Packaging solution provider International Paper has reported net earnings of $288m for financial year 2023 (FY23), compared to the previous year's $1.5bn.  

Its earnings per share also fell to $0.82 in FY23, from $4.10 a year ago.  

The company's adjusted operating earnings was listed as $755m, or $2.16 per diluted share, and its business segment operating profit for the year was $1.2bn, compared with $1.8bn in the previous year.  

During the year ending 31 December 2023, International Paper recorded net sales of $18.9bn, a decrease from $21.1bn in FY22.

The company made capital investments of $1.1bn in FY23, with a focus on packaging for future growth.  

In the fourth quarter (Q4) of FY23, International Paper reported a net loss of $284m, which was an improvement from a net loss of $318m in the same period of FY22.

Loss per diluted share from continuing operations was $0.82, contrasting with earnings per diluted share of $0.48 in Q4 FY22. 

During the quarter, the total business segment operating profit was $257m, a decrease from $451m in the prior year's quarter.  

Its net sales for the quarter was $4.60bn, slightly down from $4.61bn in the same period of FY22.

International Paper chair and CEO Mark Sutton said: "In 2023, the International Paper team demonstrated our agility by navigating through challenging market conditions. 

"We executed well and delivered $260m of Building a Better IP benefits, while accelerating cost reduction efforts across our operations and supply chain. Although earnings were impacted by lower demand and cost inflation, we executed strategic actions to further optimise our mill system and invest in the future growth of our packaging business. We also returned $839m to our shareholders."