International Paper (IP) reported 2Q 2017 net earnings of $80 million, compared with net earnings of $209 million for the 1Q 2017 and net earnings of $40 million in the 2Q 2016. Adjusted operating earnings in the 2Q 2017 were $270 million, compared with $249 million in the 1Q 2017 and $379 million in the 2Q 2016.
Quarterly net sales were $5.8 billion in the 2Q 2017 compared with $5.5 billion in the 1Q 2017 and $5.3 billion in the 2Q 2016. The year-over-year revenue increase was primarily due to the pulp business that was acquired in late 2016.
Business segment operating profits in the 2Q 2017 were $129 million, compared with $428 million in the 1Q 2017 and $627 million in the 2Q 2016.
"Solid 2Q results were supported by healthy demand in our North American Industrial Packaging business and record fluff pulp sales which were partially offset by higher than expected OCC costs," said Mark Sutton, Chairman and CEO. "Looking forward, we see margin expansion associated with the realization of our announced price increases, acquisition synergies and significantly lower outage expenses driving a very strong second half and putting IP on track to deliver our full year earnings target."
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 and Russia.
