International Paper's 1Q 2020 loss was $141 million, compared with $165 million in the 4Q 2019 and $424 million in the 1Q 2019. 1Q 2020 sales decreased by 5.1% to $5.35 billion.
1Q 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 its Brazil Packaging business.
"International Paper had a solid 1Q in a rapidly changing environment as the impact of the COVID-19 pandemic and containment measures accelerated," said Mark Sutton, Chairman and CEO. "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."
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 and Russia.
