International Paper Reports Third Quarter 2020 Results

International Paper (NYSE: IP) reported third quarter 2020 financial results.

THIRD QUARTER 2020 HIGHLIGHTS

• Third quarter net earnings (loss) attributable to International Paper of $204 million ($0.52 per diluted share), compared with $266 million ($0.67 per diluted share) in the second quarter of 2020 and $344 million ($0.87 per diluted share) in the third quarter of 2019
• Third quarter adjusted operating earnings* (non-GAAP) of $280 million ($0.71 per diluted share) compared with $305 million ($0.77 per diluted share) in the second quarter of 2020 and $431 million ($1.09 per diluted share) in the third quarter of 2019
• Third quarter cash provided by operations of $735 million and year-to-date of $2.3 billion compared with $2.7 billion year-to-date in the same period of 2019
• Third quarter debt reduction of $760 million, bringing year-to-date 2020 to $1.1 billion

"International Paper once again delivered solid results and generated strong cash from operations in a dynamic environment," said Mark Sutton, Chairman and Chief Executive Officer. "Our performance continues to demonstrate the strength of our customer solutions and the scale and flexibility of our system. As we enter the fourth quarter, we see continued momentum in demand for corrugated packaging, and we will again leverage the commercial and operating strengths of International Paper with a focus on cash generation and maintaining a strong balance sheet."

Sutton added, "The health and safety of our employees remains our most important responsibility. I appreciate the dedication of our team members to safely produce and deliver the products people depend on every day."

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