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Consumer Cyclical - Packaging & Containers - NYSE - US
$ 57.58
1.97 %
$ 20 B
Market Cap
49.21
P/E
1. INTRINSIC VALUE

International Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft. The Global Cellulose Fibers segment provides fluff, market, and specialty pulps that are used in absorbent hygiene products, such as baby diapers, feminine care, adult incontinence, and other non-woven products; tissue and paper products; and non-absorbent end applications, including textiles, filtration, construction material, paints and coatings, reinforced plastics, and other applications.[ Read More ]

The intrinsic value of one IP stock under the base case scenario is HIDDEN Compared to the current market price of 57.6 USD, International Paper Company is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart IP

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FINANCIALS
18.9 B REVENUE
-10.61%
1.19 B OPERATING INCOME
-38.64%
288 M NET INCOME
-80.85%
1.83 B OPERATING CASH FLOW
-15.69%
-668 M INVESTING CASH FLOW
-9.87%
-866 M FINANCING CASH FLOW
57.84%
4.69 B REVENUE
-1.01%
150 M OPERATING INCOME
-39.02%
150 M NET INCOME
-69.88%
521 M OPERATING CASH FLOW
42.74%
446 M INVESTING CASH FLOW
324.12%
-223 M FINANCING CASH FLOW
-28.16%
Balance Sheet Decomposition International Paper Company
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Current Assets 6.61 B
Cash & Short-Term Investments 1.11 B
Receivables 3.49 B
Other Current Assets 2 B
Non-Current Assets 16.7 B
Long-Term Investments 163 M
PP&E 10.6 B
Other Non-Current Assets 5.89 B
Current Liabilities 3.96 B
Accounts Payable 2.44 B
Short-Term Debt 291 M
Other Current Liabilities 1.23 B
Non-Current Liabilities 10.9 B
Long-Term Debt 7.84 B
Other Non-Current Liabilities 3.11 B
EFFICIENCY
Earnings Waterfall International Paper Company
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Revenue 18.9 B
Cost Of Revenue 13.6 B
Gross Profit 5.29 B
Operating Expenses 5.29 B
Operating Income 1.19 B
Other Expenses 900 M
Net Income 288 M
RATIOS
27.95% GROSS MARGIN
27.95%
6.28% OPERATING MARGIN
6.28%
1.52% NET MARGIN
1.52%
3.45% ROE
3.45%
1.24% ROA
1.24%
6.28% ROIC
6.28%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis International Paper Company
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Net Income 288 M
Depreciation & Amortization 1.43 B
Capital Expenditures -1.14 B
Stock-Based Compensation 0
Change in Working Capital -2 M
Others 295 M
Free Cash Flow 692 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets International Paper Company
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Wall Street analysts predict an average 1-year price target for IP of $52.1 , with forecasts ranging from a low of $41 to a high of $66 .
IP Lowest Price Target Wall Street Target
41 USD -28.79%
IP Average Price Target Wall Street Target
52.1 USD -9.52%
IP Highest Price Target Wall Street Target
66 USD 14.62%
4. DIVIDEND ANALYSIS
0.94% DIVIDEND YIELD
0.463 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership International Paper Company
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Sold
0-3 MONTHS
940 K USD 4
3-6 MONTHS
161 K USD 1
6-9 MONTHS
355 K USD 2
9-12 MONTHS
153 K USD 1
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
2 weeks ago
Oct 31, 2024
Sell 32.1 K USD
SULLIVAN KATHRYN D
Director
- 600
53.5 USD
1 month ago
Oct 15, 2024
Sell 28.8 K USD
SULLIVAN KATHRYN D
Director
- 600
48.08 USD
1 month ago
Sep 30, 2024
Sell 29.2 K USD
SULLIVAN KATHRYN D
Director
- 600
48.68 USD
2 months ago
Sep 16, 2024
Sell 29.7 K USD
SULLIVAN KATHRYN D
Director
- 600
49.48 USD
2 months ago
Sep 12, 2024
Sell 115 K USD
Saab Joseph R.
