04.28.23
International Paper reported first quarter 2023 financial results.
Net sales in 1Q 2023 were $5.02 billion, down from $5.133 billion in 4Q 2022 and $5.236 billion in 1Q 2022. Free cash flow was $4 million in 1Q 2023, down from $439 million in 4Q 2022 and down from $403 million in 1Q 2022.
"International Paper operated well in the first quarter, while navigating a challenging and dynamic macro environment," said Mark Sutton, chairman of the board and CEO. "We successfully executed our highest maintenance outage quarter and realized additional benefits from our Building a Better IP initiatives and lower input costs. We also returned $319 million to shareowners.
"Looking ahead," Sutton added, "we expect the demand environment to improve throughout the year as customer inventory destocking runs its course. We remain focused on serving our customers' needs, while optimizing our system to drive out high marginal costs and maximizing value for our stakeholders."
Net sales in 1Q 2023 were $5.02 billion, down from $5.133 billion in 4Q 2022 and $5.236 billion in 1Q 2022. Free cash flow was $4 million in 1Q 2023, down from $439 million in 4Q 2022 and down from $403 million in 1Q 2022.
"International Paper operated well in the first quarter, while navigating a challenging and dynamic macro environment," said Mark Sutton, chairman of the board and CEO. "We successfully executed our highest maintenance outage quarter and realized additional benefits from our Building a Better IP initiatives and lower input costs. We also returned $319 million to shareowners.
"Looking ahead," Sutton added, "we expect the demand environment to improve throughout the year as customer inventory destocking runs its course. We remain focused on serving our customers' needs, while optimizing our system to drive out high marginal costs and maximizing value for our stakeholders."