International Paper Company (IP) Q1 2023 Earnings Call Transcript

International Paper Company (NYSE:IP) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET

Company Representatives

Mark Sutton - Chairman, Chief Executive Officer

Tim Nicholls - Senior Vice President, Chief Financial Officer

Tom Hamic - Senior Vice President, North American Container and Chief Commercial Officer

Jay Royalty - Senior Vice President, Containerboard and Recycling

Clay Ellis - Senior Vice President, Global Cellulose Fibers

Mark Nellessen - Vice President, Investor Relations

Conference Call Participants

Anthony Pettinari - Citi

Matthew McKellar - RBC Capital Markets

Gabrial Hajde - Wealth Fargo Securities

Kyle White - Deutsche Bank

Mark Weintraub - Seaport Research Partners

George Staphos - Bank of America

Phil Ng - Jeffries

Operator

Ladies and gentlemen, good morning. Thank you for standing by. At this time we would like to welcome everyone to the International Paper's, First Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions].

It is now my pleasure to turn the call over to Mark Nellessen, Vice President, Investor Relations. Sir, the floor is yours.

Mark Nellessen

Thank you, Leah. Good morning and thank you for joining International Paper's first quarter 2023 earnings call. Our speakers this morning are Mark Sutton, Chairman and Chief Executive Officer; and Tim Nicholls, Senior Vice President and Chief Financial Officer. There is important information at the beginning of our presentation on slide two, including certain legal disclaimers.

For example, during this call we will make forward-looking statements that are subject to risks and uncertainties. We will also present certain non-U.S. GAAP financial information. A reconciliation of those figures to U.S. GAAP financial measures is available on our website. Our website also contains copies of the first quarter earnings press release and today's presentation slides.

I will now turn the call over to Mark Sutton.

Mark Sutton

Thank you, Mark, and good morning everyone. We will begin our discussion on slide three, where I will touch on our first quarter results. Let me begin the discussion by saying how proud and appreciative I am of all the hard work of our employees and for our strong customer relationships as we manage through a dynamic and challenging macro environment.

Looking at our performance, International Paper delivered $65 million of year-over-year incremental earnings benefits from our Building a better IP initiatives. And our mill system continued to perform very well as we successfully executed our highest planned maintenance outage quarter of the year and continued to optimize our system while taking care of our customers.