SVP, GC and Corp. Secretary
- 2440
47.3 USD
2 months ago
Sep 06, 2024
Sell 236 K USD
Goughnour Holly G.
Vice President & Controller
- 5000
47.22 USD
2 months ago
Aug 30, 2024
Sell 28.7 K USD
SULLIVAN KATHRYN D
Director
- 600
47.9 USD
2 months ago
Aug 28, 2024
Sell 439 K USD
Ellis Clay R
Senior Vice President
- 9000
48.83 USD
3 months ago
Aug 15, 2024
Sell 27.7 K USD
SULLIVAN KATHRYN D
Director
- 600
46.1 USD
3 months ago
Jul 31, 2024
Sell 27.8 K USD
SULLIVAN KATHRYN D
Director
- 600
46.26 USD
4 months ago
Jul 15, 2024
Sell 26.2 K USD
SULLIVAN KATHRYN D
Director
- 600
43.68 USD
4 months ago
Jun 28, 2024
Sell 25.7 K USD
SULLIVAN KATHRYN D
Director
- 600
42.77 USD
5 months ago
Jun 14, 2024
Sell 27.1 K USD
SULLIVAN KATHRYN D
Director
- 600
45.11 USD
5 months ago
May 31, 2024
Sell 26.7 K USD
SULLIVAN KATHRYN D
Director
- 600
44.58 USD
6 months ago
May 15, 2024
Sell 23.9 K USD
SULLIVAN KATHRYN D
Director
- 600
39.91 USD
6 months ago
Apr 30, 2024
Sell 21 K USD
SULLIVAN KATHRYN D
Director
- 600
34.94 USD
7 months ago
Apr 15, 2024
Sell 22.7 K USD
SULLIVAN KATHRYN D
Director
- 600
37.78 USD
7 months ago
Apr 01, 2024
Sell 23.4 K USD
SULLIVAN KATHRYN D
Director
- 600
38.92 USD
8 months ago
Mar 15, 2024
Sell 21.7 K USD
SULLIVAN KATHRYN D
Director
- 600
36.09 USD
8 months ago
Feb 28, 2024
Sell 202 K USD
Royalty James P Jr.
Senior Vice President
- 5800
34.75 USD
8 months ago
Feb 28, 2024
Sell 20.4 K USD
SULLIVAN KATHRYN D
Director
- 600
34.06 USD
8 months ago
Feb 22, 2024
Sell 20.8 K USD
SULLIVAN KATHRYN D
Director
- 600
34.63 USD
11 months ago
Nov 27, 2023
Sell 153 K USD
PLATH THOMAS J.
Senior Vice President
- 4500
34.11 USD
1 year ago
Jul 28, 2023
Sell 89.3 K USD
Goughnour Holly G.
Vice President & Controller
- 2500
35.705 USD
1 year ago
Jun 16, 2023
Sell 105 K USD
Magness Allison B.
Senior Vice President
- 3300
31.7533 USD
1 year ago
Mar 21, 2023
Sell 60.3 K USD
Saab Joseph R.
SVP, GC and Corp. Secretary
- 1705
35.3508 USD
1 year ago
Mar 16, 2023
Sell 2.94 M USD
Sutton Mark S
Chairman and CEO
- 85000
34.576 USD
1 year ago
Feb 22, 2023
Sell 67.1 K USD
Gregg Aimee K.
Senior Vice President
- 1862
36.05 USD
1 year ago
Feb 16, 2023
Sell 195 K USD
Nicholls Timothy S
Senior Vice President
- 5000
38.9461 USD
1 year ago
Nov 30, 2022
Sell 72 K USD
PLATH THOMAS J.
Senior Vice President
- 2000
36 USD
2 years ago
Oct 31, 2022
Sell 252 K USD
Nicholls Timothy S
Senior Vice President
- 7500
33.6631 USD
2 years ago
Aug 16, 2022
Sell 96.3 K USD
Goughnour Holly G.
