SEATTLE (Scrap Monster): International Paper (IP) reported financial results for first quarter 2023.
The company reported net earnings of $172 million or $0.49 per diluted share during the quarter. This compares with $0.95 per diluted share during the corresponding quarter a year before. The quarterly adjusted operating income stood at $185 million or $0.53 per diluted share.
The net sales, at $5.02 billion during the quarter, were down by 4% year-on-year. The cost of sales too were down by 5% from $3,839 million in the prior year quarter to $3,642 million in the first quarter this year. Meantime, the company reported marginal dip by 1% in gross profits to $1,378 million. Also, the selling and administrative expenses surged higher by 11% year-on-year to $381 million.
The Industrial Packaging segment sales were $4.1 billion, down 7% year on year. Operating profit declined 19% year over year to $322 million. The Global Cellulose Fibers segment sales edged higher by 14% year-on-year to $811 million in the first quarter. The segment’s operating loss narrowed from $49 million a year before to $16 million.
The company operated well in the first quarter, while navigating a challenging and dynamic macro environment, said Mark Sutton, Chairman of the Board and Chief Executive Officer.
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