International Paper reported last week its second quarter 2021 financial results.
“International Paper delivered solid earnings growth and strong cash generation in the second quarter,” said Mark Sutton, Chairman and Chief Executive Officer. “Commercially, we achieved strong revenue growth, while executing well in a very challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect demand to remain strong and margins to expand meaningfully as realization of prior price movements outpaces input and transportation costs, and we step down from our highest maintenance outage quarter.”
Sutton added, “We continue to make excellent progress on the spin-off of our papers business, which we expect to complete on October 1st. Our team is doing an outstanding job managing complexity. I appreciate their commitment to execute well and take care of each other and our customers as we work together to build a better IP.”
SECOND QUARTER 2021 HIGHLIGHTS
- Second quarter net earnings (loss) attributable to International Paper of $432 million ($1.09 per diluted share), compared with $349 million ($0.88 per diluted share) in the first quarter of 2021 and $266 million ($0.67 per diluted share) in the second quarter of 2020
- Second quarter adjusted operating earnings* (non-GAAP) of $421 million ($1.06 per diluted share) compared with $299 million ($0.76 per diluted share) in the first quarter of 2021 and $305 million ($0.77 per diluted share) in the second quarter of 2020. First quarter 2021 net earnings and adjusted operating earnings* include a pre-tax earnings impact of $(80) million ($(0.15) per diluted share) related to the winter storm in the U.S.
- Second quarter cash provided by operations of $766 million and year-to-date of $1.3 billion compared with $1.5 billion year-to-date in the same period of 2020
- Ilim equity earnings of $101 million, bringing year-to-date to $150 million
- Share repurchases of $57 million, bringing year-to-date to $186 million
- Debt reduction of $796 million, bringing year-to-date to $904 million
- Monetized remaining investment in Graphic Packaging for approximately $400 million