Vice President & Controller
- 2155
44.69 USD
2 years ago
May 12, 2022
Sell 173 K USD
Hamic William Thomas
Senior Vice President
- 3630
47.7232 USD
3 years ago
Sep 14, 2021
Sell 406 K USD
SIMS JOHN V
Senior Vice President
- 7026
57.75 USD
3 years ago
Sep 14, 2021
Sell 0 USD
SIMS JOHN V
Senior Vice President
- 19528
0 USD
3 years ago
Sep 14, 2021
Sell 255 K USD
Ribieras JeanMichel
Senior Vice President
- 4417
57.75 USD
3 years ago
Sep 14, 2021
Sell 0 USD
Ribieras JeanMichel
Senior Vice President
- 1760
0 USD
3 years ago
Jul 27, 2021
Bought 526 USD
Lewis Clinton A. Jr.
Director
+ 9
58.4193 USD
3 years ago
Jul 30, 2021
Sell 973 USD
Lewis Clinton A. Jr.
Director
- 17
57.23 USD
4 years ago
Jul 30, 2020
Bought 284 USD
Lewis Clinton A. Jr.
Director
+ 8
35.49 USD
3 years ago
Aug 09, 2021
Sell 6.54 K USD
Lewis Clinton A. Jr.
Director
- 111
58.88 USD
3 years ago
Jul 15, 2021
Bought 6.66 K USD
Lewis Clinton A. Jr.
Director
+ 111
60.0345 USD
3 years ago
Jul 23, 2021
Sell 62.5 USD
Lewis Clinton A. Jr.
Director
- 1
62.5 USD
3 years ago
May 21, 2021
Sell 952 K USD
SIMS JOHN V
Senior Vice President
- 15000
63.4561 USD
3 years ago
May 20, 2021
Sell 560 K USD
SIMS JOHN V
Senior Vice President
- 8909
62.87 USD
3 years ago
May 04, 2021
Sell 202 K USD
PLATH THOMAS J.
Senior Vice President
- 3400
59.4722 USD
3 years ago
Mar 11, 2021
Sell 1.78 M USD
Nicholls Timothy S
Senior Vice President
- 32999
53.9279 USD
3 years ago
Mar 10, 2021
Sell 409 K USD
WANTA GREGORY T
Senior Vice President
- 7500
54.5787 USD
3 years ago
Feb 18, 2021
Sell 720 K USD
Ribieras JeanMichel
Senior Vice President
- 15000
47.9785 USD
3 years ago
Feb 18, 2021
Sell 875 K USD
Amick W. Michael Jr.
Senior Vice President
- 18222
48.0265 USD
3 years ago
Dec 15, 2020
Sell 195 K USD
Amick W. Michael Jr.
Senior Vice President
- 4000
48.85 USD
3 years ago
Dec 09, 2020
Sell 427 K USD
SIMS JOHN V
Senior Vice President
- 8627
49.4871 USD
3 years ago
Dec 07, 2020
Sell 1.45 M USD
Ryan Sharon R.
SVP, GC and Corp Secretary
- 30000
48.3026 USD
4 years ago
Nov 09, 2020
Sell 359 K USD
WANTA GREGORY T
Senior Vice President
- 7500
47.9275 USD
4 years ago
Mar 18, 2020
Sell 130 K USD
Hamic William Thomas
Senior Vice President
- 4000
32.4066 USD
4 years ago
Mar 11, 2020
Bought 160 K USD
Young Ray G
Director
+ 5000
32.085 USD
4 years ago
Feb 25, 2020
Bought 26.5 K USD
BONNOT VINCENT P
Vice President & Controller
+ 656
40.4168 USD
4 years ago
Feb 21, 2020
Sell 113 K USD
Ellis Clay R
Senior Vice President
- 2611
43.255 USD
4 years ago
Feb 20, 2020
Sell 687 K USD
Amick W. Michael Jr.
Senior Vice President
- 16000
42.9397 USD
4 years ago
Feb 14, 2020
Sell 108 K USD
Joseph Tommy S
Senior Vice President
- 2500
43.1708 USD
4 years ago
Feb 13, 2020
Sell 481 K USD
Ribieras JeanMichel
Senior Vice President
- 11000
43.7402 USD
4 years ago
Nov 21, 2019
Sell 359 K USD
Amick W. Michael Jr.
