International Paper has reported net sales of $5.38bn in the second quarter (Q2) of the 2022 fiscal year, marking a 13% increase from $4.77bn in the corresponding period of 2021.

Net sales for the quarter ending 30 June 2022 were driven by the Industrial Packaging segment, which recorded $4.49bn, followed by the Global Cellulose Fibres segment at $788m.

Net earnings attributable to International Paper for the quarter grew from $432m in Q2 2021 to $511m in 2022.

The company’s diluted earnings per share (EPS) was $1.38 in Q2 2022 compared with $1.09 in the same period of the prior year.

Adjusted operating earnings (non-GAAP) were $459m or $1.24 per diluted share, compared with $325m or $0.82 per diluted share in Q2 2021.

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“We performed well both commercially and operationally, which contributed to margin expansion despite a challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect the realisation of prior price movements to outpace higher input costs.”

“Our Building a Better IP set of initiatives delivered $65 million of additional earnings improvement in the second quarter, for a total of $105 million through the first half of the year. Given this strong momentum, we are confident in achieving the high end of our full-year target.”

During the first half (H1) of fiscal 2022, International Paper reported $10.62bn in net sales compared with $9.36bn in the same period last fiscal.

Net earnings attributable to the company during this period were $871m in 2022 against $781m in H1 2021.