International Paper today reported full-year and Q4 2022 financial results.Q4 2022 net sales were $5,133 billion, compared to $ 5,086 billion in Q4 2021. Full-year 2022 net sales totaled to $21,161 billion, compared to $ 19,363 billion in 2021.
Q4 2022 net earnings (loss) were $318 million including a $533 million non-cash impairment of its Ilim joint venture investment. Q4 2022 adjusted operating earnings (non-GAAP) were $309 million ($0.87 per diluted share).
Full-year 2022 net earnings (loss) were $1.5 billion, compared with $1.8 billion for full-year 2021.
“In 2022, International Paper grew revenue and earnings in a dynamic and challenging macro environment and returned $1.9 billion to our shareowners,” said Mark Sutton, Chairman, and CEO. “Our commercial and mill operational performance was solid, while significant inflation and lower demand impacted margins. We also delivered $250 million of earnings benefits from our Building Better IP initiatives, exceeding our target for the year and building solid momentum going forward.”
Sutton added, “As we enter 2023, International Paper is well-positioned to navigate various economic environments from a position of strength, given our strategic customer relationships, our highly talented teams, our track record of solid cash generation, and our strong balance sheet. We also remain focused on creating value for all our stakeholders as we continue Building a Better IP.”
International Paper is a leading global supplier of renewable fiber-based products.