International Paper Q2 Earnings Top Estimates
International Paper Co (NYSE: IP) reported second-quarter FY22 sales growth of 12.9% year-on-year to $5.39 billion, beating the consensus of $5.36 billion.
Net sales from Industrial Packaging rose 11.4% Y/Y, Global Cellulose Fibres grew 15.9%, and Corporate and Inter-segment jumped 83.3%.
Adjusted EPS of $1.24 beat the analyst consensus of $1.08.
Business segment operating income for the quarter rose 50% to $585 million, with the margin at 10.9%.
The company held $826 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities during the quarter totaled $390 million, with a Free cash flow of $204 million.
Mark Sutton, Chairman and CEO said, "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."
Price Action: IP shares traded higher by 0.82% at $42.97 on the last check Thursday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
