MEMPHIS, Tenn. International Paper (NYSE: IP) today reported first quarter 2020 financial results.

FIRST QUARTER 2020 HIGHLIGHTS

First quarter net earnings (loss) attributable to International Paper of $(141) million ($(0.36) per diluted share), compared with $165 million ($0.42 per diluted share) in the fourth quarter of 2019 and $424 million ($1.05 per diluted share) in the first quarter of 2019. 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 our Brazil Packaging business.

First quarter adjusted operating earnings* (non-GAAP) of $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

Cash provided by operations of $649 million

Monetized $250 million of ownership position in Graphic Packaging

Liquidity position was $3.5 billion at quarter end, which reflects cash and committed credit facilities

COVID-19 HIGHLIGHTS

Essential business committed to the health and safety of our employees and serving our customers

Taking prudent actions to further strengthen liquidity

Strong immediate demand for corrugated packaging and pulp; significant demand decline for printing papers

'International Paper had a solid first quarter in a rapidly changing environment as the impact of the COVID-19 pandemic and containment measures accelerated,' said Mark Sutton, Chairman and Chief Executive Officer. '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 added, '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.'

Diluted Net EPS Attributable to International Paper Shareholders and Adjusted Operating EPS

https://internationalpaper2015.q4web.com/news-releases/press-r/2020/International-Paper-Reports-First-Quarter-2020-Results/default.aspx

(C) 2020 Electronic News Publishing, source ENP Newswire