- International Paper Co IP reported a first-quarter FY22 sales growth of 14% year-on-year to $5.24 billion, beating the consensus of $5.02 billion.
- Net sales from Industrial Packaging rose 12.1% Y/Y, Global Cellulose Fibres grew 19.3%, and Corporate and Inter-segment jumped 78%.
- Adjusted EPS of $0.76 beat the analyst consensus of $0.51.
- Business segment operating income for the quarter rose 2.4% to $348 million, with the margin at 6.6%.
- The company held $1.1 billion in cash and equivalents as of March 31, 2022. Cash provided by operating activities totaled $588 million.
- IP is actively pursuing strategic options, including a sale of equity investment in Ilim Group.
- Price Action: IP shares traded lower by 0.93% at $46.92 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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