PR Newswire
MEMPHIS, Tenn., April 25, 2024
MEMPHIS, Tenn., April 25, 2024 /PRNewswire/ -- International Paper (NYSE: IP) today reported first quarter 2024 financial results.
"International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, Chairman and Chief Executive Officer. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve."
"Looking ahead," Sutton added, "International Paper is well positioned for its next chapter as Andy Silvernail steps into the CEO role on May 1. I am confident that his leadership experience and proven track record, paired with the industry expertise of our senior leadership team, will amplify the company's success going forward. On a personal note, it has been a privilege to be part of the IP team for the past 40 years and an honor to lead the company for the past decade."
Diluted Net EPS and Adjusted Operating EPS | | ||||||
| | ||||||
| | First | | Fourth | | First | |
Net Earnings (Loss) | | $ 0.16 | | $ (0.82) | | $ 0.49 | |
Less – Discontinued Operations (Gain) Loss, Net of Taxes | | — | | — | | — | |
Net Earnings (Loss) from Continuing Operations | | 0.16 | | (0.82) | | 0.49 | |
Add Back – Non-Operating Pension Expense (Income) | | (0.04) | | 0.04 | | 0.04 | |
Add Back – Net Special Items Expense (Income) | | 0.05 | | 1.58 | | 0.01 | |
Income Taxes - Non-Operating Pension and Special Items | | — | | (0.39) | | (0.01) | |
Adjusted Operating Earnings* | | $ 0.17 | | $ 0.41 | | $ 0.53 | |
* | Adjusted operating earnings (non-GAAP) is defined as net earnings (loss) (GAAP) excluding discontinued operations, net special items and non-operating pension expense (income). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present consolidated operating results from continuing operations. For discussion of discontinued operations, net special items and non-operating pension expense (income), see the disclosure under Effects of Net Special Items, Discontinued Operations, Net of Taxes and Consolidated Statement of Operations and related notes included later in this release. A reconciliation of net earnings (loss) to adjusted operating earnings is included later in this release. |
Select Financial Measures | | ||||||
| | ||||||
(In millions) | | First | | Fourth | | First | |
Net Sales | | $ 4,619 | | $ 4,601 | | $ 5,020 | |
Net Earnings (Loss) | | 56 | | (284) | | 172 | |
Business Segment Operating Profit (Loss) | | 169 | | 257 | | 306 | |
Adjusted Operating Earnings | | 61 | | 142 | | 185 | |
Cash Provided By (Used For) Operations | | 395 | | 492 | | 345 | |
Free Cash Flow** | | 144 | | 187 | | 4 | |
** | Free cash flow is a non-GAAP financial measure. The most directly comparable GAAP measure is cash provided by (used for) operations. A reconciliation of cash provided by (used for) operations to free cash flow and an explanation of why we believe that free cash flow provides useful information to investors, is included later in this release. |
SEGMENT INFORMATION
Business segment operating profits are used by International Paper's management to measure the earnings performance of the Company's businesses and are calculated as set forth in footnote (e) below under "Sales and Earnings by Business Segment". First quarter 2024 net sales by business segment and operating profit (loss) by business segment compared with the fourth quarter of 2023 and the first quarter of 2023 are as follows:
Business Segment Results | | ||||||
| | ||||||
(In millions) | | First | | Fourth | | First | |
Net Sales by Business Segment | | | | | | | |
Industrial Packaging | | $ 3,808 | | $ 3,842 | | $ 4,083 | |
Global Cellulose Fibers | | 704 | | 656 | | 811 | |
Corporate and Inter-segment Sales | | 107 | | 103 | | 126 | |
Net Sales | | $ 4,619 | | $ 4,601 | | $ 5,020 | |
Operating Profit (Loss) by Business Segment | | | | | | | |
Industrial Packaging | | $ 216 | | $ 315 Werbung Mehr Nachrichten zur International Paper Aktie kostenlos abonnieren
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