MEMPHIS, Tenn., July 27, 2023 - International Paper (NYSE: IP) today reported second quarter 2023 financial results.
SECOND QUARTER 2023 HIGHLIGHTS
- Net earnings of $235 million ($0.68 per diluted share); Adjusted operating earnings* (non-GAAP) of $204 million ($0.59 per diluted share)
- $55 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $120 million
- Cash provided by operations of $528 million, bringing year-to-date to $873 million; Free cash flow** (non-GAAP) of $265 million year-to-date 2023
- Returned $200 million to shareholders through $40 million share repurchases and $160 million in dividends, bringing year-to-date to $519 million
"In the second quarter, the operations of International Paper continued to run well and we managed our businesses effectively in a challenging demand environment," said Mark Sutton, Chairman and Chief Executive Officer. "We continued to advance our Building a Better IP initiatives, including our commercial improvement and cost management opportunities. The benefits of that work and our strong financial foundation position International Paper well as we navigate the current economic environment."
Source: International Paper
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