International Paper (IP) FY2013 results: revenue $23.5 billion, up 7.5% on the year
International Paper Co. (IP) reported revenue of $23.5 billion for fiscal 2013, the year ended 31 December 2013, up 7.5% on the year before. Net income was $1.4 billion, up 75.7%, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$23.5 billion
+7.5% on the year
FY2007FY2013
Operating margin
9.5%
8.8% a year earlier
FY2007FY2013
Net income
$1.4 billion
+75.7% on the year
FY2007FY2013
Diluted EPS
$3.11
+72.8% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
23,483
21,852
26,034
+7.5%
Gross profit
7,201
n/a
7,074
Gross margin
30.7%
n/a
27.2%
Selling, general and administrative
1,796
1,674
1,887
+7.3%
Operating income
2,233
1,933
2,216
+15.5%
Operating margin
9.5%
8.8%
8.5%
Interest expense
669
743
596
-10.0%
Pre-tax income
1,228
967
1,458
+27.0%
Income tax
-498
306
311
Effective tax rate
-40.6%
31.6%
21.3%
Net income
1,395
794
1,322
+75.7%
Net margin
5.9%
3.6%
5.1%
Diluted EPS
$3.11
$1.80
$3.03
+72.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,028
2,967
2,675
+2.1%
Capital expenditure
1,198
1,383
1,159
-13.4%
Free cash flow
1,830
1,584
1,516
+15.5%
Free cash flow margin
7.8%
7.2%
5.8%
Cash from investing
-827
-4,858
-1,487
Cash from financing
-1,688
-795
742
Depreciation and amortisation
1,494
1,444
1,295
+3.5%
Buybacks
512
35.0
30.0
+1,362.9%
Dividends paid
554
476
427
+16.4%
Dividend per share
$1.25
$1.09
$0.97
+14.9%
Diluted shares, weighted
448m
440m
437m
+1.8%
Shares outstanding at period end
447m
440m
439m
+1.7%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
8,105
6,304
6,645
+28.6%
Non-controlling interest
179
332
340
-46.1%
Debt
11,531
12,176
9,908
-5.3%
Other liabilities
11,713
13,341
10,100
-12.2%
Total liabilities and equity
31,528
32,153
26,993
-1.9%
Fixed assets
13,672
13,949
11,817
-2.0%
Goodwill
3,987
4,315
2,346
-7.6%
Investments
733
887
657
-17.4%
Cash and equivalents
1,802
1,302
3,994
+38.4%
Inventory
2,825
2,730
2,320
+3.5%
Other assets
8,509
8,970
5,859
-5.1%
Total assets
31,528
32,153
26,993
-1.9%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.