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International Paper Reports Solid Q4 Results, Record Operating Earnings

February 4, 2014
MEMPHIS, TN—February 4, 2014—International Paper reported full-year 2013 net earnings attributable to common shareholders totaling $1.4 billion ($3.11 per share) compared with $794 million ($1.80 per share) in full-year 2012. In the fourth quarter of 2013, the company reported net earnings of $436 million ($0.98 per share) compared with $235 million ($0.53 per share) in the fourth quarter of 2012. Amounts in all periods include special items and non-operating pension expense.
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Full-year 2013 Operating Earnings were $1.4 billion ($3.16 per share) compared with $1.2 billion ($2.65 per share) in 2012. Operating Earnings in the fourth quarter of 2013 totaled $367 million ($0.83 per share) compared with $305 million ($0.69 per share) in the fourth quarter of 2012.

Annual sales totaled $29.1 billion in 2013 compared with $27.8 billion in 2012. Quarterly net sales were $7.2 billion in the fourth quarter compared with $7.1 billion in the fourth quarter of 2012.

Full-year 2013 business segment operating profits were $1.8 billion compared with $2.0 billion in 2012.  Business segment operating profits in the fourth quarter were $59 million compared with $528 million in 2012, both of which included special items.

"International Paper delivered record operating earnings and cash from operations in 2013, largely driven by margin expansion across key businesses," said John Faraci, chairman and CEO. "In 2014, our businesses are well positioned to achieve another meaningful increase in EBITDA and Free Cash Flow."

Segment Information
The performance of the company's business segments are measured quarter to quarter without variations caused by special items, as management focuses on business segment operating profits excluding those items. Fourth quarter 2013 business segment operating profits and business trends compared with the prior quarter are as follows:

Industrial Packaging operating profits in the fourth quarter of 2013 were $486 million ($473 million including special items) compared with $517 million ($499 million including special items) in the third quarter of 2013. Box sales volumes improved relative to the market, however two less shipping days for the quarter and seasonally lower demand led to lower volumes. Profits for the segment benefited from the complete realization of the 2013 containerboard price increase.

Printing Papers operating profits were $143 million (a loss of $47 million after special items) in the fourth quarter of 2013 versus $144 million ($93 million including special items) in the third quarter of 2013. North America experienced fixed cost penalties and lower sales volumes resulting from Courtland's partial shutdown in the quarter, partly offset by lower maintenance outages and improved sales price/mix. Brazil's results improved largely driven by higher volume and better mix from seasonally stronger demand.  Europe was negatively impacted by higher outages, while India improved with stronger prices and volume, along with no maintenance outages in fourth quarter of 2013.
 

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