International Paper yesterday reported third quarter 2011 net earnings from continuing operations attributable to common shareholders totaling $518 million, or $1.19 per share ($0.92 excluding special items), including record profit levels in North American Coated Paperboard and solid results in emerging markets. Despite increasing input costs on most raw materials, the company improved earnings and cash flow in the quarter with superior operational, outage and cost management performance.

Quarterly net sales were $6.6 billion compared with $6.6 billion in the second quarter of 2011 and $6.7 billion in the third quarter of 2010.

Operating profits were $571 million in the third quarter of 2011, compared with $483 million in the second quarter of 2011 and $752 million in the third quarter of 2010, all of which included special items.

"IP delivered a strong quarter in a tough environment," said John Faraci, Chairman and Chief Executive Officer. "We are consistently generating higher profits and cash flow from our transformed portfolio with an international footprint that has strengthened our earnings power. Even as some expected challenges persisted in the third quarter, including weak economic growth in developed markets and input cost inflation, we look ahead with confidence as we continue to capitalize on our balanced portfolio and realize gains from recent investments."