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IP's Q4 Earnings Beat Estimates, Sales Dip Y/Y on Low Volumes
Zacks
International Paper
-1.60%
Packaging Corp. of America
-0.41%
Rayonier Advanced Materials
-1.79%
Smurfit WestRock
-0.56%International Paper Company IP reported an adjusted loss of two cents per share in the fourth quarter of 2024, which beat the Zacks Consensus Estimate of a loss of seven cents per share. This compares with the company’s restated adjusted loss of 51 cents per share for the year-ago quarter.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
International Paper witnessed lower volumes, higher input, and operation costs and maintenance outage costs, which were offset by an improved price mix. Earnings in the quarter also included a 46-cent benefit from accelerated depreciation related to strategic mill actions.
Including one-time items, such as combination costs related to the acquisition of DS Smith, severance costs, environmental remediation adjustments, Global Cellulose Fibers strategic options costs and gain on sale of fixed assets, IP posted a net loss per share of 42 cents from continuing operations in the fourth quarter. This was narrower than the loss of 82 cents per share from continuing operations in the year-ago quarter.
International Paper Company Price, Consensus and EPS Surprise
International Paper Company price-consensus-eps-surprise-chart | International Paper Company Quote
International Paper reported net sales of $4.58 billion, down 0.5% from the year-ago quarter as lower volumes were offset by higher prices. The top line missed the Zacks Consensus Estimate of $4.7 billion.
International Paper’s Margin Performance
International Paper reported cost of sales of $3.25 billion compared with $3.28 billion in the year-ago quarter. Selling and administrative expenses were $ 521 million, marking a 46% spike from the $357 million in the year-ago quarter.
IP reported a segment operating loss of $3 million compared with a loss of $165 million in the year-ago quarter.
Adjusted operating profit was $6 million against a loss of $154 million in the year-ago quarter. Adjusted operating margin was 0.1% against a negative 3.3% in the year-ago quarter.
Adjusted EBITDA was $505 million compared with $535 million in the year-ago quarter. Adjusted EBITDA margin was 11%, reflecting a 60-basis point contraction year over year.
IP’s Segment Performances in Q4
Industrial Packaging: The segment’s sales totaled $3.87 billion, up 0.7% from last year’s figure as a year-over-year improvement in prices offset the decline in total volume. Our estimate for the segment’s sales was $3.93 billion.
Operating profit for the segment was $247 million against a loss of $32 million. Our projection for the segment’s operating profit was $252 million.
The segment reported corrugating packaging volumes of 2,132 thousand short tons, down 8% from last year’s comparable quarter. We projected corrugating packaging volumes to be 2,191 thousand short tons.
Containerboard volumes were 715 thousand short tons, down 9% from the year-ago quarter's figure. The figure missed our estimate of 770 thousand short tons.
Recycling volumes declined 6% year over year to 504 thousand short tons, falling short of our projection of 531.2 thousand short tons.
Volumes in Saturated Kraft were up 4.8% year over year while Gypsum /Release Kraft volumes declined 8.6%. EMEA Packaging reported a 6.3% improvement in volumes.
Overall, volumes for the Industrial Packaging segment were 3,800 thousand short tons, down 6.7% from the fourth quarter of 2023. Our projection for the metric was 3,904 thousand short tons, factoring in a 4% decline from the prior-year quarter.
Global Cellulose Fibers: Segmental sales inched up 0.9% year over year to $662 million as higher prices offset lower volumes. Our projection for the segment’s sales was $711 million.
The segment reported an operating loss of $250 million, wider than the year-ago quarter’s loss of $133 million. Our model had anticipated an operating loss of $235 million.
The segment’s volumes were 623 thousand metric tons, which were down 7.8% year over year. The figure fell short of our expectation of 648 thousand metric tons, which was based on a 4.1% year-over-year decline.
IP’s Fiscal 2024 Performance
International Paper reported adjusted earnings of $1.13 per share in 2024, surpassing the Zacks Consensus Estimate of $1.07. The figure, however, marked a 10% decline from earnings per share of $1.25 in 2023.
Including one-time items, the company reported earnings per share of $1.57 from continuing operations in 2024 compared with $0.86 in 2023.
Net sales were $18.6 billion in 2024, which missed the Zacks Consensus Estimate of $18.78 billion. Sales dipped 1.6% year over year.
International Paper’s Cash & Debt Position
Cash and temporary investments aggregated $1.17 billion at the end of 2024 compared with $1.11 billion at the end of 2023. The company paid $643 million as dividends through the year.
At the end of 2024, IP’s long-term debt was $5.37 billion, lower than $5.46 billion as of 2023-end. Cash flow from operating activities was $1.68 billion compared with $1.83 billion in the prior year. Free cash flow was $757 million , higher than $692 million in 2023.
International Paper’s Expectations for Q12025
The company expects higher volumes sequentially for the Industrial Packaging segment in the first quarter due to two extra days. However, pricing is expected to be negative. Gains from cost reduction initiatives and lower original corrugated containers (OCC) costs will be offset by higher wages and energy costs. Lower maintenance outage expenses will add to the segment’s earnings.
The Global Cellulose Fibers segment will see stable volumes sequentially and lower prices. While input costs are expected to be stable, maintenance expenses will be higher.
The company stated that it will optimize cost structure, make investments to strengthen its competitive and strategic assets, and reduce complexity in the business. International Paper said that it is exploring strategic options for the Global Cellulose Fibers business. The company expects to accelerate earnings improvement in 2025.
International Paper is progressing on the acquisition process of DS Smith, announced on April 16, 2024. This should strengthen IP’s corrugated packaging business in Europe and prioritize sustainable packaging.
IP Stocks’ Price Performance
International Paper’s shares have risen 59.7% in the past year compared with the industry’s 47.2% growth.
International Paper’s Zacks Rank
International Paper currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of IP’s Peer in Q4
Packaging Corporation of America PKG reported adjusted earnings per share of $2.47 in the fourth quarter of 2024, which missed the Zacks Consensus Estimate of $2.51. The bottom line increased 16% year over year. The upside was driven by higher prices and mix and improved volume in both segments as well as lower freight and logistics expenses. However, these gains were somewhat offset by an increase in operating costs, scheduled maintenance outage expenses, depreciation expenses and other expenses.
PKG’s sales rose 10.7% year over year to $2.15 billion due to higher volumes and price/mix in both segments. The top line beat the Zacks Consensus Estimate of $2.13 billion.
The company currently carries a Zacks Rank of 2. Its shares have gained 29.7% in the past year.
Paper & Related Product Stocks Awaiting Results
Smurfit Westrock PLC SW is scheduled to release fourth-quarter results on Feb. 12. The Zacks Consensus Estimate for revenues is pegged at $7.80 billion, indicating year-over-year growth of 68.8%. The estimate for earnings is 67 cents per share, indicating a solid improvement from 20 cents in the fourth quarter of 2023.
Smurfit Westrock has a trailing four-quarter average earnings surprise of negative 6.81%. The company currently carries a Zacks Rank #4 (Sell). SLVM's shares have gained 33% in the past year.
Rayonier Advanced Materials RYAM, expected to release fourth-quarter 2024 results next month, has a trailing four-quarter average surprise of 9.5%. The Zacks Consensus Estimate for RYAM’s earnings is pegged at a loss of 12 cents per share. This indicates an improved performance from the loss of 22 cents per share reported in the fourth quarter of 2023.
The consensus estimate for the RYAM’s top line is pegged at $436 million, indicating 3% growth from the prior-year figure.
RYAM currently carries a Zacks Rank of 2. The company has gained 93% in the past year.
Zacks Investment Research
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