International Paper reported 3Q 2017 net earnings of $395 million, compared with net earnings of $80 million for the 2Q 2017 and net earnings of $312 million in the 3Q 2016. Quarterly net sales were $5.9 billion in the 3Q 2017, compared with $5.8 billion in the 2Q 2017 and $5.3 billion in the 3Q 2016. The year-over-year revenue increase was primarily due to the pulp business that was acquired in late 2016, as the company said in the press release received by Lesprom Network.
Business segment operating profits in the 3Q 2017 were $707 million, compared with $129 million in the 2Q 2017 and $613 million in the 3Q 2016. The 2Q 2017 includes the impact of the Kleen Products settlement.
The 3Q 2017 cash used for operations includes a $1.25 billion cash contribution to the U.S. qualified pension plan and the $354 million Kleen Products settlement.
"We had a solid 3Q driven by price realization across key businesses and significantly lower maintenance outage costs, even as our operations were impacted by two hurricanes and record high recycled fiber prices," said Mark Sutton, Chairman and CEO. "Looking forward, continued strong demand across our Industrial Packaging and Global Cellulose Fibers businesses, combined with prior price increases, should keep International Paper on track to deliver our expected targeted earnings growth in 2017."
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.