International Paper (IP) reported full-year 2016 net earnings of $904 million, compared with net earnings of $938 million for full-year 2015. In the 4Q 2016, the Company reported net earnings of $218 million, compared with $178 million in the 4Q 2015.
Full-year 2016 adjusted operating earnings were $1.4 billion, compared with $1.5 billion in 2015. Adjusted operating earnings in the 4Q 2016 totaled $303 million, compared with $361 million in the 4Q 2015.
Annual net sales totaled $21.1 billion in 2016 compared with $22.4 billion in 2015. The year-over-year revenue decline was primarily due to the sale of the IP-Sun joint venture and the Asian Corrugated Packaging business, as well as the sale of the Carolina® Coated Bristols business.
Quarterly net sales were $5.4 billion in the 4Q 2016 compared with $5.4 billion in the 4Q 2015.
"I'm pleased with another year of strong cash generation and returns solidly above the cost of capital," said Mark Sutton, Chairman and CEO. "While we experienced margin pressure in 2016, we enter the new year with an improving economic climate and several catalysts which we expect to improve profitability across International Paper. We are focused on serving our customers, strong operations and margin improvement, along with integrating the newly acquired pulp business and driving synergies. We remain confident in our ability to create shareholder value through thoughtful capital allocation with a near-term focus on debt reduction."
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia.
