International Paper Reports Full-Year and Fourth Quarter 2023 Results

FULL-YEAR AND FOURTH QUARTER 2023 HIGHLIGHTS

• Full-year net earnings (loss) of $288 million ($0.82 per diluted share); Fourth quarter net earnings (loss) of $(284) million ($(0.82) per diluted share); Full-year and fourth quarter net earnings include a pre-tax charge of $540 million related to mill strategic actions
• Full-year adjusted operating earnings (non-GAAP) of $755 million ($2.16 per diluted share); Fourth quarter adjusted operating earnings (non-GAAP) of $142 million ($0.41 per diluted share)
• Full-year earnings benefit from Building a Better IP initiatives of $260 million, exceeding annual target
• Full-year cash provided by operations of $1.8 billion and returned $839 million to shareholders in share repurchases and dividends
• Full-year capital investments of $1.1 billion, including investments in packaging for future growth
  

"In 2023, the International Paper team demonstrated our agility by navigating through challenging market conditions,'' said Mark Sutton, Chairman and Chief Executive Officer. "We executed well and delivered $260 million of Building a Better IP benefits, while accelerating cost reduction efforts across our operations and supply chain. Although earnings were impacted by lower demand and cost inflation, we executed strategic actions to further optimize our mill system and invest in the future growth of our packaging business. We also returned $839 million to our shareowners."

"As we enter 2024," Sutton added, "we remain committed to creating value for our customers and shareowners. We see demand growth across the markets we serve. Because our Building a Better IP mindset is embedded into our culture, we will continue to accelerate our commercial strategies and drive operational excellence to improve profitability."

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Source: International Paper

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