- International Paper Co IP reported Fourth quarter FY22 revenue growth of 1% year-over-year to $5.13 billion, missing the consensus of $5.19 billion.
- Industrial Packaging net sales decreased 2% year-on-year, Global Cellulose Fibers increased 17.4% and Corporate and Intersegment increased 7%.
- Adjusted earnings per share of $0.87 beat analyst consensus of $0.69.
- Operating income for the business increased 8.7% to $451 million for the quarter.
- The Company had $804 million in cash and cash equivalents as of December 31, 2022. Cash provided from operations for the quarter totaled $761 million on free cash flow of $439 million.
- Mark Sutton, Chairman and CEO said, “Our business and plant performance has been solid while significant inflation and lower demand have impacted margins.”
- Price promotion: IP shares traded 9.31% higher at $41.31 on the latest check Tuesday.
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