01.28.22
International Paper reported fourth quarter and full-year 2021 financial results.
The company reported that 2021 full year sales were $19.36 billion, up from $17.57 billion in 2020. Full-year net earnings (loss) attributable to International Paper of $1.8 billion ($4.47 per diluted share) compared with $482 million ($1.22 per diluted share) for full-year 2020.
Fourth quarter cash provided by operations of $107 million, including approximately $240 million of income tax payments related to 2021 monetization transactions and approximately $60 million payroll tax payments related to the CARES Act. Full-year 2021 cash from operations of $2.0 billion compared with $3.1 billion for full-year 2020. Debt reduction was $1.4 billion, bringing full-year to $2.5 billion.
"In 2021, International Paper grew revenue and earnings in a highly challenging operating and cost environment," said Mark Sutton, chairman and CEO. "Throughout 2021, we serviced strong customer demand while managing through significant operational and supply chain constraints. We focused our portfolio around corrugated packaging and initiated meaningful actions to accelerate profitable growth and materially lower our cost structure. Additionally, we returned $1.6 billion to shareowners through strong cash generation and reduced debt by $2.5 billion.
"As we enter 2022, underlying customer demand remains solid, although we anticipate near-term pressure on volume due to Omicron-related labor and logistics constraints on the value chain,” Sutton added. “We expect to grow earnings in 2022 and are confident in our ability to accelerate value creation for our shareowners and customers as we take actions to Build a Better IP."
The company reported that 2021 full year sales were $19.36 billion, up from $17.57 billion in 2020. Full-year net earnings (loss) attributable to International Paper of $1.8 billion ($4.47 per diluted share) compared with $482 million ($1.22 per diluted share) for full-year 2020.
Fourth quarter cash provided by operations of $107 million, including approximately $240 million of income tax payments related to 2021 monetization transactions and approximately $60 million payroll tax payments related to the CARES Act. Full-year 2021 cash from operations of $2.0 billion compared with $3.1 billion for full-year 2020. Debt reduction was $1.4 billion, bringing full-year to $2.5 billion.
"In 2021, International Paper grew revenue and earnings in a highly challenging operating and cost environment," said Mark Sutton, chairman and CEO. "Throughout 2021, we serviced strong customer demand while managing through significant operational and supply chain constraints. We focused our portfolio around corrugated packaging and initiated meaningful actions to accelerate profitable growth and materially lower our cost structure. Additionally, we returned $1.6 billion to shareowners through strong cash generation and reduced debt by $2.5 billion.
"As we enter 2022, underlying customer demand remains solid, although we anticipate near-term pressure on volume due to Omicron-related labor and logistics constraints on the value chain,” Sutton added. “We expect to grow earnings in 2022 and are confident in our ability to accelerate value creation for our shareowners and customers as we take actions to Build a Better IP."