MEMPHIS, Tenn., Jan. 31, 2023 -- International Paper (NYSE: IP) today reported full-year and fourth quarter 2022 financial results.
FULL-YEAR AND FOURTH QUARTER 2022 HIGHLIGHTS
- Full-year 2022 net earnings (loss) attributable to International Paper of $1.5 billion ($4.10 per diluted share) compared with $1.8 billion ($4.47 per diluted share) for full-year 2021
- Full-year 2022 adjusted operating earnings* (non-GAAP) of $1.2 billion ($3.18 per diluted share) compared with $944 million ($2.41 per diluted share) for full-year 2021
- Fourth quarter net earnings (loss) attributable to International Paper of $(318) million ($(0.90) per diluted share) including a $533 million non-cash impairment of our Ilim joint venture investment; Fourth quarter adjusted operating earnings* (non-GAAP) of $309 million ($0.87 per diluted share)
- 9% full-year revenue growth; 24% full-year operating earnings growth
- Building a Better IP initiatives delivered $250 million of earnings benefit in 2022, including $75 million in fourth quarter
- $2.2 billion of full-year 2022 cash provided by operations, including $761 million of cash provided in fourth quarter
- Returned $1.93 billion to shareholders through $1.26 billion share repurchases and $673 million in dividends in full-year 2022; $355 million returned to shareholders in fourth quarter
"In 2022, International Paper grew revenue and earnings in a dynamic and challenging macro environment and returned $1.9 billion to our shareowners," said Mark Sutton, Chairman and Chief Executive Officer. "Our commercial and mill operational performance was solid, while significant inflation and lower demand impacted margins. We also delivered $250 million of earnings benefits from our Building a Better IP initiatives, exceeding our target for the year and building solid momentum going forward."
Sutton added, "As we enter 2023, International Paper is well-positioned to navigate various economic environments from a position of strength, given our strategic customer relationships, our highly talented teams, our track record of solid cash generation and our strong balance sheet. We also remain focused on creating value for all our stakeholders as we continue Building a Better IP."
Source: International Paper
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