International Paper reported strong second-quarter results with revenue growth of 13% year-over-year. The company achieved $65 million in earnings from its Building a Better IP initiatives and returned $565 million to shareholders through share repurchases and dividends.
Second quarter net earnings attributable to International Paper was $511 million ($1.38 per diluted share).
Second quarter adjusted operating earnings (non-GAAP) was $459 million ($1.24 per diluted share).
Revenue grew 13% year-over-year.
$65 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $105 million.
Looking ahead to the third quarter, we expect the realization of prior price movements to outpace higher input costs.