International Paper Company (NYSE: IP) reported Q1 EPS of $0.57, $0.15 better than the analyst estimate of $0.42. Revenue for the quarter came in at $5.32 billion versus the consensus estimate of $5.28 billion.

FIRST QUARTER 2020 HIGHLIGHTS

• First quarter net earnings (loss) attributable to International Paper of $(141) million ($(0.36) per diluted share), compared with $165 million ($0.42 per diluted share) in the fourth quarter of 2019 and $424 million ($1.05 per diluted share) in the first quarter of 2019. First quarter 2020 net earnings included an after-tax charge of $337 million ($0.85 per diluted share) for the impairment of the net assets and write-off of foreign currency translation adjustment following the announcement of the sale of our Brazil Packaging business.
• First quarter adjusted operating earnings* (non-GAAP) of $226 million ($0.57 per diluted share) compared with $430 million ($1.09 per diluted share) in the fourth quarter of 2019 and $447 million ($1.11 per diluted share) in the first quarter of 2019
• Cash provided by operations of $649 million
• Monetized $250 million of ownership position in Graphic Packaging
• Liquidity position was $3.5 billion at quarter end, which reflects cash and committed credit facilities

COVID-19 HIGHLIGHTS

• Essential business committed to the health and safety of our employees and serving our customers
• Taking prudent actions to further strengthen liquidity
• Strong immediate demand for corrugated packaging and pulp; significant demand decline for printing papers

"International Paper had a solid first quarter in a rapidly changing environment as the impact of the COVID-19 pandemic and containment measures accelerated," said Mark Sutton, Chairman and Chief Executive Officer. "International Paper entered this crisis in a position of strength due to our committed employees, our diverse customer base, our world-class manufacturing and supply chain capabilities and solid financial footing. Given the unprecedented uncertainty regarding the ultimate economic impact of COVID-19, we are taking prudent steps to further strengthen the company's liquidity."

Sutton added, "I am especially grateful to our manufacturing, converting and supply chain frontline teams around the world – their health and safety is our most important responsibility as we provide essential products to our customers."

For earnings history and earnings-related data on International Paper Company (IP) click here.