International Paper Reports First Quarter 2024 Results
FIRST QUARTER 2024 HIGHLIGHTS
-
First quarter net earnings of
$56 million ($0.16 per diluted share) -
First quarter adjusted operating earnings (non-GAAP) of
$61 million ($0.17 per diluted share) -
First quarter results negatively impacted by approximately
$52 million (pre-tax) due to January freeze and Ixtac,Mexico fire -
First quarter cash provided by operations of
$395 million and returned$161 million to shareholders in dividends
"
"Looking ahead," Sutton added, "
Diluted Net EPS and Adjusted Operating EPS |
|
||||||
|
|
||||||
|
|
First |
|
Fourth |
|
First |
|
Net Earnings (Loss) |
|
$ 0.16 |
|
$ (0.82) |
|
$ 0.49 |
|
Less – Discontinued Operations (Gain) Loss, Net of Taxes |
|
— |
|
— |
|
— |
|
Net Earnings (Loss) from Continuing Operations |
|
0.16 |
|
(0.82) |
|
0.49 |
|
Add Back – Non-Operating Pension Expense (Income) |
|
(0.04) |
|
0.04 |
|
0.04 |
|
Add Back – Net Special Items Expense (Income) |
|
0.05 |
|
1.58 |
|
0.01 |
|
Income Taxes - Non-Operating Pension and Special Items |
|
— |
|
(0.39) |
|
(0.01) |
|
Adjusted Operating Earnings* |
|
$ 0.17 |
|
$ 0.41 |
|
$ 0.53 |
|
* |
Adjusted operating earnings (non-GAAP) is defined as net earnings (loss) (GAAP) excluding discontinued operations, net special items and non-operating pension expense (income). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present consolidated operating results from continuing operations. For discussion of discontinued operations, net special items and non-operating pension expense (income), see the disclosure under Effects of Net Special Items, Discontinued Operations, Net of Taxes and Consolidated Statement of Operations and related notes included later in this release. A reconciliation of net earnings (loss) to adjusted operating earnings is included later in this release. |
Select Financial Measures |
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||||||
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||||||
(In millions) |
|
First |
|
Fourth |
|
First |
|
|
|
$ 4,619 |
|
$ 4,601 |
|
$ 5,020 |
|
Net Earnings (Loss) |
|
56 |
|
(284) |
|
172 |
|
Business Segment Operating Profit (Loss) |
|
169 |
|
257 |
|
306 |
|
Adjusted Operating Earnings |
|
61 |
|
142 |
|
185 |
|
Cash Provided By (Used For) Operations |
|
395 |
|
492 |
|
345 |
|
Free Cash Flow** |
|
144 |
|
187 |
|
4 |
|
** |
Free cash flow is a non-GAAP financial measure. The most directly comparable GAAP measure is cash provided by (used for) operations. A reconciliation of cash provided by (used for) operations to free cash flow and an explanation of why we believe that free cash flow provides useful information to investors, is included later in this release. |
SEGMENT INFORMATION
Business segment operating profits are used by
Business Segment Results |
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||||||
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||||||
(In millions) |
|
First |
|
Fourth |
|
First |
|
|
|
|
|
|
|
|
|
|
|
$ 3,808 |
|
$ 3,842 |
|
$ 4,083 |
|
Global Cellulose Fibers |
|
704 |
|
656 |
|
811 |
|
Corporate and Inter-segment Sales |
|
107 |
|
103 |
|
126 |
|
|
|
$ 4,619 |
|
$ 4,601 |
|
$ 5,020 |
|
Operating Profit (Loss) by Business Segment |
|
|
|
|
|
|
|
|
|
$ 216 |
|
$ 315 |
|
$ 322 |
|
Global Cellulose Fibers |
|
(47) |
|
(58) |
|
(16) |
|
Total Business Segment Operating Profit (Loss) |
|
$ 169 |
|
$ 257 |
|
$ 306 |
|
Global Cellulose Fibers operating profits (losses) in the first quarter of 2024 were
CORPORATE EXPENSES
Corporate expenses, net was expense of
EFFECTS OF SPECIAL ITEMS
Net special items in the first quarter of 2024 amount to a net after-tax charge of $14 million (
|
|
First Quarter 2024 |
|
Fourth Quarter 2023 |
|
First Quarter 2023 |
||||||
(In millions) |
|
Before Tax |
|
After Tax |
|
Before Tax |
|
After Tax |
|
Before Tax |
|
After Tax |
Restructuring and other charges, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Severance and other costs (a) |
|
$ 3 |
|
$ 2 |
|
$ 118 |
|
$ 89 |
|
$ — |
|
$ — |
Building a Better IP |
|
— |
|
— |
|
(19) |
|
(14) |
|
— |
|
— |
Total restructuring and other charges, net |
|
3 |
|
2 |
|
99 |
|
75 |
|
— |
|
— |
Accelerated depreciation (a) |
|
5 |
|
4 |
|
422 |
|
317 |
|
— |
|
— |
