International Paper (NYSE:IP) reported a Q4 net loss of $101 million, of $0.24 per share, compared with a net loss of $1.8 billion, or $4.25, in the Q4 2008. Preliminary full year earnings for 2009 are for $663 million, or $1.55 per share, compared with a loss of $1.3 billion, or $3.05, a year ago.
Quarterly net sales were for $6 billion compared with $6.5 billion in the same quarter of a year prior. Annual sales came in at $23.4 billion compared to $24.8 billion in 2008.
The company generated $4.1 billion of free cash flow compared with $1.7 billion in 2008 based on a reduction in capital spending.
John Faraci, chairman and chief executive officer, commented on the results, "Despite all the uncertainties we faced at the beginning of 2009 and throughout the year, plus the challenge of rising input costs in the fourth quarter, International Paper overall has delivered solid results. Our focus on reducing overhead costs, matching our supply with our customer demand and realizing Industrial Packaging synergies gave us the ability to generate record free cash flow and pay down a significant amount of debt while positioning ourselves for 2010."