International Paper recently reported first quarter 2016 net earnings attributable to International Paper of $334 million ($0.81 per share) compared with net earnings of $178 million ($0.43 per share) in the fourth quarter of 2015 and net earnings of $313 million ($0.74 per share) in the first quarter of 2015. Net earnings in all periods include the impact of special items, if any, non-operating pension expense and discontinued operations.
Operating Earnings in the first quarter of 2016 totaled $330 million ($0.80 per share) compared with $361 million ($0.87 per share) in the fourth quarter of 2015 and $357 million ($0.84 per share) in the first quarter of 2015.
Quarterly net sales were $5.1 billion in the first quarter of 2016 compared with $5.4 billion in the fourth quarter of 2015 and $5.5 billion in the first quarter of 2015. Year-over-year revenues declined primarily due to the sale of the IP-Sun joint venture in the early fourth quarter of 2015.
Business segment operating profits in the first quarter of 2016 were $497 million, compared with $483 million in the fourth quarter of 2015 and $623 million in the first quarter of 2015.
Free cash flow was $311 million in the first quarter of 2016. Cash from operations was $620 million.
"International Paper delivered a solid first quarter driven by continued strong results from North American Industrial Packaging and improving performance in our papers businesses around the globe," said Mark Sutton, Chairman and Chief Executive Officer. "Demand outlook is positive and we remain focused on productivity improvements, allocating capital to high return investments and generating free cash flow. I am confident in our ability to continue to create value through the generation of high returns on capital while returning cash to shareholders."
