International Paper Reports Second Quarter 2. Earnings. MEMPHIS, Tenn., July 2.
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PRNewswire/ - - International Paper (IP) today reported second quarter 2. International Paper of $8. Net earnings in all periods include the impact of special items, if any, non- operating pension expense and discontinued operations. Adjusted operating earnings in the second quarter of 2. Quarterly net sales were $5.
- Administrador concursal BAC INTERNATIONAL RESTRUCTURING MANAGEMENT, S.L.P. Concursos de acreedores del Boletín Oficial del Estado (BOE) de BAC INTERNATIONAL.
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- Mission Statement IT IS THE PURPOSE OFF&C INTERNATIONAL TO CREATE AND MANUFACTURE THE BEST. financial statements are the responsibility of the Company's management.
The year- over- year revenue increase was primarily due to the pulp business that was acquired in late 2. Business segment operating profits in the second quarter of 2. The second quarter of 2. Kleen Products settlement.
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Cash provided by operations was $6. Free cash flow (non- GAAP) was $3. Solid second quarter results were supported by healthy demand in our North American Industrial Packaging business and record fluff pulp sales which were partially offset by higher than expected OCC costs," said Mark Sutton, Chairman and Chief Executive Officer. "Looking forward, we see margin expansion associated with the realization of our announced price increases, acquisition synergies and significantly lower outage expenses driving a very strong second half and putting IP on track to deliver our full year earnings target."SEGMENT INFORMATIONThe performance of the Company's business segments is measured quarter to quarter without variations caused by special items, as management focuses on business segment operating profits excluding those items (non- GAAP). The combination of IP's legacy pulp business with the acquired pulp business in 2. Global Cellulose Fibers and reported as a separate business segment (previously reported in Printing Papers). Prior periods have been restated to reflect this change. Second quarter 2. Industrial Packaging operating profits in the second quarter of 2. U. S. box shipments remain strong driven by favorable domestic conditions. Earnings were also favorably impacted by solid sales price realization and strong demand for U. S. kraft linerboard exports.
This was partially offset by mill outage costs and rising costs for OCC. Global Cellulose Fibers operating profits in the second quarter of 2. The business achieved record fluff pulp sales volumes in the quarter as global demand for fluff pulp remains strong. Greater synergy benefits, favorable pricing and lower overall manufacturing cost, along with lower planned maintenance outage expenses, contributed to the earnings increase. Printing Papers operating profits were $8.
Earnings in North America were impacted by lower sales volumes, unfavorable mix and heavy maintenance outage expenses, partially offset by higher export sales volume from Brazil. Consumer Packaging operating profits were a loss of $1. The earnings decrease in the quarter was largely attributable to annual outage expenses and reliability issues at the Augusta, GA mill. International Paper recorded Ilim joint venture equity earnings of $2. Operationally, sales volumes were seasonally higher and average sales price realizations improved, primarily for export sales, however, maintenance outage costs were higher.
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The Company recognized a non- cash after- tax foreign exchange loss of $1. Ilim's U. S. dollar denominated net debt. CORPORATE EXPENSESNet corporate expenses, excluding non- operating pension expense, were $4 million for the second quarter of 2. EFFECTIVE TAX RATEThe reported effective tax rate for the second quarter of 2. Excluding special items and non- operating pension expense, the effective tax rate for the second quarter of 2.
P S L Group
International Trade and Government Regulation. L.P. Acquires Hayward. A major multinational asset management company in relation to the European. D. Bac International Restructuring Management, S.L.P. ha sido nombrado administrador del concurso de acreedores VOLUNTARIO de Orocot Europa, S.L., con fecha BOE 9. Concordia International Corp., stumbling under debt that the drugmaker piled on during a takeover spree, is seeking to restructure its finances after.
The lower rate of 3. EFFECTS OF SPECIAL ITEMSSpecial items in the second quarter of 2. Restructuring and other charges. Included within Restructuring and other charges were a pre- tax gain of $1. Arbor. Gen and a gain of $2 million (before and after taxes) for other items. Special items also included a pre- tax charge of $3.
