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- International Paper Co (NYSE:IP) reported fourth-quarter FY22 sales growth of 1% year-on-year to $5.13 billion, missing the consensus of $5.19 billion.
- Net sales from Industrial Packaging declined 2% Y/Y, Global Cellulose Fibres rose 17.4%, and Corporate and Inter-segment rose 7%.
- Adjusted EPS of $0.87 beat the analyst consensus of $0.69.
- Business segment operating income for the quarter rose 8.7% to $451 million.
- The company held $804 million in cash and equivalents as of Dec. 31, 2022. Cash provided by operating activities during the quarter totaled $761 million, with a free cash flow of $439 million.
- Mark Sutton, Chairman and CEO said, "Our commercial and mill operational performance was solid, while significant inflation and lower demand impacted margins."
- Price Action: IP shares traded higher by 9.31% at $41.31 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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