International Paper (IP) Beats Q2 Earnings On Higher Sales
Zacks Investment Research | Jul 26, 2017 09:52PM ET
Paper and packaging firm International Paper Company (NYSE:IP) reported relatively healthy second-quarter 2017 results with adjusted operating earnings of $270 million or 65 cents per share compared with $379 million or 92 cents per share in the year-ago quarter. Although operating earnings declined year over year, it exceeded the Zacks Consensus Estimate by a penny.
GAAP earnings for the quarter were $80 million or 19 cents per share compared with $40 million or 10 cents in the year-ago quarter, primarily driven by top-line growth.
Net sales improved to $5,772 million in the reported quarter compared with $5,322 million in the year-ago quarter and exceeded the Zacks Consensus Estimate of $5,678 million. The year-over-year increase was primarily due to benefits from the pulp business that was acquired in late 2016.
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