- International Paper Co (NYSE:IP) reported a third-quarter FY22 year-over-year revenue growth of 10% to $5.40 billion, beating the consensus of $5.37 billion.
- Net sales from Industrial Packaging rose 6.7% Y/Y, Global Cellulose Fibres grew 19.9%, and Corporate and Inter-segment jumped 106.3%.
- Adjusted EPS of $1.01 missed the analyst consensus of $1.21.
- Business segment operating income for the quarter fell 5.3% to $464 million, with the margin at 8.6%.
- The company held $511 million in cash and equivalents as of September 30, 2022. Cash provided by operating activities during the quarter totaled $435 million, with a free cash flow of $197 million.
- Mark Sutton, Chairman and CEO said, “Lower consumer spending for goods and retail inventory destocking drove lower demand for packaging, and we also experienced significantly higher energy and distribution costs.”
- Price Action: IP shares traded higher by 1.52% at $33.74 on the last check Thursday.
Keybanc Maintains Overweight on Pure Storage, Raises Price Target to $39
Keybanc analyst Thomas Blakey maintains Pure Storage (NYSE:PSTG) with a Overweight and raises the price target from $34 to $39.
