Q3 2018 sales and profit were up for International Paper (IP) thanks to lower maintenance costs and higher sales prices.
For the three months ended 30 September 2018, sales at IP’s Printing Papers business division rose to $1.1 billion compared to $1.04 billion in the same quarter last year.
Operating profit for the segment came in at $183 million compared to $135 million in Q3 2017.
In North America, improved profit was driven by further price realisation and lower planned maintenance outage costs, although results were negatively impacted by $7 million due to Hurricane Florence.
In Brazil, seasonally stronger sales volumes and higher sales prices boosted profit, although this was partially offset by higher input costs.
Meanwhile, in Europe and Russia, profits were helped by improved operations and lower planned maintenance outage expense.
Overall, IP reported sales of $5.9 billion, with adjusted operating profit of $641 million compared with $420 million in the same year-ago period.
International Paper CEO Mark Sutton commented: “International Paper delivered very strong performance and significant year-over-year earnings growth in the third quarter. We had solid commercial performance and continued momentum across the businesses, and we continue to work aggressively to offset higher distribution and input costs.”
