International Paper's 3Q 2020 net earnings fall 40.7% to $204 million ($0.52 per diluted share), compared with $266 million ($0.67 per diluted share) in the 2Q 2020 and $344 million ($0.87 per diluted share) in the 3Q 2019. The company's 3Q 2020 sales decreased by 8% to $5.12 billion.
3Q 2020 adjusted operating earnings (non-GAAP) were $280 million ($0.71 per diluted share), compared with $305 million ($0.77 per diluted share) in the 2Q 2020 and $431 million ($1.09 per diluted share) in the 3Q 2019.
"International Paper once again delivered solid results and generated strong cash from operations in a dynamic environment," said Mark Sutton, Chairman and CEO. "Our performance continues to demonstrate the strength of our customer solutions and the scale and flexibility of our system. As we enter the 4Q, 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."
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.