Legal reserve adjustments |
|
10 |
|
7 |
|
— |
|
— |
|
— |
|
— |
Net loss on miscellaneous land sales |
|
5 |
|
4 |
|
— |
|
— |
|
— |
|
— |
DS Smith combination costs |
|
5 |
|
4 |
|
— |
|
— |
|
— |
|
— |
Equity method investment impairment |
|
— |
|
— |
|
18 |
|
14 |
|
— |
|
— |
Environmental remediation reserve adjustment |
|
— |
|
— |
|
7 |
|
5 |
|
— |
|
— |
Interest related to the timber monetization settlement |
|
— |
|
— |
|
— |
|
— |
|
3 |
|
2 |
Interest related to settlement of tax audits |
|
(10) |
|
(7) |
|
— |
|
— |
|
— |
|
— |
Tax expense related to legal entity restructuring |
|
— |
|
— |
|
— |
|
4 |
|
— |
|
— |
Total special items, net |
|
$ 18 |
|
$ 14 |
|
$ 546 |
|
$ 415 |
|
$ 3 |
|
$ 2 |
(a) |
Amounts associated with mill strategic actions. See notes (c) and (d) on the Consolidated Statement of Operations included later in this release. |
ANNOUNCED ACQUISITION
On
EARNINGS WEBCAST
The company will host a webcast today to discuss earnings and current market conditions, beginning at
Parties who wish to participate in the webcast via teleconference may dial +1 (234) 720-6985 or, within the
About International Paper
Visit https://www.internationalpaper.com/investors for more information regarding
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not historical in nature may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking or conditional words such as "expects," "anticipates," "believes," "estimates," "could," "should," "can," "forecast," "intend," "look," "may," "will," "remain," "confident," "commit" and "plan" or similar expressions. These statements are not guarantees of future performance and reflect management's current views and speak only as to the dates the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. All statements, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding anticipated financial results, economic conditions, industry trends, future prospects and the execution and consummation of corporate transactions or contemplated acquisitions, including our proposed business combination with DS Smith Plc. Factors which could cause actual results to differ include but are not limited to: (i) our ability to consummate and achieve the benefits expected from, and other risks associated with, acquisitions, joint ventures, divestitures, spinoffs, capital investments and other corporate transactions, including, but not limited to, our proposed business combination with DS Smith Plc and our ability to integrate and implement our plans, forecasts, and other expectations with respect to the combined company; (ii) uncertainty as to whether or when the business combination may be completed, if at all; (iii) risks with respect to climate change and global, regional, and local weather conditions, as well as risks related to our targets and goals with respect to climate change and the emission of greenhouse gases and other environmental, social and governance matters, including our ability to meet such targets and goals; (iv) the level of our indebtedness, risks associated with our variable rate debt, and changes in interest rates (including the impact of current elevated interest rate levels); (v) the impact of global and domestic economic conditions and industry conditions, including with respect to current negative macroeconomic conditions, inflationary pressures and changes in the cost or availability of raw materials, energy sources and transportation sources, supply chain shortages and disruptions, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products, and conditions impacting the credit, capital and financial markets; (vi) risks arising from conducting business internationally, domestic and global geopolitical conditions, military conflict (including the
Additional Information
This release may be deemed to be solicitation material in respect of the proposed business combination with DS Smith Plc (the "Business Combination"), including the issuance of new shares of Company Common Stock in connection with the Business Combination (the "Share Issuance"). In connection with the proposed Share Issuance,
Participants in the Solicitation
|
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|
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|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
