International Paper, a global leader in packaging and paper, reported loss From Continuing Operations Before Income Taxes and Equity Earnings amid 8.5% increase of net sales in 2Q2017 y-o-y. According to the announcement, the company made USD 5,772 million of net sales generating USD 29 million loss From Continuing Operations Before Income Taxes and Equity Earnings.
According to the announcement, the company’s net sales in January-June accounted for USD 11,283 million, generating Earnings From Continuing Operations Before Income Taxes and Equity Earnings of USD 215 million in the period.
Mark Sutton, Chairman and CEO of International Paper, commented:
“Solid second quarter results were supported by healthy demand in our North American Industrial Packaging business and record fluff pulp sales which were partially offset by higher than expected OCC costs. Looking forward, we see margin expansion associated with the realization of our announced price increases, acquisition synergies and significantly lower outage expenses driving a very strong second half and putting IP on track to deliver our full year earnings target.”
Earlier International Paper declared a quarterly dividend payable on September 15, 2017.
About International Paper:
The company is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging along with uncoated papers and pulp. International Paper net sales for 2016 were USD 21 billion. The company employs approximately 58,000 people and is strategically located in more than 24 countries serving customers worldwide.