International Paper (IP) has reported net earnings of $165m in the third quarter (Q3) of 2023, as against net earnings of $951m in Q3 last year.

Basic and diluted earnings per common share for the quarter ending 30 September 2023 stood at $0.47.

Adjusted operating earnings for the quarter were listed as $224m or $0.64 per diluted share.

The company’s net sales for the reported quarter totalled $4.61bn, representing a decline of 14.6% from $5.40bn in Q3 2022.

In its Industrial Packaging segment, the company's net sales were down by 13.6% from $4.38bn in Q3 2022 to $3.78bn in Q3 2023.

The net sales in International Packaging's Global Cellulose Fibres business also declined to $725m from $887m in the prior year’s Q3.

IP's total business segment operating profit in Q3 2023 was $352m while the same was $464m a year ago.

Operating profit in the Industrial Packaging segment stood at $325m, as against $369m in the previous year’s Q3.

Meanwhile, the Global Cellulose Fibres business saw an operating profit of $27m in the latest reported quarter, versus $95m in Q3 2022.

Cash from operations during the reported quarter was $468m while the company returned approximately $160m to its shareholders in the form of dividends.

IP chair and CEO Mark Sutton said: “Our third-quarter results came in as expected, and we are encouraged by continuing demand recovery across our portfolio.

“We exceeded our full-year target for 'Building a Better IP' through commercial and process improvement initiatives.

“Our operations continue to perform reliably with a focus on controlling costs. However, in this challenging macro environment, we are not satisfied with our absolute results.

“We are taking actions to structurally reduce fixed costs in our mill system while optimising our supply chain and investing in our box capabilities to grow with customers.”