International Paper's 1Q 2021 net earnings (loss) was $349 million ($0.88 per diluted share), compared with $153 million ($0.39 per diluted share) in the 4Q 2020 and $(141) million ($(0.36) per diluted share) in the 1Q 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 its Brazil Packaging business.
1Q 2021 net sales were $5.36 billion, compared to $5.35 billion in 1Q 2020.
1Q 2021 cash provided by operations of $512 million compared with $649 million in the same period of 2020.
"International Paper delivered solid earnings and strong cash generation in the 1Q," said Mark Sutton, Chairman and CEO. "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."
International Paper is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia.
