"International Paper 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.
"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."
MEMPHIS, Tenn., April 27, 2023 -- International Paper (NYSE: IP) today reported first quarter 2023 financial results.
FIRST QUARTER 2023 HIGHLIGHTS
- First quarter net earnings (loss) of $172 million ($0.49 per diluted share); First quarter adjusted operating earnings* (non-GAAP) of $185 million ($0.53 per diluted share)
- Building a Better IP initiatives delivered $65 million of incremental year-over-year earnings benefit in the first quarter 2023
- First quarter cash provided by operations of $345 million; First quarter free cash flow of $4 million included a $193 million final payment to the IRS for the timber monetization restructuring settlement
- Returned $319 million to shareholders through $157 million share repurchases and $162 million in dividends in the first quarter 2023
Source: International Paper
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