International Paper Reports First Quarter 2021 Results

FIRST QUARTER 2021 HIGHLIGHTS
- First quarter net earnings (loss) attributable to International Paper of $349 million ($0.88 per diluted share), compared with $153 million ($0.39 per diluted share) in the fourth quarter of 2020 and $(141) million ($(0.36) per diluted share) in the first quarter of 2020. First quarter 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 our Brazil Packaging business.
- First quarter adjusted operating earnings* (non-GAAP) of $299 million ($0.76 per diluted share) compared with $296 million ($0.75 per diluted share) in the fourth quarter of 2020 and $226 million ($0.57 per diluted share) in the first quarter of 2020. First quarter 2021 adjusted operating earnings* include a pre-tax earnings impact of $(80) million ($(0.15) per diluted share) related to the winter storm in the U.S.
- First quarter cash provided by operations of $512 million compared with $649 million in the same period of 2020
- Returned $331 million to shareholders through dividends of $202 million and share repurchases of $129 million
- Reduced debt by $108 million
- Monetized approximately $400 million of investment in Graphic Packaging bringing our ownership to 7.4%

"International Paper delivered solid earnings and strong cash generation in the first quarter," said Mark Sutton, Chairman and Chief Executive Officer. "Operationally, we performed well to mitigate the significant impact of the winter storm and support strong customer demand in our packaging business. Looking ahead, we see momentum continuing to build in our three businesses. We expect continued strong demand for corrugated packaging and absorbent pulp, and we're seeing a much better supply/demand backdrop for printing papers, all of which contributes to a more favorable outlook in 2021."

Sutton added, "I am mindful that we are still in the midst of a global pandemic. The health and safety of our employees remains our most important responsibility and I appreciate their commitment to take care of each other and our customers."