International Paper Reports Solid Q4 Results, Record Operating Earnings

International Paper recorded Ilim joint venture equity losses of $12 million in the fourth quarter of 2013, compared with equity earnings of $11 million in the third quarter of 2013. The company recognized an after-tax foreign exchange loss of $6 million in the fourth quarter of 2013 compared with an after-tax gain of $8 million in the third quarter of 2013 due to foreign exchange movement in the U.S. dollar versus the Russian ruble. The impact in both quarters was due to non-cash adjustments associated with the Ilim Group joint venture's U.S. dollar denominated debt.