International Paper (IP) FY2018 results: revenue $23.3 billion, up 7.2% on the year
International Paper Co. (IP) reported revenue of $23.3 billion for fiscal 2018, the year ended 31 December 2018, up 7.2% on the year before. Net income was $2.0 billion, down 6.2%, and diluted earnings per share $4.85. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$23.3 billion
+7.2% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$2.0 billion
-6.2% on the year
FY2011FY2018
Diluted EPS
$4.85
-5.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
23,306
21,743
19,495
+7.2%
Cost of revenue
15,555
14,802
14,057
+5.1%
Gross profit
7,751
6,941
5,438
+11.7%
Gross margin
33.3%
31.9%
27.9%
Selling, general and administrative
1,723
1,621
1,458
+6.3%
Interest expense
734
758
695
-3.2%
Pre-tax income
1,781
848
795
+110.0%
Income tax
445
-1,085
193
Effective tax rate
25.0%
-127.9%
24.3%
Net income
2,012
2,144
904
-6.2%
Net margin
8.6%
9.9%
4.6%
Diluted EPS
$4.85
$5.13
$2.18
-5.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
3,226
1,757
2,478
+83.6%
Capital expenditure
1,572
1,280
1,241
+22.8%
Free cash flow
1,654
477
1,237
+246.8%
Free cash flow margin
7.1%
2.2%
6.3%
Cash from investing
-1,569
-1,391
-3,498
Cash from financing
-2,046
-399
982
Depreciation and amortisation
1,328
1,343
1,124
-1.1%
Buybacks
732
47.0
132
+1,457.4%
Dividends paid
789
769
733
+2.6%
Dividend per share
$1.93
$1.86
$1.78
+3.4%
Diluted shares, weighted
414m
418m
416m
-0.8%
Shares outstanding at period end
449m
449m
449m
+0.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,362
6,522
4,341
+12.9%
Non-controlling interest
21.0
19.0
18.0
+10.5%
Debt
16,952
17,448
17,598
-2.8%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
9,241
9,914
11,136
-6.8%
Total liabilities and equity
33,576
33,903
33,093
-1.0%
Fixed assets
13,067
13,265
13,003
-1.5%
Goodwill
3,374
3,411
3,364
-1.1%
Intangible assets
393
482
547
-18.5%
Investments
1,648
390
360
+322.6%
Cash and equivalents
589
1,018
1,033
-42.1%
Inventory
2,241
2,313
2,233
-3.1%
Other assets
12,264
13,024
12,553
-5.8%
Total assets
33,576
33,903
33,093
-1.0%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.