International Paper (IP) reported full-year 2024 net earnings of $557 million, or $1.57 per diluted share, and adjusted operating earnings (non-GAAP) of $400 million, or $1.13 per diluted share. Full-year net sales were $18.6 billion in 2024 and $18.9 billion in 2023. The reported Q4 net loss was $147 million, or $0.42 per diluted share, and adjusted operating loss (non-GAAP) was $7 million, or $0.02 per diluted share. Q4 net sales were $4.6 billion in 2024 and 2023.
Full-year and Q4 net earnings include a pre-tax charge of $395 million for accelerated depreciation and restructuring charges, including $334 million related to the previously announced closure of the Company's Georgetown, S.C. pulp mill.
"During 2024, we initiated our strategy to deliver profitable growth as the low-cost, most reliable and innovative sustainable packaging solutions provider for our customers," said Chairman and CEO Andy Silvernail. "Through a disciplined 80/20 approach, we have restructured our corporate organization, added resources to the business, reduced structural costs through footprint actions and successfully piloted regional box plant optimization. In the quarter, our earnings have stabilized and we intend to accelerate earnings improvement in 2025."
"2025 will be a transformational year with disciplined execution to further reduce costs and balance our capacity to our demand," Silvernail added. "We will continue to optimize and invest in our box plant system to deliver service excellence for our customers while actively exploring strategic options for our Global Cellulose Fibers business. We look forward to welcoming the DS Smith team into the IP family as we work together to become a global leader in sustainable packaging solutions."
International Paper is a global producer of sustainable packaging, pulp and other fiber-based products, and one of the world's largest recyclers.
