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INTERNATIONAL PAPER News Release International Paper Reports Third Quarter 2021 Results MEMPHIS , Tenn . – October 27 , 2021 – International Paper ( NYSE : IP ) today reported third quarter 2021 financial results . THIRD QUARTER 2021 HIGHLIGHTS • Third quarter net earnings ( loss ) attributable to International Paper of $ 864 million ( $ 2.20 per diluted share ) , compared with $ 432 million ( $ 1.09 per diluted share ) in the second quarter of 2021 and $ 204 million ( $ 0.52 per diluted share ) in the third quarter of 2020. Third quarter 2021 net earnings include a net after - tax gain of $ 350 million ( $ 0.89 per diluted share ) on the sale of our Kwidzyn , Poland mill . Third quarter adjusted operating earnings * ( non - GAAP ) of $ 532 million ( $ 1.35 per diluted share ) compared with $ 421 million ( $ 1.06 per diluted share ) in the second quarter of 2021 and $ 280 million ( $ 0.71 per diluted share ) in the third quarter of 2020 Third quarter cash provided by operations of $ 645 million and year - to - date of $ 1.9 billion compared with $ 2.3 billion year - to - date in the same period of 2020. Third quarter 2021 cash generation also includes pre - tax sources of $ 737 million ( net of cash divested ) related to the sale of the Kwidzyn , Poland mill and $ 630 million related to the unwind of timber monetization notes . Ilim equity earnings of $ 95 million , bringing year - to - date to $ 245 million • Debt reduction of $ 235 million , bringing year - to - date to $ 1.1 billion • Share repurchases of $ 212 million , bringing year - to - date to $ 398 million " In the third quarter , International Paper grew revenue , earnings and margins despite significant input cost and supply chain challenges , and continued to generate strong cash from operations , " said Mark Sutton , Chairman and Chief Executive Officer . " Widespread supply chain constraints impacted our ability to capture the full opportunity that comes with the strong level of demand we're seeing . Input costs also rose far more than we anticipated and we expect this inflationary environment to continue for the foreseeable future . ” Sutton added , " Looking ahead , we expect strong seasonal demand for corrugated packaging in the fourth quarter , with additional margin expansion from previous price increases . " 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 * Third Second Quarter Quarter 2021 2021 Third Quarter 2020 $ 2.20 $ 1.09 $ 0.52 ( 0.10 ) ( 0.75 ) ( 0.10 ) 0.07 ( 0.02 ) 0.21 $ 1.35 $ 1.06 $ 0.71 * 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 .