The company recorded operating income of $48 million in the quarter, compared to $53 million in the fourth quarter of 2017. Operating results benefitted from the continued positive price momentum across most of our product offerings ($37 million), a decrease in maintenance outages and lower share-based compensation expense. These favorable elements were not sufficient to offset the significant increase in freight costs, seasonally higher energy costs, aggravated by unusually cold weather conditions, an increase in market-based stumpage fees and a decrease in shipments. Sales volumes were lower due to transportation challenges, timing of export sales, seasonally lower demand for supercalendered papers and lower productivity. The operating results in the previous quarter also included a gain on the disposition of assets of our Mokpo (South Korea) paper mill ($13 million). Click Read More below for additional information.
International Paper (NYSE: IP) today declared a quarterly dividend of $0.475 per share for the period from July 1, 2018, to September 30, 2018, inclusive, on its common stock, par value $1.00. This dividend is payable on September 17, 2018, to holders of record at the close of business on August 15, 2018. Today the company also declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2018, to September 30, 2018, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on September 17, 2018, to holders of record at the close of business on August 15, 2018.