MEMPHIS, Tennessee – International Paper (NYSE: IP) today reported full-year 2014 net earnings attributable to common shareholders totaling $555 million ($1.29 per share) compared with $1.4 billion ($3.11 per share) in full-year 2013. In the fourth quarter 2014, the Company reported net earnings of $134 million ($0.32 per share) compared with $436 million ($0.98 per share) in the fourth quarter of 2013. Fourth quarter 2014 earnings included a $0.40 per share non-cash foreign exchange charge as described below. Amounts in all periods include the impact of special items, non-operating pension expense and discontinued operations.
Full-year 2014 Operating Earnings were $1.3 billion ($3.00 per share) compared with $1.4 billion ($3.06 per share) in 2013. Operating Earnings in the fourth quarter of 2014 totaled $227 million ($0.53 per share) compared with $359 million ($0.81 per share) in the fourth quarter of 2013.
Annual sales totaled $23.6 billion in 2014 compared with $23.5 billion in 2013. Quarterly net sales were $5.9 billion in the fourth quarter of 2014 compared with $5.8 billion in the fourth quarter of 2013.
Full-year 2014 business segment operating profits were $2.8 billion compared with $2.6 billion in 2013. Business segment operating profits in the fourth quarter of 2014 were $694 million, compared with $661 million in the fourth quarter of 2013.
“International Paper delivered record cash from operations through strong performance by the North American Industrial Packaging group,” said Mark Sutton, Chairman and Chief Executive Officer. "As we enter 2015, a strengthening North American economy is helping to offset a global environment that remains challenged. With our focus on execution, IP expects to deliver another year of earnings growth and strong free cash flow.”