International Paper (IP) FY2019 results: revenue $18.3 billion, down 21.4% on the year
International Paper Co. (IP) reported revenue of $18.3 billion for fiscal 2019, the year ended 31 December 2019, down 21.4% on the year before. Net income was $1.2 billion, down 39.1%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$18.3 billion
-21.4% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.2 billion
-39.1% on the year
FY2012FY2019
Diluted EPS
$3.07
-36.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
18,317
23,306
21,743
-21.4%
Cost of revenue
12,669
15,555
14,802
-18.6%
Gross profit
5,648
7,751
6,941
-27.1%
Gross margin
30.8%
33.3%
31.9%
Selling, general and administrative
1,449
1,723
1,621
-15.9%
Interest expense
701
734
758
-4.5%
Pre-tax income
921
1,781
848
-48.3%
Income tax
477
445
-1,085
+7.2%
Effective tax rate
51.8%
25.0%
-127.9%
Net income
1,225
2,012
2,144
-39.1%
Net margin
6.7%
8.6%
9.9%
Diluted EPS
$3.07
$4.85
$5.13
-36.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,610
3,226
1,757
+11.9%
Capital expenditure
1,137
1,572
1,280
-27.7%
Free cash flow
2,473
1,654
477
+49.5%
Free cash flow margin
13.5%
7.1%
2.2%
Cash from investing
-1,300
-1,569
-1,391
Cash from financing
-2,389
-2,046
-399
Depreciation and amortisation
1,072
1,328
1,343
-19.3%
Buybacks
535
732
47.0
-26.9%
Dividends paid
796
789
769
+0.9%
Dividend per share
$2.01
$1.93
$1.86
+4.5%
Diluted shares, weighted
399m
414m
418m
-3.7%
Shares outstanding at period end
449m
449m
449m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,713
7,362
6,522
+4.8%
Non-controlling interest
5.0
21.0
19.0
-76.2%
Debt
9,699
16,952
17,448
-42.8%
Operating lease liabilities
304
0.0
n/a
Finance lease liabilities
88.0
n/a
n/a
Other liabilities
15,662
9,241
9,914
+69.5%
Total liabilities and equity
33,471
33,576
33,903
-0.3%
Fixed assets
13,004
13,067
13,265
-0.5%
Goodwill
3,114
3,374
3,411
-7.7%
Intangible assets
368
393
482
-6.4%
Investments
1,721
1,648
390
+4.4%
Cash and equivalents
511
589
1,018
-13.2%
Inventory
2,208
2,241
2,313
-1.5%
Other assets
12,545
12,264
13,024
+2.3%
Total assets
33,471
33,576
33,903
-0.3%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.