International Paper Company IP reported second-quarter 2021 adjusted earnings of $1.06 per share, which beat the Zacks Consensus Estimate of $1.05. The bottom line improved 38% year over yearIncluding one-time items, the company posted earnings per share of $1.09 in second-quarter 2021 compared with 67 cents reported in the year-ago quarter.Net sales were $5.62 billion in the second quarter compared with the year-ago quarter’s $4.87 billion. The top line surpassed the Zacks Consensus Estimate of $5.60 billion.Cost of sales was $3,913 million in the quarter under review, up 14.2% from the prior-year quarter’s $3,427 million. Gross profit increased 18.3% year over year to $1,703 million. Selling and administrative expenses surged 39% year over year to $460 million during the reported quarter. Adjusted operating profit was $421 million, reflecting year-over-year growth of 41%.International Paper Company Price, Consensus and EPS Surprise International Paper Company price-consensus-eps-surprise-chart | International Paper Company QuoteSegment PerformanceIndustrial Packaging: The segment’s sales were $4.06 billion compared with the prior-year quarter’s $3.63 billion. Operating profit fell 9% year over year to $408 million.Global Cellulose Fibers: The segment’s sales climbed 10.9% year over year to reach $671 million in the second quarter. The segment reported an operating profit of $10 million in second-quarter 2021, a turnaround performance from the year-ago quarter’s loss of $10 million.Printing Papers: Sales of this segment amounted to $846 million, reflecting growth of 45% from the year-earlier quarter. The segment operating profit was $76 million against an operating loss of $11 million in the year-ago quarter.Financial PositionCash and temporary investments aggregated $706 million as of Jun 30, 2021 compared with $595 million as of Dec 31, 2020. In the second quarter, the company repurchased shares worth $57 million. At the end of the second quarter, the company’s long-term debt was at around $7.1 billion. Cash flow from operating activities was $1,278 million in the first six-month period of 2021 compared with $1,539 million in the prior-year comparable period.International Paper expects demand to remain strong in the third quarter. Margins will expand as prior price movements are expected to counter higher input and transportation costs. Maintenance outages are expected to be lower in the third quarter compared to the heavily loaded second quarter. The company stated that it is progressing well on the spin-off of its papers business, which is expected to be completed on Oct 1, 2021.Price PerformanceInternational Paper’s shares have gained 59.2% in the past year, compared with the industry’s rally of 59.9%.Image Source: Zacks Investment ResearchZacks Rank & Stocks to ConsiderInternational Paper currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, Cabot Corporation CBT and Dow Inc. DOW.Nucor has a projected earnings growth rate of around 455.4% for the current year. The company’s shares have soared 130% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 40% in the past year. It currently flaunts a Zacks Rank #1.Dow has an expected earnings growth rate of around 403% for the current year. The company’s shares have gained 42% in the past year. It currently carries a Zacks Rank #2 (Buy). 5 Stocks Set to Double Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Paper Company (IP): Free Stock Analysis Report Nucor Corporation (NUE): Free Stock Analysis Report Dow Inc. (DOW): Free Stock Analysis Report Cabot Corporation (CBT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research