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* INTERNATIONAL PAPER News Release International Paper Reports Second Quarter 2021 Results MEMPHIS , Tenn . - July 29 , 2021 - International Paper ( NYSE : IP ) today reported second quarter 2021 financial results . SECOND QUARTER 2021 HIGHLIGHTS Second quarter net earnings ( loss ) attributable to International Paper of $ 432 million ( $ 1.09 per diluted share ) , compared with $ 349 million ( $ 0.88 per diluted share ) in the first quarter of 2021 and $ 266 million ( $ 0.67 per diluted share ) in the second quarter of 2020 ● Second quarter adjusted operating earnings * ( non - GAAP ) of $ 421 million ( $ 1.06 per diluted share ) compared with $ 299 million ( $ 0.76 per diluted share ) in the first quarter of 2021 and $ 305 million ( $ 0.77 per diluted share ) in the second quarter of 2020. First quarter 2021 net earnings and adjusted operating earnings * include a pre tax earnings impact of $ ( 80 ) million ( $ ( 0.15 ) per diluted share ) related to the winter storm in the U.S. Second quarter cash provided by operations of $ 766 million and year - to - date of $ 1.3 billion compared with $ 1.5 billion year - to - date in the same period of 2020 Ilim equity earnings of $ 101 million , bringing year - to - date to $ 150 million Share repurchases of $ 57 million , bringing year - to - date to $ 186 million Debt reduction of $ 796 million , bringing year - to - date to $ 904 million Monetized remaining investment in Graphic Packaging for approximately $ 400 million " International Paper delivered solid earnings growth and strong cash generation in the second quarter , " said Mark Sutton , Chairman and Chief Executive Officer . " Commercially , we achieved strong revenue growth , while executing well in a very challenging supply chain and input cost environment . Looking ahead to the third quarter , we expect demand to remain strong and margins to expand meaningfully as realization of prior price movements outpaces input and transportation costs , and we step down from our highest maintenance outage quarter . ” Sutton added , " We continue to make excellent progress on the spin - off of our papers business , which we expect to complete on October 1st . Our team is doing an outstanding job managing complexity . I appreciate their commitment to execute well and take care of each other and our customers as we work together to build a better IP . " Diluted Net EPS Attributable to International Paper Shareholders and Adjusted Operating EPS Net Earnings ( Loss ) Attributable to International Paper Add Back - Non - Operating Pension Expense ( Income ) Add Back - Net Special Items Expense ( Income ) Adjusted Operating Earnings * Second First Quarter Quarter 2021 2021 Second Quarter 2020 $ 1.09 $ 0.88 $ ( 0.10 ) ( 0.10 ) 0.07 ( 0.02 ) $ 1.06 $ 0.76 0.67 ( 0.03 ) 0.13 $ 0.77 Adjusted operating earnings ( non - GAAP ) is defined as net earnings attributable to International Paper Company ( GAAP ) excluding net special items and non - operating pension expense ( income ) . Management uses this measure to focus on on going operations , and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present consolidated operating results . For discussion of net special items and non - operating pension expense ( income ) , see the disclosure under Effects of Net Special Items and Consolidated Statement of Operations and related notes included later in this release .