Net sales from Industrial Packaging rose 6.7% Y/Y, Global Cellulose Fibres grew 19.9%, and Corporate and Inter-segment jumped 106.3%.
Adjusted EPS of $1.01 missed the analyst consensus of $1.21.
Business segment operating income for the quarter fell 5.3% to $464 million, with the margin at 8.6%.
The company held $511 million in cash and equivalents as of September 30, 2022. Cash provided by operating activities during the quarter totaled $435 million, with a free cash flow of $197 million.
Mark Sutton, Chairman and CEO said, “Lower consumer spending for goods and retail inventory destocking drove lower demand for packaging, and we also experienced significantly higher energy and distribution costs.”
Price Action: IP shares traded higher by 1.52% at $33.74 on the last check Thursday.
