International Paper reports full-year 2023 net earnings (loss) of $288 million ($0.82 per diluted share). Q4 2023 net earnings (loss) were $(284) million ($(0.82) per diluted share). Full-year and Q4 net earnings include a pre-tax charge of $540 million related to mill strategic actions
Full-year adjusted operating earnings (non-GAAP) were $755 million ($2.16 per diluted share). Q4 adjusted operating earnings (non-GAAP) were $142 million ($0.41 per diluted share).
"In 2023, the International Paper team demonstrated our agility by navigating through challenging market conditions,'' said Mark Sutton, Chairman and CEO. "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."
Industrial Packaging operating profits (losses) in the Q4 2023 were $315 million compared with $325 million in the Q3 2023. In North America, earnings were lower as higher sales volumes for containerboard, lower planned outage costs and lower economic downtime were more than offset by lower sales prices for containerboard and corrugated boxes, an unfavorable geographic mix and the non-repeat of favorable adjustments related to employee benefit costs in the Q3 2023. Input costs were slightly higher, as higher recovered fiber costs were mostly offset by lower energy and other raw material costs. In EMEA, earnings were higher, driven by seasonally higher volumes and a favorable product mix. EMEA earnings also benefited from an energy subsidy and other favorable one-time items in the Q4 2023.
Global Cellulose Fibers operating profits (losses) in the Q4 2023 were $(58) million compared with $27 million in the Q3 2023. Earnings were impacted by lower pulp pricing, partially offset by an improved product mix. Earnings were also impacted by higher planned outage costs and the non-repeat of favorable adjustments related to employee benefit costs in the Q3 2023. Sales volumes improved and economic downtime was lower, reflecting continued market improvement. Input costs were lower, primarily for wood and chemicals.
International Paper is a global producer of sustainable packaging, pulp and other fiber-based products, and one of the world's largest recyclers.
