The American Forest & Paper Association (AF&PA) announced the election of Greif Inc. President & CEO Pete Watson as the new AF&PA Board Chair and released its 2019 slate of AF&PA Board Officers. Paper and wood product industry leaders participated in the association’s Winter Board of Directors Meeting in Washington on February 7. “I am eager to partner with AF&PA’s leadership to advance 2019 advocacy priorities that will support our industry’s ability to grow the economy and create American manufacturing jobs,” said Watson. “A more resilient market-based paper recycling system, improved transportation infrastructure, free and fair trade, a competitive tax system, and regulatory reforms and process improvements top our list. All will set a stronger foundation for the one of the largest manufacturing sectors in the nation to prosper as our companies apply sustainable manufacturing practices to make the products that improve everyday life.” Click read more below for additional detail.
“International Paper delivered solid earnings and generated strong cash from operations in the first quarter,” said Mark Sutton, Chairman and Chief Executive Officer. “Operational performance was strong; we managed costs well and leveraged the strength and flexibility of our manufacturing system. In the first quarter, we also returned nearly $400 million to shareholders through dividends and share repurchases. Looking ahead to the second quarter, we anticipate improved seasonal demand and we are well positioned to continue generating strong cash flows in 2019.”
- First quarter net earnings attributable to International Paper of $424 million ($1.05 per diluted share) compared with $316 million ($0.78 per diluted share) in the fourth quarter of 2018 and $729 million ($1.74 per diluted share) in the first quarter of 2018
- First quarter adjusted operating earnings* (non-GAAP) of $447 million ($1.11 per diluted share) compared with $670 million ($1.65 per diluted share) in the fourth quarter of 2018 and $395 million ($0.94 per diluted share) in the first quarter of 2018
- First quarter equity earnings of $114 million compared with $95 million in the first quarter of 2018
- First quarter share repurchases of $180 million, bringing the trailing 12 month total to $880 million