International Paper reported third quarter 2024 net earnings of $150 million, or $0.42 per diluted share. Adjusted operating earnings, which exclude special items, were $153 million, or $0.44 per diluted share, surpassing the prior year's $0.17 per diluted share.
Net sales for the quarter reached $4.686 billion, an increase from $4.613 billion in the third quarter of 2023. Cash provided by operations was $521 million, and free cash flow stood at $309 million, reflecting the company's liquidity position.
Industrial Packaging business segment operating profit decreased to $197 million from $291 million in the second quarter of 2024, impacted by seasonally lower volumes and higher operating costs. Conversely, Global Cellulose Fibers operating profit improved to $40 million from $31 million sequentially, driven by higher average sales prices.
The company incurred $56 million in severance costs related to its 80/20 strategic approach during the quarter. Management anticipates the DS Smith combination to close early in the first quarter of 2025, which is expected to unlock substantial value.
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