US: International Paper’s net sales fell to US$20.6bn in 2020 from US$22.4bn in 2019, down by 8% year-on-year. Adjusted operating earnings dropped by 15% to US$3.06bn from US$3.61bn. Gypsum kraft paper volumes rose by 5% to 190,000t from 181,000t.
Chairman and chief executive officer Mark Sutton said, "Our performance while navigating through the impacts of the pandemic in 2020 reaffirms my admiration and appreciation for our employees and their on-going commitment to take care of each other and our customers. Above all, the health and safety of our employees remains our most important responsibility." He added, "In terms of results, International Paper delivered solid earnings and outstanding cash generation in the fourth quarter and full-year 2020. Our performance demonstrates the strength and resilience of our employees, our diverse customer base and our world-class manufacturing and supply chain capabilities. In 2020, we returned US$800m to shareholders and reduced debt by US$1.7bn to enhance our financial strength, while continuing to strengthen our packaging business through targeted investments. As we enter 2021, we anticipate continued strong demand for corrugated packaging and pulp and are poised to grow earnings as we take actions to build a better International Paper and accelerate value creation for our customers and shareholders."
