International Paper Reports First Quarter 2021 Results
Q1 Highlights *First quarter net earnings (loss) attributable to International Paper of $349 million ($0.88 per diluted share), compared with $153 million ($0.39 per diluted share) in the fourth quarter of 2020 and $(141) million ($(0.36) per diluted share) in the first quarter of 2020. 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. *First quarter adjusted operating earnings* (non-GAAP) of $299 million ($0.76 per diluted share) compared with $296 million ($0.75 per diluted share) in the fourth quarter of 2020 and $226 million ($0.57 per diluted share) in the first quarter of 2020. First quarter 2021 adjusted operating earnings* include a pre-tax earnings impact of $(80) million ($(0.15) per diluted share) related to the winter storm in the U.S. *First quarter cash provided by operations of $512 million compared with $649 million in the same period of 2020 *Returned $331 million to shareholders through dividends of $202 million and share repurchases of $129 million *Reduced debt by $108 million *Monetized approximately $400 million of investment in Graphic Packaging bringing our ownership to 7.4%