MEMPHIS, Tenn., April 25, 2024 - International Paper (NYSE: IP) today reported first quarter 2024 financial results.
FIRST QUARTER 2024 HIGHLIGHTS
- First quarter net earnings of $56 million ($0.16 per diluted share)
- First quarter adjusted operating earnings (non-GAAP) of $61 million ($0.17 per diluted share)
- First quarter results negatively impacted by approximately $52 million (pre-tax) due to January freeze and Ixtac, Mexico fire
- First quarter cash provided by operations of $395 million and returned $161 million to shareholders in dividends
"International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, Chairman and Chief Executive Officer. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve."
"Looking ahead," Sutton added, "International Paper is well positioned for its next chapter as Andy Silvernail steps into the CEO role on May 1. I am confident that his leadership experience and proven track record, paired with the industry expertise of our senior leadership team, will amplify the company's success going forward. On a personal note, it has been a privilege to be part of the IP team for the past 40 years and an honor to lead the company for the past decade."
Source: International Paper
