1/29/2024 0 Comments Quick quotes paper![]() ![]() Global Cellulose Fibers: The segment’s sales climbed 14% year over year to $811 million in the first quarter. Operating profit declined 19% year over year to $322 million. Industrial Packaging: The segment’s sales were $4.1 billion, down 7% year on year. The company realized earnings of $65 million from its Building a Better IP set of initiatives in the first quarter of 2023. Total segment operating profit was $306 million compared with $348 million in the year-ago quarter. Selling and administrative expenses were $381 million, which increased 11% from $341 million in the last year’s quarter. Gross profit dipped 1% year over year to $1,378 million. The cost of sales was $3,642 million in the quarter under review, down 5% from the prior-year quarter’s $3,839 million. ![]() The top line beat the Zacks Consensus Estimate of $4.95 billion. Net sales were $5.02 billion in the quarter under review, down 4% from the year-ago quarter. In the first quarter of 2023, the company recognized an additional $43 million impairment charge including approximately $43 million of foreign currency translation adjustment loss. The company recognized a $533 million impairment charge in the fourth quarter of 2022. On Jan 24, 2023, IP announced its intention to sell its investment in the Ilim joint venture, subject to regulatory approvals. International Paper Company price-consensus-eps-surprise-chart | International Paper Company Quote International Paper Company Price, Consensus and EPS Surprise
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