International Paper Reports 1Q 2020 Results

International Paper reported first quarter 2020 financial results. Net sales were $5.352 billion, down from $5.498 billion in fourth quarter of 2019 and $5.643 billion in 1Q 2019.

First quarter net earnings (loss) attributable to International Paper was $(141) million ($(0.36) per diluted share), compared with $165 million ($0.42 per diluted share) in the fourth quarter of 2019 and $424 million ($1.05 per diluted share) in the first quarter of 2019.

First quarter adjusted operating earnings (non-GAAP) was $226 million ($0.57 per dilut-ed share) compared with $430 million ($1.09 per diluted share) in the fourth quarter of 2019 and $447 million ($1.11 per diluted share) in the first quarter of 2019. Cash provided by operations was $649 million. There has been strong immediate demand for cor-rugated packaging and pulp, and significant demand decline for printing papers.

“International Paper had a solid first quarter 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.”

Sutton added, “I am especially grateful to our manufacturing, converting and supply chain frontline teams around the world – their health and safety is our most important responsibility as we provide essential products to our customers.”