- 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.
Weekly Jobless Claims Decline, Signaling Steady Labor Market Conditions
The number of Americans registering for unemployment benefits in the week ending May 13 declined by 22,000 to 242,000, below the expected 254,000, the U.S. Labor Department reported Thursday.
