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30.07.2020 13:00
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International Paper Reports Second Quarter 2020 Results
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PR Newswire
MEMPHIS, Tenn., July 30, 2020
MEMPHIS, Tenn., July 30, 2020 /PRNewswire/ -- International Paper (NYSE: IP) today reported second quarter 2020 financial results.
SECOND QUARTER 2020 HIGHLIGHTS
- Second quarter net earnings (loss) attributable to International Paper of $266 million ($0.67 per diluted share), compared with $(141) million ($(0.36) per diluted share) in the first quarter of 2020 and $292 million ($0.73 per diluted share) in the second quarter of 2019. First quarter 2020 net earnings included an after-tax charge of $337 million ($0.85 per diluted share) for the impairment of the net assets and write-off of foreign currency translation adjustment following the announcement of the sale of our Brazil Packaging business.
- Second quarter adjusted operating earnings* (non-GAAP) of $305 million ($0.77 per diluted share) compared with $226 million ($0.57 per diluted share) in the first quarter of 2020 and $460 million ($1.15 per diluted share) in the second quarter of 2019
- Second quarter cash provided by operations of $890 million and year-to-date of $1.5 billion compared with $1.8 billion year-to-date in the same period of 2019
- Liquidity position of $3.6 billion at the end of the second quarter compared with $3.5 billion at the end of the first quarter, which reflects cash and unused committed facilities
"International Paper delivered solid earnings and generated strong cash from operations while navigating the COVID-19 pandemic and its significant economic impact," said Mark Sutton, Chairman and Chief Executive Officer. "Our performance demonstrates the strength and resilience of our employees, our diverse customer base and our world-class manufacturing and supply chain capabilities. Looking ahead, we will continue to focus on cash generation to reinforce the company's financial strength as we manage through ongoing uncertainty."
Sutton added, "The health and safety of our employees remain our most important responsibility. I am proud of their ongoing commitment to take care of each other and our customers."
| Diluted Net EPS Attributable to International Paper Shareholders and Adjusted Operating EPS | ||||||||||||
| | ||||||||||||
| | | Second | | First | | Second | ||||||
| Net Earnings (Loss) Attributable to International Paper | | $ | 0.67 | | | $ | (0.36) | | | $ | 0.73 | |
| Add Back – Non-Operating Pension Expense (Income) | | (0.03) | | | (0.01) | | | 0.01 | | |||
| Add Back – Net Special Items Expense (Income) | | 0.13 | | | 0.94 | | | 0.41 | | |||
| Adjusted Operating Earnings* | | $ | 0.77 | | | $ | 0.57 | | | $ | 1.15 | |
| | ||||||||||||
| * | Adjusted operating earnings (non-GAAP) is defined as net earnings attributable to International Paper Company (GAAP) excluding 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. For discussion of net special items and non-operating pension expense (income), see the Consolidated Statement of Operations and related notes included later in this release. |
| Select Financial Measures | |||||||||||||
| | |||||||||||||
| (In millions) | | Second | | First | | Second | | ||||||
| Net Sales | | $ | 4,866 | | | $ | 5,352 | | | $ | 5,667 | | |
| Net Earnings (Loss) Attributable to International Paper | | 266 | | | (141) | | | 292 | | | |||
| Business Segment Operating Profit | | 428 | | | 512 | | | 629 | | | |||
| Adjusted Operating Earnings | | 305 | | | 226 | | | 460 | | | |||
| Cash Provided By (Used For) Operations | | 890 | | | 649 | | | 1,067 | | | |||
| Free Cash Flow* | | 638 | | | 363 | | | 732 | | | |||
| | |||||||||||||
| * | Free cash flow is a non-GAAP financial measure. A reconciliation of free cash flow to the most comparable GAAP measure, cash provided by (used for) operations, and disclosure regarding 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 its businesses and is calculated as set forth in footnote (h) below under "Sales and Earnings by Business Segment." Second quarter 2020 net sales by business segment and operating profit (loss) by business segment compared with the first quarter of 2020 and the second quarter of 2019 are as follows:
| Business Segment Results | ||||||||||||
| | ||||||||||||
| (In millions) | | Second | | First | | Second | ||||||
| Net Sales by Business Segment | | | | | | | ||||||
| Industrial Packaging | | $ | 3,633 | | | $ | 3,819 | | | $ | 3,864 | |
| Global Cellulose Fibers | | 605 | | | 568 | | | 661 | | |||
| Printing Papers | | 583 | | | 908 | | | 1,088 | | |||
| Corporate and Inter-segment Sales | | 45 | | | 57 | | | 54 | | |||
| Net Sales | | $ | 4,866 | | | $ Werbung Mehr Nachrichten zur International Paper Aktie kostenlos abonnieren
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