International Paper has recently released its second quarter 2024 financial results. Highlights of the results include:
- Net earnings of $498m ($1.41 per diluted share); includes a tax benefit of $338m ($0.96 per diluted share) related to internal legal entity restructuring;
- Adjusted operating earnings (non-GAAP) of $193m ($0.55 per diluted share);
- Cash provided by operations of $365m and returned $160m to shareholders in dividends.
“Reflecting on my first 90 days, I am confident in our teams’ ability to unlock substantial value at IP,” said Andy Silvernail, Chief Executive Officer. “While our second quarter financial results increased sequentially on better price and seasonally higher volumes, we expect near-term performance to be challenged. In order to accelerate improvement, we are deploying an 80/20 business process. We will make the changes needed to focus our portfolio, become excellent with our customers and optimize our cost to deliver profitable growth. In North America, our investments will center on providing customers with the most reliable and innovative packaging solutions. We also look forward to the combination with DS Smith and together creating significant value for our shareholders.”
