Company Reports

International Paper reported second-quarter net sales of $6.0 billion, down 2% year over year. This quarter saw adjusted operating earnings per share of $0.04, down from $0.18 in the prior-year period, driven by lower sales volumes across both the North American and EMEA packaging segments.

International Paper manufactures packaging products. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper reported revenue growth of 13.4% year over year, reaching $5.97 billion. Adjusted earnings per share came in at $0.15, decreasing 11.7% year over year due to higher costs.

International Paper manufactures packaging products. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper's fourth-quarter adjusted earnings per share of negative $0.08 missed the FactSet consensus estimate by $0.33. The company announced its intention to spin off its Europe, Middle East, and Africa business within the next 12 to 15 months.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper reported net sales of $6.22 billion in the third quarter as both segments experienced higher selling prices but lower box volume year over year. Management lowered its 2025 adjusted EBITDA target to $3 billion due to persistent market weakness.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

Before market open on Aug. 21, International Paper announced it had reached an agreement to sell its global cellulose fibers business for $1.5 billion to American Industrial Partners.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper reported net sales of $6.77 billion in the second quarter, driven by solid results in North America. Box demand was weak in Europe, but higher selling prices offered relief in the quarter. Management maintained its 2025 full-year adjusted EBITDA target of $3.8 billion.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. While it mainly sold its products in North America, its 2025 acquisition of DS Smith greatly expanded its global presence. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins. Still, increased competitive intensity and rising costs have weighed on profitability in recent years.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one third of the North American corrugated packaging market. Though it has operations in Europe, more than three fourths of its sales come from North America. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins, but increased competitive intensity and rising costs have weighed on profitability in recent years.

No-moat-rated International Paper reported first quarter results that were slightly below our expectations. The threat of tariffs and economic uncertainty weighed on packaging demand in the quarter, leading to a softer demand environment than was previously anticipated. Higher selling prices, mainly in North America, were able to offset some of this, but softer demand remains a headwind. International Paper’s direct exposure to tariffs is limited as almost all of its packaging is produced and sold in the same region, and inputs are sourced locally as well. That said, the firm is exposed to indirect effects though as a slowdown in consumer spending or global gross domestic product growth could have a significant impact on volumes. Nevertheless, International Paper continues to execute on its 80/20 strategy as the company takes out costs in its legacy network and has now begun doing the same with DS Smith, which should provide margin relief amid a slowdown in volumes. As such, we have maintained our $47 per share fair value estimate.

On April 2, President Donald Trump announced a wide array of tariffs on all US imports. For packaging producers, we see heightened risks in packaging demand, driven by a potential slowdown in consumer spending and further softening of industrial production. While packaging companies have different degrees of exposure to tariffs, and many will be able to offset the direct impact by passing through cost increases, a slowdown in demand could have a significant impact on their near-term results. Given the uncertainty around the duration of new tariffs and potential industry or regional exclusions, we are maintaining our fair value estimates.

No-moat-rated International Paper reported solid fourth-quarter results as the company continues to make progress on its 80/20 strategy. Net sales were roughly flat year over year as the company works through this transition period. While International Paper has launched its new 80/20 strategy, it is also finalizing a deal to acquire DS Smith for $7.22 billion. Nevertheless, end-market demand for packaging remains challenging but price increases have helped offset some of the decline. As such, we have maintained our $47 per share fair value estimate.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one third of the North American corrugated packaging market. Though it has operations in Europe, more than three fourths of its sales come from North America. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins, but increased competitive intensity and rising costs have weighed on profitability in recent years.

No-moat-rated International Paper reported solid third-quarter results that came with a surprise announcement as the company will now seek strategic alternatives for its global cellulose fibers business. Management also highlighted its initial progress in its 80/20 strategy, where the company has made progress simplifying its operations and removing excess capacity. While the new strategy is in the early stages, initial progress seems solid, but the full benefit and ultimate success of the 80/20 strategy won’t be known for some time. Consolidated net sales rose roughly 1.5% year over year, but International Paper reported a 5.1% operating margin, down from the 7.6% reported a year ago. This was largely driven by the industrial packaging segment, which saw lower volumes and a significant rise in operating costs in the quarter. We've increased our fair value estimate to $47 from $44 per share due to slightly higher midcycle margins in our forecast.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one third of the North American corrugated packaging market. Though it has operations in Europe, more than three fourths of its sales come from North America. A decade of consolidation in the corrugated packaging industry has allowed International Paper to raise prices and expand margins, but increased competitive intensity and rising costs have weighed on profitability in recent years.