$ 4,619 |
|
$ 5,020 |
|
$ 4,601 |
|
|
Costs and Expenses |
|
|
|
|
|
|
|
|
Cost of products sold |
|
3,424 |
(a) |
3,642 |
|
3,282 |
(a) |
|
Selling and administrative expenses |
|
358 |
(b) |
381 |
|
357 |
|
|
Depreciation, amortization and cost of timber harvested |
|
278 |
(c) |
241 |
|
689 |
(c) |
|
Distribution expenses |
|
391 |
|
422 |
|
395 |
|
|
Taxes other than payroll and income taxes |
|
41 |
|
36 |
|
39 |
|
|
Restructuring and other charges, net |
|
3 |
(d) |
— |
|
99 |
(d) |
|
Net (gains) losses on sales of fixed assets |
|
5 |
(e) |
— |
|
— |
|
|
Interest expense, net |
|
46 |
(f) |
62 |
(f) |
52 |
|
|
Non-operating pension expense (income) |
|
(12) |
|
15 |
|
14 |
|
|
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity Earnings |
|
85 |
|
221 |
|
(326) |
|
|
Income tax provision (benefit) |
|
27 |
|
48 |
|
(61) |
(h) |
|
Equity earnings (loss), net of taxes |
|
(2) |
|
(1) |
|
(19) |
(i) |
|
Earnings (Loss) From Continuing Operations |
|
56 |
|
172 |
|
(284) |
|
|
Discontinued operations, net of taxes |
|
— |
|
— |
(g) |
— |
|
|
Net Earnings (Loss) |
|
$ 56 |
|
$ 172 |
|
$ (284) |
|
|
Basic Earnings Per Common Share |
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations |
|
$ 0.16 |
|
$ 0.49 |
|
$ (0.82) |
|
|
Discontinued operations, net of taxes |
|
— |
|
— |
|
— |
|
|
Net earnings (loss) |
|
$ 0.16 |
|
$ 0.49 |
|
$ (0.82) |
|
|
Diluted Earnings Per Common Share |
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations |
|
$ 0.16 |
|
$ 0.49 |
|
$ (0.82) |
|
|
Discontinued operations, net of taxes |
|
— |
|
— |
|
— |
|
|
Net earnings (loss) |
|
$ 0.16 |
|
$ 0.49 |
|
$ (0.82) |
|
|
Average Shares of Common Stock Outstanding - Diluted |
|
348.5 |
|
353.3 |
|
346.0 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of this Consolidated Statement of Operations. |
||||||||
(a) |
Includes a pre-tax charge of |
|||||||
(b) |
Includes a pre-tax charge of |
|||||||
(c) |
Includes a pre-tax charge of |
|||||||
(d) |
Includes a pre-tax charge of |
|||||||
(e) |
Includes a pre-tax net loss of |
|||||||
(f) |
Includes pre-tax income of |
|||||||
(g) |
Includes a charge of |
|||||||
(h) |
Includes tax expense of |
|||||||
(i) |
Includes a pre-tax charge of |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
Net Earnings (Loss) |
|
$ 56 |
|
$ 172 |
|
$ (284) |
|
|
Less: Discontinued operations, net of taxes (gain) loss |
|
— |
|
— |
|
— |
|
|
Earnings (Loss) from Continuing Operations |
|
56 |
|
172 |
|
(284) |
|
|
Add back: Non-operating pension expense (income) |
|
(12) |
|
15 |
|
14 |
|
|
Add back: Net special items expense (income) |
|
18 |
|
3 |
|
546 |
|
|
Income taxes - Non-operating pension and special items |
|
(1) |
|
(5) |
|
(134) |
|
|
Adjusted Operating Earnings |
|
$ 61 |
|
$ 185 |
|
$ 142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
Diluted Earnings per Common Share as Reported |
|
$ 0.16 |
|
$ 0.49 |
|
$ (0.82) |
|
|
Less: Discontinued operations, net of taxes (gain) loss |
|
— |
|
— |
|
— |
|
|
Continuing Operations |
|
0.16 |
|
0.49 |
|
(0.82) |
|
|
Add back: Non-operating pension expense (income) |
|
(0.04) |
|
0.04 |
|
0.04 |
|
|
Add back: Net special items expense (income) |
|
0.05 |
|
0.01 |
|
1.58 |
|
|
Income taxes per share - Non-operating pension and special items |
|
— |
|
(0.01) |
|
(0.39) |
|
|
Adjusted Operating Earnings per Share |
|
$ 0.17 |
|
$ 0.53 |
|
$ 0.41 |
|
|
|
|
|
|
|
|
|
|
Notes: |
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|
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|
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|||||||
|
Adjusted Operating Earnings is a non-GAAP measure. Net earnings (loss) is the most directly comparable GAAP measure. The Company calculates Adjusted Operating Earnings (non-GAAP) by excluding the after-tax effect of discontinued operations, non-operating pension expense (income) and items considered by management to be unusual or otherwise not reflective of on-going operations (net special items) as reflected in the Consolidated Statement of Operations and related notes included in this release from the earnings reported under |
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|
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|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
