Worldwide Paper Posts Blended Q3 Earnings

  • Worldwide Paper Co (NYSE: IP) reported a third-quarter FY22 year-over-year income progress of 10% to $5.40 billion, beating the consensus of $5.37 billion.

  • Web gross sales from Industrial Packaging rose 6.7% Y/Y, World Cellulose Fibres grew 19.9%, and Company and Inter-segment jumped 106.3%.

  • Adjusted EPS of $1.01 missed the analyst consensus of $1.21.

  • Enterprise phase working earnings for the quarter fell 5.3% to $464 million, with the margin at 8.6%.

  • The corporate held $511 million in money and equivalents as of September 30, 2022. Money supplied by working actions in the course of the quarter totaled $435 million, with a free money stream of $197 million.

  • Mark Sutton, Chairman and CEO mentioned, “Decrease client spending for items and retail stock destocking drove decrease demand for packaging, and we additionally skilled considerably greater vitality and distribution prices.”

  • Worth Motion: IP shares traded greater by 1.52% at $33.74 on the final examine Thursday.

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