International Paper Tops Estimates In Q1, Plans To Drive Out High Marginal Costs Ahead

International Paper Co IP first-quarter FY23 sales decreased 4.1% year-on-year to $5.02 billion, beating the consensus of $4.99 billion.
Adjusted EPS of $0.53 (+3.9% Y/Y) beat the analyst consensus of $0.45.
"International Paper operated well in the first quarter, while navigating a challenging and dynamic macro environment," said Chairman of the Board and Chief Executive Officer Mark Sutton. "We remain focused on serving our customers' needs, while optimizing our system to drive out high marginal costs and maximizing value for our stakeholders".
Segment Details: Net sales from Industrial Packaging declined 7.3% Y/Y to $4.08 billion, Global Cellulose Fibres rose 14.2% to $811 million, and Corporate and Inter-segment rose 4.1% to $126 million.
Business segment operating profit for the quarter slumped 12.1% to $306 million.
The company's cash provided by operations was $345 million versus $588 million a year-ago.
Price Action: IP shares traded lower by 5.3% at $32.72 on the last check Thursday.