$ 3,808 |
|
$ 4,083 |
|
$ 3,842 |
|
|
Global Cellulose Fibers |
|
704 |
|
811 |
|
656 |
|
|
Corporate and Inter-segment Sales |
|
107 |
|
126 |
|
103 |
|
|
|
|
$ 4,619 |
|
$ 5,020 |
|
$ 4,601 |
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) by Business Segment |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
$ 216 |
|
$ 322 |
|
$ 315 |
|
|
Global Cellulose Fibers |
|
(47) |
|
(16) |
|
(58) |
|
|
Total Business Segment Operating Profit (Loss) |
|
$ 169 |
|
$ 306 |
|
$ 257 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) From Continuing Operations Before Income Taxes and Equity |
|
85 |
|
221 |
|
(326) |
|
|
Interest expense, net |
|
46 |
(a) |
62 |
(a) |
52 |
|
|
Adjustment for less than wholly owned subsidiaries (d) |
|
(2) |
|
— |
|
(2) |
|
|
Corporate expenses, net |
|
24 |
|
8 |
|
(9) |
|
|
Corporate net special items |
|
20 |
(b) |
— |
|
(1) |
(b) |
|
Business net special items |
|
8 |
(c) |
— |
|
529 |
(c) |
|
Non-operating pension expense (income) |
|
(12) |
|
15 |
|
14 |
|
|
Business Segment Operating Profit (Loss) (e) |
|
$ 169 |
|
$ 306 |
|
$ 257 |
|
(a) |
Includes income of |
|||||||
(b) |
Includes a charge of |
|||||||
(c) |
Related to |
|||||||
|
Related to Global Cellulose Fibers, includes charges of |
|||||||
(d) |
Operating profits for business segments include each segment's percentage share of the profits of subsidiaries included in that segment that are less than wholly owned. The pre-tax earnings for these subsidiaries is adjusted here to present consolidated earnings before income taxes and equity earnings. |
|||||||
(e) |
Total business segment operating profit (loss) is a non-GAAP measure and the most directly comparable GAAP measure is net earnings from continuing operations. As set forth in the chart above, business segment operating profit is defined as earnings (loss) from continuing operations before income taxes and equity earnings, but including the impact of less than wholly owned subsidiaries, and excluding interest expense, net, corporate expenses, net, corporate net special items, business net special items and non-operating pension expense. Business segment operating profit is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments. Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. Management believes that using this information, along with net earnings from continuing operations, provides a more complete analysis of the results of the operations by quarter. Business segment operating profit is presented in our financial statement footnotes in accordance with ASC 280. |
|
|||||||
|
International Paper Consolidated |
|
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|
Three Months Ended
|
|
Three Months Ended
|
|
||
|
|
2024 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
2,232 |
|
2,381 |
|
2,325 |
|
|
Containerboard |
739 |
|
544 |
|
783 |
|
|
Recycling |
575 |
|
560 |
|
535 |
|
|
Saturated Kraft |
47 |
|
34 |
|
42 |
|
|
Gypsum /Release Kraft |
58 |
|
60 |
|
58 |
|
|
|
340 |
|
335 |
|
331 |
|
|
Industrial Packaging |
3,991 |
|
3,914 |
|
4,074 |
|
|
Global Cellulose Fibers (In thousands of metric tons) (c) |
729 |
|
688 |
|
676 |
|
|
|
|
|
|
|
|
|
(a) |
Sales volumes include third party and inter-segment sales and exclude sales of equity investees. |
||||||
(b) |
Volumes for corrugated box sales reflect consumed tons sold ("CTS"). Board sales by these businesses reflect invoiced tons. |
||||||
(c) |
Includes North American volumes and internal sales to mills. |
|
||||
|
|
|
|
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash and Temporary Investments |
|
$ 1,070 |
|
$ 1,113 |
Accounts and Notes Receivable, Net |
|
3,048 |
|
3,059 |
Contract Assets |
|
430 |
|
433 |
Inventories |
|
1,771 |
|
1,889 |
Other |
|
140 |
|
114 |
Total Current Assets |
|
6,459 |
|
6,608 |
Plants, Properties and Equipment, Net |
|
10,027 |
|
10,150 |
Investments |
|
160 |
|
163 |
Long-Term Financial Assets of Variable Interest Entities |
|
2,317 |
|
2,312 |
|
|
3,041 |
|
3,041 |
Overfunded Pension Plan Assets |
|
145 |
|
118 |
Right of Use Assets |
|
445 |
|
448 |
Deferred Charges and Other Assets |
|
434 |
|
421 |
Total Assets |
|
$ 23,028 |
|
$ 23,261 |
Liabilities and Equity |
|
|
|
|
Current Liabilities |