Senior Vice President
- 8000
44.8256 USD
5 years ago
Sep 12, 2019
Sell 1.91 M USD
Nicholls Timothy S
Senior Vice President
- 45000
42.4384 USD
5 years ago
Jul 26, 2019
Sell 1.01 M USD
Ryan Sharon R.
SVP, GC and Corp Secretary
- 22507
44.9712 USD
5 years ago
May 17, 2019
Sell 45.2 K USD
PLATH THOMAS J.
Senior Vice President
- 1000
45.1663 USD
5 years ago
Apr 30, 2019
Sell 234 K USD
Ribieras JeanMichel
Senior Vice President
- 5000
46.8545 USD
5 years ago
Mar 01, 2019
Sell 582 K USD
SIMS JOHN V
Senior Vice President
- 12667
45.9639 USD
5 years ago
Feb 26, 2019
Sell 433 K USD
Amick W. Michael Jr.
Senior Vice President
- 9093
47.6511 USD
5 years ago
Feb 25, 2019
Sell 429 K USD
WANTA GREGORY T
Senior Vice President
- 9000
47.7166 USD
5 years ago
Feb 20, 2019
Sell 472 K USD
Ribieras JeanMichel
Senior Vice President
- 10000
47.1527 USD
5 years ago
Feb 14, 2019
Sell 2.1 M USD
Nicholls Timothy S
Senior Vice President
- 45000
46.6729 USD
6 years ago
Sep 19, 2018
Sell 257 K USD
SIMS JOHN V
Senior Vice President
- 4725
54.3537 USD
6 years ago
Sep 19, 2018
Sell 542 K USD
Ribieras JeanMichel
Senior Vice President
- 10000
54.2049 USD
6 years ago
Aug 28, 2018
Sell 893 K USD
Nicholls Timothy S
Senior Vice President
- 17000
52.5346 USD
6 years ago
Aug 06, 2018
Sell 793 K USD
Ryan Sharon R.
SVP, GC and Corp Secretary
- 15000
52.8733 USD
6 years ago
Jun 18, 2018
Sell 611 K USD
Amick W. Michael Jr.
Senior Vice President
- 10930
55.8559 USD
6 years ago
Jun 18, 2018
Bought 11.1 K USD
BONNOT VINCENT P
Vice President & Controller
+ 200
55.6283 USD
6 years ago
Jun 14, 2018
Sell 1.25 M USD
Ealy Carleton C
Senior Vice President
- 22000
56.7893 USD
7 years ago
Aug 01, 2017
Sell 57.7 K USD
WANTA GREGORY T
Senior Vice President
- 1044
55.2237 USD
7 years ago
Mar 16, 2017
Sell 533 K USD
Amick W. Michael Jr.
Senior Vice President
- 10351
51.4601 USD
7 years ago
Mar 07, 2017
Sell 122 K USD
SIMS JOHN V
Senior Vice President
- 2333
52.113 USD
7 years ago
Mar 03, 2017
Sell 972 K USD
Hoel William P
Senior Vice President
- 18060
53.8064 USD
7 years ago
Mar 06, 2017
Sell 0 USD
Hoel William P
Senior Vice President
- 3673
0 USD
7 years ago
Mar 02, 2017
Sell 1.73 M USD
Roberts Carol L
SVP
- 32181
53.8857 USD
7 years ago
Feb 28, 2017
Sell 662 K USD
Ealy Carleton C
Senior Vice President
- 12577
52.6375 USD
7 years ago
Feb 27, 2017
Sell 1.32 M USD
Joseph Tommy S
Senior Vice President
- 25000
52.7561 USD
7 years ago
Feb 23, 2017
Sell 1.18 M USD
Hoel William P
Senior Vice President
- 22502
52.6323 USD
7 years ago
Feb 22, 2017
Sell 755 K USD
Ribieras JeanMichel
Senior Vice President
- 14500
52.0478 USD
7 years ago
Feb 08, 2017
Sell 1.75 K USD
SIMS JOHN V
Senior Vice President
- 33
53.1 USD
7 years ago
Dec 13, 2016
Sell 533 K USD
Kadien Thomas G
Senior Vice President
- 10000
53.3301 USD
7 years ago
Dec 09, 2016
Sell 260 K USD
Ryan Sharon R.
