MEMPHIS, Tenn., Oct. 27, 2021 -- International Paper (NYSE: IP) today reported third quarter 2021 financial results.
THIRD QUARTER 2021 HIGHLIGHTS
- Third quarter net earnings (loss) attributable to International Paper of $864 million ($2.20 per diluted share), compared with $432 million ($1.09 per diluted share) in the second quarter of 2021 and $204 million ($0.52 per diluted share) in the third quarter of 2020. Third quarter 2021 net earnings include a net after-tax gain of $350 million ($0.89 per diluted share) on the sale of our Kwidzyn, Poland mill.
- Third quarter adjusted operating earnings* (non-GAAP) of $532 million ($1.35 per diluted share) compared with $421 million ($1.06 per diluted share) in the second quarter of 2021 and $280 million ($0.71 per diluted share) in the third quarter of 2020
- Third quarter cash provided by operations of $645 million and year-to-date of $1.9 billion compared with $2.3 billion year-to-date in the same period of 2020. Third quarter 2021 cash generation also includes pre-tax sources of $737 million (net of cash divested) related to the sale of the Kwidzyn, Poland mill and $630 million related to the unwind of timber monetization notes.
- Ilim equity earnings of $95 million, bringing year-to-date to $245 million
- Debt reduction of $235 million, bringing year-to-date to $1.1 billion
- Share repurchases of $212 million, bringing year-to-date to $398 million
"In the third quarter, International Paper grew revenue, earnings and margins despite significant input cost and supply chain challenges, and continued to generate strong cash from operations," said Mark Sutton, Chairman and Chief Executive Officer. "Widespread supply chain constraints impacted our ability to capture the full opportunity that comes with the strong level of demand we're seeing. Input costs also rose far more than we anticipated and we expect this inflationary environment to continue for the foreseeable future."
Sutton added, "Looking ahead, we expect strong seasonal demand for corrugated packaging in the fourth quarter, with additional margin expansion from previous price increases."
Source: International Paper
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