International Paper Reports Strong Industrial Packaging Results for Q1 2013

International Paper recorded Ilim Joint Venture equity losses of $11 million, compared with equity earnings of $8 million in the fourth quarter of 2012. Based on a stronger dollar versus the ruble, the after-tax impact of a foreign exchange loss in the first quarter of 2013 was $11 million unfavorable compared with a foreign exchange gain of $6 million in the fourth quarter of 2012. The impact in both quarters was due to non-cash adjustments associated with the Ilim Group joint venture’s U.S. dollar-denominated debt.