- International Paper Co (NYSE: IP) reported second-quarter FY22 sales growth of 12.9% year-on-year to $5.39 billion, beating the consensus of $5.36 billion.
- Net sales from Industrial Packaging rose 11.4% Y/Y, Global Cellulose Fibres grew 15.9%, and Corporate and Inter-segment jumped 83.3%.
- Adjusted EPS of $1.24 beat the analyst consensus of $1.08.
- Business segment operating income for the quarter rose 50% to $585 million, with the margin at 10.9%.
- The company held $826 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities during the quarter totaled $390 million, with a Free cash flow of $204 million.
- Mark Sutton, Chairman and CEO said, “We performed well both commercially and operationally, which contributed to margin expansion despite a challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect the realization of prior price movements to outpace higher input costs.”
- Price Action: IP shares traded higher by 0.82% at $42.97 on the last check Thursday.
‘Billionaire Drahi’s Altice To Seek Bids Next Month For Key Assets; Buyout Firms Circle Altice Assets As Tycoon Grapples With Debt; Bids For Portugal Unit, France Stake Seen As Soon As December’ – Bloomberg News
https://www.bloomberg.com/news/articles/2023-11-09/drahi-s-altice-is-said-to-seek-bids-next-month-for-key-assets?utm_campaign=socialflow-organic&utm_content=business&utm_medium=social&utm_source=twitter&c
