International Paper reports 2Q 2020 results

International Paper Company IP reported 2Q 2020 net sales declined to $4,866 million in 2Q from the year-ago quarter’s $5,667 million. The reported figure also missed the Zacks Consensus Estimate of $5,124 million.

Adjusted cost of sales was $3,385 million, down from the prior-year quarter’s $3,890 million. Adjusted gross profit slid 17% YoY to $1,481 million. Selling and administrative expenses dropped 17.4% YoY to $332 million during the June-end quarter. Segment operating profit came in at $428 million, reflecting a year-over-year plunge of 32%.