International Paper Earnings Surge 38 Percent

Memphis, TN-based International Paper (IP) reported third quarter net earnings of $382 million, an increase of $145 million, or 38 percent, from the third quarter 2012 net earnings of $259 million. The earnings posted Thursday, October 24, were also a 32 percent increase from the second quarter of 2013.

As expected, International Paper had higher wood costs because of the wettest summer in the Southeastern United States in 100 years. The impact of the soaking on wood costs was even higher for the quarter than IP anticipated and created more of a headwind, although the rainfall has since moderated.