International Paper posts $141M net loss for Q1 2020
By P&PC Staff
By P&PC Staff
International Paper has released its first-quarter 2020 results, reporting a net loss of $141 million, compared with net earnings of $165 million in the fourth quarter of 2019 and net earnings $424 million in the first quarter of 2019.
First quarter adjusted operating earnings were $226 million ($0.57 per diluted 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.
“International Paper had a solid first quarter in a rapidly changing environment as the impact of the COVID-19 pandemic and containment measures accelerated,” says Mark Sutton, chairman and chief executive officer, in the results.
“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. Given the unprecedented uncertainty regarding the ultimate economic impact of COVID-19, we are taking prudent steps to further strengthen the company’s liquidity.”
Sutton adds, “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.”
Read the full Q1 2020 International Paper financial report.