International Paper Net Earnings Surged in Q3 This Year

SEATTLE (Scrap Monster): Memphis, Tennessee-headquartered International Paper (IP) reported third quarter 2022 financial results.

The company reported net earnings of $951 million or $2.64 per diluted share during the quarter. This is significantly higher by nearly 10% when compared with $864 million or $2.20 per diluted share in the third quarter of 2021. It reported adjusted earnings per share of $1.01, down from $1.10 in the year ago quarter. It recorded 10% year-on-year revenue growth, mainly driven by strong price realization.

The operating profits from Industrial Packaging business segment were $369 million, compared with $560 million during the sequential quarter. The lower sales volumes for corrugated boxes and containerboard, higher operating and distribution costs and surging input costs impacted the earnings. The Global Cellulose Fibers segment reported operating profit of $95 million compared with $25 million in the prior quarter.

Mark Sutton, Chairman and Chief Executive Officer, IP noted that the Q3 earnings of the company were significantly impacted by the challenging macro environment. The packaging demand is expected to stabilize at lower levels during Q4. It expects the input costs to cool off during the last quarter. However, it anticipates seasonally higher operating costs, Sutton added.

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