MEMPHIS, Tenn., April 30, 2020 -- International Paper (NYSE: IP) today reported first quarter 2020 financial results.
FIRST QUARTER 2020 HIGHLIGHTS
- First quarter net earnings (loss) attributable to International Paper of $(141) million ($(0.36) per diluted share), compared with $165 million ($0.42 per diluted share) in the fourth quarter of 2019 and $424 million ($1.05 per diluted share) in the first 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.
- First quarter adjusted operating earnings* (non-GAAP) of $226 million ($0.57 per diluted share) compared with $430 million ($1.09 per diluted share) in the fourth quarter of 2019 and $447 million ($1.11 per diluted share) in the first quarter of 2019
- Cash provided by operations of $649 million
- Monetized $250 million of ownership position in Graphic Packaging
- Liquidity position was $3.5 billion at quarter end, which reflects cash and committed credit facilities
- Essential business committed to the health and safety of our employees and serving our customers
- Taking prudent actions to further strengthen liquidity
- Strong immediate demand for corrugated packaging and pulp; significant demand decline for printing papers
"International Paper had a solid first quarter in a rapidly changing environment as the impact of the COVID-19 pandemic and containment measures accelerated," said Mark Sutton, Chairman and Chief Executive Officer. "International Paper entered this crisis in a position of strength due to our committed employees, our diverse customer base, our world-class manufacturing and supply chain capabilities and solid financial footing. Given the unprecedented uncertainty regarding the ultimate economic impact of COVID-19, we are taking prudent steps to further strengthen the company's liquidity."
Sutton added, "I am especially grateful to our manufacturing, converting and supply chain frontline teams around the world – their health and safety is our most important responsibility as we provide essential products to our customers."
Source: International Paper