SVP, GC and Corp Secretary
- 4871
53.4745 USD
7 years ago
Dec 09, 2016
Sell 435 K USD
Roberts Carol L
SVP & CFO
- 8113
53.5897 USD
7 years ago
Nov 30, 2016
Sell 572 K USD
Joseph Tommy S
Senior Vice President
- 11700
48.88 USD
8 years ago
Sep 15, 2016
Sell 479 K USD
Kadien Thomas G
Senior Vice President
- 10000
47.8631 USD
8 years ago
Sep 13, 2016
Sell 962 K USD
Hoel William P
Senior Vice President
- 20000
48.1237 USD
8 years ago
Aug 08, 2016
Sell 566 K USD
Roberts Carol L
SVP & CFO
- 12256
46.1973 USD
8 years ago
Jun 10, 2016
Sell 433 K USD
Landau Glenn R
SVP & Pres., IP Latin America
- 10000
43.2776 USD
8 years ago
Jun 03, 2016
Sell 555 K USD
Nicholls Timothy S
Senior Vice President
- 13000
42.7046 USD
8 years ago
May 13, 2016
Sell 629 K USD
Kadien Thomas G
Senior Vice President
- 15000
41.9408 USD
8 years ago
May 11, 2016
Sell 138 K USD
Amick W. Michael Jr.
SVP-NA Papers Pulp & Con Pkg
- 3216
42.875 USD
8 years ago
Mar 16, 2016
Sell 476 K USD
Joseph Tommy S
Senior Vice President
- 12000
39.6648 USD
8 years ago
Mar 14, 2016
Sell 1.04 M USD
Ryan Sharon R.
SVP, GC and Corp Secretary
- 25730
40.2608 USD
8 years ago
Mar 03, 2016
Sell 243 K USD
Herrington Terri
Vice President & Controller
- 6417
37.9312 USD
8 years ago
Mar 01, 2016
Sell 623 K USD
Ealy Carleton C
Senior Vice President
- 17000
36.6585 USD
8 years ago
Feb 18, 2016
Sell 247 K USD
Ribieras JeanMichel
Senior Vice President
- 7000
35.3342 USD
7. News
International Paper Q3 Earnings Top Estimates, Down Y/Y on Low Volumes IP's Q3 earnings decline year over year, reflecting lower volumes in both segments and elevated costs. The company is on track with the DS Smith acquisition. zacks.com - 2 weeks ago
International Paper Company (IP) Q3 2024 Earnings Call Transcript International Paper Company (NYSE:IP ) Q3 2024 Earnings Conference Call October 31, 2024 10:00 AM ET Company Participants Mark Nellessen - Vice President of Investor Relations Andrew Silvernail - Chairman and Chief Executive Officer Timothy Nicholls - Senior Vice President and Chief Financial Officer Conference Call Participants Philip Ng - Jefferies LLC Michael Roxland - Truist Securities, Inc. Mark Weintraub - Seaport Research Partners Matthew McKellar - RBC Capital Markets Charlie Muir-Sands - BNP Paribas Exane Gabe Hajde - Wells Fargo Securities Operator Good morning and thank you for standing by. Welcome to International Paper's Third Quarter 2024 Earnings Call. seekingalpha.com - 2 weeks ago
Initial Claims Lower-Than-Expected Jobs Week trudges along this morning, with Friday morning's big Employment Situation report now on the horizon. Behind this stands the 2024 General Election — which could obviously sway the balance of executive and legislative branches of the U.S. government — and a new Fed decision on monetary policy a week from today. zacks.com - 2 weeks ago
International Paper (IP) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates Although the revenue and EPS for International Paper (IP) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers. zacks.com - 2 weeks ago
International Paper (IP) Surpasses Q3 Earnings and Revenue Estimates International Paper (IP) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.64 per share a year ago. zacks.com - 2 weeks ago
International Paper Announces Review of Strategic Options for Global Cellulose Fibers Business and Closure of Georgetown, S.C. Pulp and Paper Mill MEMPHIS, Tenn. , Oct. 31, 2024 /PRNewswire/ -- International Paper (NYSE: IP) today announced the decision to review strategic options for its global cellulose fibers (GCF) business. prnewswire.com - 2 weeks ago