|
|
|
|
Notes Payable and Current Maturities of Long-Term Debt |
|
138 |
|
138 |
Accounts Payable and Other Current Liabilities |
|
3,716 |
|
3,821 |
Total Current Liabilities |
|
3,854 |
|
3,959 |
Long-Term Debt |
|
5,453 |
|
5,455 |
Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities |
|
2,115 |
|
2,113 |
Deferred Income Taxes |
|
1,541 |
|
1,552 |
Underfunded Pension Benefit Obligation |
|
279 |
|
280 |
Postretirement and Postemployment Benefit Obligation |
|
137 |
|
140 |
Long-Term Lease Obligations |
|
307 |
|
312 |
Other Liabilities |
|
1,085 |
|
1,095 |
Equity |
|
|
|
|
Common Stock |
|
449 |
|
449 |
|
|
4,663 |
|
4,730 |
Retained Earnings |
|
9,386 |
|
9,491 |
Accumulated Other Comprehensive Loss |
|
(1,558) |
|
(1,565) |
|
|
12,940 |
|
13,105 |
Less: Common Stock Held in |
|
4,683 |
|
4,750 |
Total Equity |
|
8,257 |
|
8,355 |
Total Liabilities and Equity |
|
$ 23,028 |
|
$ 23,261 |
|
||||
|
|
Three Months Ended |
||
|
|
2024 |
|
2023 |
Operating Activities |
|
|
|
|
Net earnings (loss) |
|
$ 56 |
|
$ 172 |
Depreciation, amortization and cost of timber harvested |
|
278 |
|
241 |
Deferred income tax expense (benefit), net |
|
(11) |
|
(2) |
Restructuring and other charges, net |
|
3 |
|
— |
Periodic pension (income) expense, net |
|
(2) |
|
26 |
Net (gains) losses on sales and impairments of equity method investments |
|
— |
|
43 |
Net (gains) losses on sales of fixed assets |
|
5 |
|
— |
Equity (earnings) losses, net of taxes |
|
2 |
|
(42) |
Other, net |
|
32 |
|
39 |
Changes in current assets and liabilities |
|
|
|
|
Accounts and notes receivable |
|
7 |
|
103 |
Contract assets |
|
2 |
|
(52) |
Inventories |
|
76 |
|
52 |
Accounts payable and accrued liabilities |
|
(44) |
|
(203) |
Interest payable |
|
17 |
|
(5) |
Other |
|
(26) |
|
(27) |
Cash Provided By (Used For) Operating Activities |
|
395 |
|
345 |
Investment Activities |
|
|
|
|
Invested in capital projects |
|
(251) |
|
(341) |
Proceeds from sale of fixed assets |
|
1 |
|
2 |
Other |
|
3 |
|
— |
Cash Provided By (Used For) Investment Activities |
|
(247) |
|
(339) |
Financing Activities |
|
|
|
|
Repurchases of common stock and payments of restricted stock tax withholding |
|
(22) |
|
(177) |
Issuance of debt |
|
— |
|
670 |
Reduction of debt |
|
(3) |
|
(413) |
Change in book overdrafts |
|
(5) |
|
(26) |
Dividends paid |
|
(161) |
|
(162) |
Cash Provided By (Used for) Financing Activities |
|
(191) |
|
(108) |
Effect of Exchange Rate Changes on Cash and Temporary Investments |
|
— |
|
6 |
Change in Cash and Temporary Investments |
|
(43) |
|
(96) |
Cash and Temporary Investments |
|
|
|
|
Beginning of the period |
|
1,113 |
|
804 |
End of the period |
|
$ 1,070 |
|
$ 708 |
|
|||
|
|
|
|
|
Three Months Ended
|
||
|
2024 |
|
2023 |
Cash Provided By (Used For) Operating Activities |
$ 395 |
|
$ 345 |
Adjustments: |
|
|
|
Cash invested in capital projects |
(251) |
|
(341) |
Free Cash Flow |
$ 144 |
|
$ 4 |
Free cash flow is a non-GAAP (Generally Accepted Accounting Principles) measure which equals cash provided by (used for) operating activities subject to the adjustments set forth in the reconciliation table above. The most directly comparable GAAP measure is cash provided by operations. Management believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. By adjusting for certain items, as reflected in the reconciliation table above, that are not indicative of the Company's ongoing performance, free cash flow also enables investors to perform meaningful comparisons between past and present periods. |
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|
|
|
|
|
The non-GAAP financial measures presented in this release have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this release may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as |
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Management believes non-GAAP financial measures, when used in conjunction with information presented in accordance with GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company's financial results. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Investors are cautioned to not place undue reliance on any non-GAAP financial measures used in this release. |
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