and a sustainable dividend policy.”