International Paper Announced Financial Results for Q3 2020

SEATTLE (Scrap Monster): International Paper (IP) announced financial results for third quarter 2020.

The company reported attributable third quarter net earnings of $204 million or $0.52 per diluted share. This compares with $344 million or $0.87 per diluted share in the corresponding quarter last year. The adjusted operating earnings of $280 million or $0.71 per diluted share were down when compared with $431 million or $1.09 per diluted share in the third quarter of 2019. The company reduced its debt by $760 million during the quarter, thus lowering the year-to-date debt to $1.1 billion.

Mark Sutton, Chairman and Chief Executive Officer, IP said that the company was able to deliver solid results and generate strong cash from operations in a dynamic environment. The performance demonstrates the strength of its customer solutions and the scale of flexibility of its systems. The company expects continued momentum in demand for corrugated packaging, he added.

IP’s Industrial Packaging segment posted operating profits of $469 million in Q3. The Global Cellulose Fibers segment operating loss expanded to $59 million. Printing Papers segment switched to operating profit of $63 million, as compared with operating loss of $11 million in the prior quarter.

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