International Paper has released its 2023 full-year and Q4 2023 financial results.
- Sales for Q4 amounted to $4,601m, with a net loss of $-284m.
- Sales for the full year were $18,916m, down from $21,161m in 2022.
- Full year profit was $288m, down from $1,504m the year before.
“In 2023, the International Paper team demonstrated our agility by navigating through challenging market conditions,” said Mark Sutton, Chairman and Chief Executive Officer. “We executed well and delivered $260m of ‘Building a Better IP’ benefits, while accelerating cost reduction efforts across our operations and supply chain. Although earnings were impacted by lower demand and cost inflation, we executed strategic actions to further optimize our mill system and invest in the future growth of our packaging business. We also returned $839m to our shareowners. As we enter 2024, we remain committed to creating value for our customers and shareowners. We see demand growth across the markets we serve. Because our ‘Building a Better IP’ mindset is embedded into our culture, we will continue to accelerate our commercial strategies and drive operational excellence to improve profitability.”
