International Paper Company (NYSE:IP) second-quarter FY23 sales decreased 13.1% year-on-year to $4.68 billion, missing the consensus of $4.90 billion.

Adjusted EPS of $0.59 beats the analyst consensus of $0.38.

"In the second quarter, the operations of International Paper continued to run well and we managed our businesses effectively in a challenging demand environment," said Mark Sutton, Chairman and CEO. "We continued to advance our Building a Better IP initiatives, including our commercial improvement and cost management opportunities." 

Segment Details: Net sales from Industrial Packaging declined 13.5% Y/Y to $3.88 billion, Global Cellulose Fibres fell 11.4% to $698 million, and Corporate and Inter-segment fell 9.1% to $100 million.

Q2 operating cash flow was $528 million, bringing year-to-date to $873 million.

Price Action: IP shares traded higher by 6.3% at $35.90 on the last check Thursday.