Sylvamo, International Paper Terminate Georgetown Supply Agreement MEMPHIS, Tenn.--(BUSINESS WIRE)---- $SLVM #TheWorldsPaperCo--Sylvamo (NYSE: SLVM), the world's paper company, and International Paper (NYSE: IP) are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers at the Georgetown, South Carolina, mill. The agreement will terminate Dec. 31, 2024. Sylvamo is successfully transitioning many paper grades from Georgetown to its Ticonderoga, New York, and Eastover, South Carolina, mills to continue supplying customers. International Paper has anno. businesswire.com - 2 weeks ago
International Paper Reports Third Quarter 2024 Results MEMPHIS, Tenn. , Oct. 31, 2024 /PRNewswire/ -- International Paper (NYSE: IP) today reported third quarter 2024 financial results. prnewswire.com - 2 weeks ago
International Paper Set to Report Q3 Earnings: What's in Store? IP's Q3 results are likely to reflect an uptick in demand, offset by the impacts of elevated input costs. zacks.com - 2 weeks ago
Curious about International Paper (IP) Q3 Performance? Explore Wall Street Estimates for Key Metrics Besides Wall Street's top -and-bottom-line estimates for International Paper (IP), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended September 2024. zacks.com - 2 weeks ago
International Paper CEO to Speak at Baird 2024 Global Industrial Conference MEMPHIS, Tenn. , Oct. 28, 2024 /PRNewswire/ -- International Paper Chief Executive Officer Andy Silvernail will speak at the Baird 2024 Global Industrial Conference on Thursday, November 14, 2024. prnewswire.com - 2 weeks ago
Top 3 most shorted stocks in the S&P 500 Index The market might be in a bull run at the moment, there's a lot of volatility present — in 2024, short sellers have managed to secure record profits, even off of notable winners such as Nvidia (NASDAQ: NVDA) and Tesla (NASDAQ: TSLA), as evidenced by the record-breaking weekly profit seen in late April. finbold.com - 3 weeks ago
8. Profile Summary

International Paper Company IP

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COUNTRY US
INDUSTRY Packaging & Containers
MARKET CAP $ 20 B
Dividend Yield 0.94%
Description International Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft. The Global Cellulose Fibers segment provides fluff, market, and specialty pulps that are used in absorbent hygiene products, such as baby diapers, feminine care, adult incontinence, and other non-woven products; tissue and paper products; and non-absorbent end applications, including textiles, filtration, construction material, paints and coatings, reinforced plastics, and other applications. It sells its products directly to end users and converters, as well as through agents, resellers, and paper distributors. The company was founded in 1898 and is headquartered in Memphis, Tennessee.
Contact 6400 Poplar Avenue, Memphis, TN, 38197 https://www.internationalpaper.com
IPO Date Jan. 2, 1970
Employees 39000
Officers Mr. William Thomas Hamic EVice President & President of North American Packaging Solutions Mr. Thomas J. Plath Advisor Mr. Mark P. Nellessen Vice President of Investor Relations Mr. James P. Royalty Jr. Senior Vice President Containerboard & Recycling and President of Europe, Middle East & Africa Mr. Andrew K. Silvernail Chief Executive Officer & Chairman Mr. Clay R. Ellis Senior Vice President of Global Cellulose Fibers Michael H. Anderson Vice President & Chief Information Officer Ms. Ksenia Sosnina Senior Vice President of Europe, the Middle East & Africa Mr. Joseph R. Saab Senior Vice President, General Counsel & Corporate Secretary Mr. Timothy S. Nicholls Senior Vice President & Chief Financial Officer