International Paper (IP) FY2014 results: revenue $23.6 billion, up 0.6% on the year
International Paper Co. (IP) reported revenue of $23.6 billion for fiscal 2014, the year ended 31 December 2014, up 0.6% on the year before. Net income was $555 million, down 60.2%, and diluted earnings per share $1.29. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$23.6 billion
+0.6% on the year
FY2007FY2014
Operating margin
8.7%
9.5% a year earlier
FY2007FY2014
Net income
$555 million
-60.2% on the year
FY2007FY2014
Diluted EPS
$1.29
-58.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
23,617
23,483
21,852
+0.6%
Cost of revenue
16,254
n/a
n/a
Gross profit
7,363
7,201
n/a
+2.2%
Gross margin
31.2%
30.7%
n/a
Selling, general and administrative
1,793
1,796
1,674
-0.2%
Operating income
2,058
2,233
1,933
-7.8%
Operating margin
8.7%
9.5%
8.8%
Interest expense
677
669
743
+1.2%
Pre-tax income
872
1,228
967
-29.0%
Income tax
123
-498
306
Effective tax rate
14.1%
-40.6%
31.6%
Net income
555
1,395
794
-60.2%
Net margin
2.4%
5.9%
3.6%
Diluted EPS
$1.29
$3.11
$1.80
-58.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,077
3,028
2,967
+1.6%
Capital expenditure
1,366
1,198
1,383
+14.0%
Free cash flow
1,711
1,830
1,584
-6.5%
Free cash flow margin
7.2%
7.8%
7.2%
Cash from investing
-860
-827
-4,858
Cash from financing
-2,086
-1,688
-795
Depreciation and amortisation
1,406
1,494
1,444
-5.9%
Buybacks
1,062
512
35.0
+107.4%
Dividends paid
620
554
476
+11.9%
Dividend per share
$1.45
$1.25
$1.09
+16.0%
Diluted shares, weighted
432m
448m
440m
-3.6%
Shares outstanding at period end
449m
447m
440m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,115
8,105
6,304
-36.9%
Non-controlling interest
148
179
332
-17.3%
Debt
11,423
11,531
12,176
-0.9%
Other liabilities
11,998
11,713
13,341
+2.4%
Total liabilities and equity
28,684
31,528
32,153
-9.0%
Fixed assets
12,728
13,672
13,949
-6.9%
Goodwill
3,773
3,987
4,315
-5.4%
Investments
248
733
887
-66.2%
Cash and equivalents
1,881
1,802
1,302
+4.4%
Inventory
2,424
2,825
2,730
-14.2%
Other assets
7,630
8,509
8,970
-10.3%
Total assets
28,684
31,528
32,153
-9.0%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.