Reports Q3 revenue $4.69B, consensus $4.7B. “Our Q3 earnings are above our outlook,” said CEO Andy Silvernail.”Higher prices across the portfolio, including benefits from our packaging go-to-market strategy were supported by a moderately improving box demand environment. We also had higher operating costs and lower volumes due to seasonality and commercial actions to improve profitability…We are deploying an 80/20 approach to strategically align resources to become excellent with our customers, while reducing complexity and cost across the company. This includes organizational restructuring and corporate cost reductions, as well as investments to strengthen our most competitive and strategic assets, paired with facility closures to structurally reduce operating costs.In addition, we are exploring strategic options for our Global Cellulose Fibers business.We recognize the impact of these difficult decisions and are providing support for team members who are affected. As we look forward to the combination with DS Smith, we expect the transaction will close early in Q1 2025.Overall, I’m confident that our transformational journey will unlock substantial value at IP and strengthen the company for our employees, customers and shareholders.”
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
