International Paper Reports Full-Year and Fourth Quarter 2020 Results

Full-year and fourth quarter highlights:
•Full-year and fourth quarter net earnings (loss) attributable to International Paper of $482 million ($1.22 per diluted share) and $153 million ($0.39 per diluted share), respectively, compared with $1.2 billion ($3.07 per diluted share) for full-year 2019, $204 million ($0.52 per diluted share) in the third quarter of 2020 and $165 million ($0.42 per diluted share) in the fourth quarter of 2019
•Full-year and fourth quarter adjusted operating earnings* (non-GAAP) of $1.1 billion ($2.80 per diluted share) and $296 million ($0.75 per diluted share), respectively, compared with $1.8 billion ($4.43 per diluted share) for full-year 2019, $280 million ($0.71 per diluted share) in the third quarter of 2020 and $430 million ($1.09 per diluted share) in the fourth quarter of 2019
•Fourth quarter cash provided by operations of $789 million, bringing full-year 2020 to $3.1 billion compared with $3.6 billion for full-year 2019. Full-year 2020 free cash flow (non-GAAP) of $2.3 billion, compared with $2.3 billion for the full-year 2019
•Fourth quarter debt reduction of $611 million, bringing full-year 2020 to $1.7 billion

“Our performance while navigating through the impacts of the pandemic in 2020 reaffirms my admiration and appreciation for our employees and their on-going commitment to take care of each other and our customers,” said Mark Sutton, Chairman and Chief Executive Officer. “Above all, the health and safety of our employees remains our most important responsibility.”

Sutton added, “In terms of results, International Paper delivered solid earnings and outstanding cash generation in the fourth quarter and full-year 2020. Our performance demonstrates the strength and resilience of our employees, our diverse customer base and our world-class manufacturing and supply chain capabilities. In 2020, we returned $800 million to shareholders and reduced debt by $1.7 billion to enhance our financial strength, while continuing to strengthen our packaging business through targeted investments. As we enter 2021, we anticipate continued strong demand for corrugated packaging and pulp and are poised to grow earnings, as we take actions to build a better IP and accelerate value creation for our customers and shareholders.”
details at: https://internationalpaper2015.q4web.com/news-releases/press-r/2021/International-Paper-Reports-Full-Year-and-Fourth-Quarter-2020-Results/default.aspx

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