Sonoco announced that the new uncoated recycled paperboard (URB) #10 machine is operational as part of its previously announced Project Horizon—the $125 million investment to transform its former corrugated medium machine in Hartsville, S.C to a state-of-the-art URB operation. Project Horizon was initiated, in part, to ensure the long-term viability and sustainability of Sonoco’s 100-year-old Hartsville Mill Complex, at which the Company produces almost one-third of its U.S. and Canadian URB. The introduction of the new operation is projected to drive $30 million in annual cost savings by 2024 and will ensure the mill remains globally competitive. This launch also marks Sonoco’s move to 100% recycled fibers in the Hartsville Mill Complex, which eliminated the manufacturing complex’s virgin pulp processing and chemical recovery operation.
SECOND QUARTER 2022 HIGHLIGHTS
Second quarter net earnings (loss) attributable to International Paper of $511 million ($1.38 per diluted share) compared with $360 million ($0.95 per diluted share) in the first quarter of 2022 and $432 million ($1.09 per diluted share) in the second quarter of 2021. Second quarter adjusted operating earnings* (non-GAAP) of $459 million ($1.24 per diluted share) compared with $288 million ($0.76 per diluted share) in the first quarter of 2022 and $325 million ($0.82 per diluted share) in the second quarter of 2021.
13% year-over-year revenue growth
$65 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $105 million
Cash provided by operations of $390 million, bringing year-to-date to $978 million
Returned $565 million to shareholders through share repurchases of $395 million and dividends of $170 million in the second quarter, bringing year-to-date to $1.1 billion
“International Paper delivered strong revenue and earnings growth in the second quarter,” said Mark Sutton, Chairman and Chief Executive Officer. “We performed well both commercially and operationally, which contributed to margin expansion despite a challenging supply chain and input cost environment. Looking ahead to the third quarter, we expect the realization of prior price movements to outpace higher input costs.”
Sutton added, “Our Building a Better IP set of initiatives delivered $65 million of additional earnings improvement in the second quarter, for a total of $105 million through the first half of the year. Given this strong momentum, we are confident in achieving the high end of our full-year target.”
details at: https://internationalpaper2015.q4web.com/news-releases/press-r/2022/International-Paper-Reports-Second-Quarter-2022-Results/default.aspx