International Paper reported 2Q 2016 net earnings attributable to International Paper of $40 million, compared with net earnings of $334 million in the 1Q 2016 and net earnings of $227 million in the 2Q 2015.
Operating earnings in the 2Q 2016 totaled $379 million, compared with $330 million in the 1Q 2016 and $409 million in the 2Q 2015.
Quarterly net sales were $5.3 billion in the 2Q 2016 compared with $5.1 billion in the 1Q 2016 and $5.7 billion in the 2Q 2015. The year-over-year revenue decline was primarily due to the sale of the IP-Sun joint venture and the sale of the Carolina® Coated Bristols business.
Business segment operating profits in the 2Q 2016 were $628 million, compared with $497 million in the 1Q 2016 and $676 million in the 2Q 2015.
"International Paper continues to perform very well and we are taking deliberate and meaningful strategic steps to make the company stronger. Our second quarter results were driven by strong execution across our operations around the globe," said Mark Sutton, Chairman and CEO. "As we move into the second half of the year, we remain focused on running our businesses well and closing the Weyerhaeuser acquisition, which will strengthen our position in the growing global fluff pulp markets and create additional value for our shareholders."
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia.
