What factors drove IP's Q1 2024 earnings beat?

International Paper's (IP) Q1 2024 earnings beat expectations due to several key factors:

1. **Strategic Acquisitions**: The acquisition of DS Smith has significantly bolstered IP's presence in Europe, particularly in the corrugated packaging business. This move aligns with IP's strategy to enhance its market share and expand its geographic reach.
2. **Revenue Resilience**: Despite a decline in revenue year-over-year, IP's revenue in Q1 2024 fell by only 4.1%, which is a notable resilience considering the challenging market conditions. This indicates IP's ability to adapt and navigate through market uncertainties successfully.
3. **Cost Management**: International Paper has been effective in managing costs, which has contributed to its profitability. The company's focus on optimizing resource allocation and its solid balance sheet have been instrumental in maintaining profitability amid market challenges.
4. **Dividend Yield**: IP's dividend yield of 4.8% remains attractive to income-focused investors, which has likely contributed to the company's stock performance and investor confidence.

In conclusion, International Paper's Q1 2024 earnings beat can be attributed to strategic acquisitions, revenue resilience, effective cost management, and a strong dividend yield. These factors combined have enabled the company to perform well in a challenging market environment.