International Paper (NYSE: IP) today reported second quarter 2022 financial results.
SECOND QUARTER 2022 HIGHLIGHTS
Second quarter net earnings (loss) attributable to International Paper of $511 million ($1.38 per diluted share) compared with $360 million ($0.95 per diluted share) in the first quarter of 2022 and $432 million ($1.09 per diluted share) in the second quarter of 2021. Second quarter adjusted operating earnings* (non-GAAP) of $459 million ($1.24 per diluted share) compared with $288 million ($0.76 per diluted share) in the first quarter of 2022 and $325 million ($0.82 per diluted share) in the second quarter of 2021.
13% year-over-year revenue growth
$65 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $105 million
Cash provided by operations of $390 million, bringing year-to-date to $978 million
Returned $565 million to shareholders through share repurchases of $395 million and dividends of $170 million in the second quarter, bringing year-to-date to $1.1 billion
"International Paper delivered strong revenue and earnings growth in the second quarter," said Mark Sutton, Chairman and Chief Executive Officer. "We performed well both commercially and operationally, which contributed to margin expansion despite a challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect the realization of prior price movements to outpace higher input costs."
Sutton added, "Our Building a Better IP set of initiatives delivered $65 million of additional earnings improvement in the second quarter, for a total of $105 million through the first half of the year. Given this strong momentum, we are confident in achieving the high end of our full-year target."
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