International Paper reported full-year and fourth quarter 2019 financial results.
Highlights include:
Full-year and fourth quarter net earnings attributable to International Paper of $1.2 billion ($3.07 per diluted share) and $165 million ($0.42 per diluted share), respectively, compared with $2.0 billion ($4.85 per diluted share) for full-year 2018, $344 million ($0.87 per diluted share) in the third quarter of 2019 and $316 million ($0.78 per diluted share) in the fourth quarter of 2018
Full-year and fourth quarter adjusted operating earnings* (non-GAAP) of $1.8 billion ($4.43 per diluted share) and $430 million ($1.09 per diluted share), respectively, compared with $2.2 billion ($5.32 per diluted share) for full-year 2018, $431 million ($1.09 per diluted share) in the third quarter of 2019 and $670 million ($1.65 per diluted share) in the fourth quarter of 2018
Fourth quarter cash provided by operations of $928 million, bringing full-year 2019 to $3.6 billion compared with $3.2 billion for full-year 2018
Fourth quarter debt reduction of $582 million, bringing full-year 2019 to $973 million
Returned $1.3 billion to shareholders in 2019 through dividends of $796 million and share repurchases of $485 million
"International Paper delivered solid earnings and outstanding cash generation in the fourth quarter and full-year 2019," said Mark Sutton, Chairman and Chief Executive Officer. "We again demonstrated our flexibility to navigate through challenging market conditions by optimizing our full value chain. In 2019, we returned $1.3 billion to shareholders and reduced debt by $1.0 billion, while continuing to strengthen our packaging business through targeted investments. We are delivering commercial wins and will continue to tightly manage costs, capital spending and working capital to generate strong cash flows in 2020, despite earnings headwinds. Additionally, we will continue to make choices consistent with our capital allocation framework to drive long-term value creation."