Kleen Products antitrust class action lawsuit, a pre- tax loss of $9 million ($4 million after taxes) for the impairment of the assets of our Foodservice business in Asia, a pre- tax loss of $5 million ($3 million after taxes) for integration costs associated with the 2. Weyerhaeuser pulp business, and a net charge of $1 million (before and after taxes) for other items. Also included in special items is a net tax benefit of $4. Special items in the first quarter of 2.
December 2. 01. 6, pre- tax charges of $4 million ($2 million after taxes) for costs associated with the acquisition of that business, a net bargain purchase gain of $6 million (before and after taxes) on the June 2. Holmen Paper newsprint mill in Madrid, Spain and a charge of $2 million (before and after taxes) for other items. Also included in special items is a $1. Special items in the second quarter of 2. Asia corrugated packaging business, a pre- tax charge of $5 million ($3 million after taxes) for costs associated with the agreement to purchase the Weyerhaeuser pulp business, a tax expense of $2. EARNINGS WEBCASTThe company will host a webcast to discuss earnings and current market conditions, beginning at 1. ET (9 a. m. CT). All interested parties are invited to listen to the webcast via the company's Internet site at http: //www.
Performance/Investors tab and going to the Presentations and Events/Webcasts page. A replay of the webcast will also be on the web site beginning approximately two hours after the call. Parties who wish to participate in the webcast via teleconference may dial +1 (7.
U. S. only, (8. 77) 3. International Paper second quarter earnings call.
The conference ID number is 4. Participants should call in no later than 9: 4. ET (8: 4. 5 a. m.
CT). An audio- only replay will be available for ninety days following the call. To access the replay, dial +1 (4. U. S. only, (8. 55) 8. ID, enter 4. 53. 62. ABOUT INTERNATIONAL PAPERInternational Paper (IP) is a leading global producer of renewable fiber- based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. We produce packaging products that protect and promote goods, and enable world- wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; papers that facilitate education and communication; and paper bags, cups and food containers that provide convenience and portability. We are headquartered in Memphis, Tenn., and employ approximately 5. Net sales for 2. 01. For more information about International Paper, our products and global citizenship efforts, please visit internationalpaper.
Certain statements in this press release may be considered forward- looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to: (i) the level of our indebtedness and changes in interest rates; (ii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products; (iii) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; (v) whether we experience a material disruption at one of our manufacturing facilities; (vi) risks inherent in conducting business through joint ventures; (vii) the failure to realize the expected synergies and cost- savings from our purchase of the pulp business of Weyerhaeuser Company or delay in realization thereof; and (viii) our ability to achieve the benefits we expect from all other strategic acquisitions, divestitures and restructurings.
These and other factors that could cause or contribute to actual results differing materially from such forward- looking statements are discussed in greater detail in the Company's Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward- looking statements, whether as a result of new information, future events or otherwise. INTERNATIONAL PAPER COMPANYConsolidated Statement of Operations. Preliminary and Unaudited(In millions, except per share amounts)Three Months Ended. June 3. 0,Three. Months.
Ended. March 3. 1,Six Months Ended. June 3. 0,2. 01. 72. Net Sales$ 5,7. Costs and Expenses. Cost of products sold. Selling and administrative expenses.
Depreciation, amortization and cost of timber harvested. Distribution expenses. Taxes other than payroll and income taxes. Restructuring and other charges(1. Net (gains) losses on sales and impairment of businesses. Litigation settlement.
Net bargain purchase gain on acquisition of business——(6)(n)(6)(n)—Interest expense, net. Earnings (Loss) From Continuing Operations Before Income. Taxes and Equity Earnings(2.
Income tax provision (benefit)(8. Equity earnings (loss), net of taxes. Earnings (Loss) From Continuing Operations. Discontinued operations, net of taxes————(5)(v)Net Earnings (Loss)8. Less: Net earnings (loss) attributable to noncontrollinginterests—————Net Earnings (Loss) Attributable to International Paper.
Company$ 8. Basic Earnings Per Common Share Attributable to. International Paper Common Shareholders. Earnings (loss) from continuing operations$ 0. Discontinued operations————(0.
Net earnings (loss)$ 0. Diluted Earnings Per Common Share Attributable to. International Paper Common Shareholders.
Earnings (loss) from continuing operations$ 0. Discontinued operations————(0. Net earnings (loss)$ 0.