International Paper Co (NYSE:IP) Q4 2023 Earnings Conference Call February 1, 2024 10:00 AM ET
Company Participants
Mark Nellessen - VP, IR
Mark Sutton - Chairman & CEO
Timothy Nicholls - SVP & CFO
Clay Ellis - SVP, Global Cellulose Fibers
William Hamic - SVP, North American Container & Chief Commercial Officer
Conference Call Participants
Philip Ng - Jefferies
Michael Roxland - Truist Securities
Mark Weintraub - Seaport Research Partners
George Staphos - Bank of America Merrill Lynch
Matthew McKellar - RBC Capital Markets
Anthony Pettinari - Citigroup
Gabrial Hajde - Wells Fargo Securities
Operator
Good morning, and thank you for standing by. Welcome to today's International Paper's Fourth Quarter 2023 Earnings Call. [Operator Instructions].
It is now my pleasure to turn the call over to Mark Nellessen, Vice President, Investor Relations. Sir, the floor is yours.
Mark Nellessen
Thank you, Greg. Good morning, and thank you for joining International Paper's Fourth Quarter Earnings Call.
Our speakers this morning are Mark Sutton, Chairman and Chief Executive Officer; and Tim Nicholls, Senior Vice President and Chief Financial Officer.
There is important information at the beginning of our presentation on Slide 2, including certain legal disclaimers. For example, during this call, we will make forward-looking statements that are subject to risks and uncertainties. We will also present certain non-U.S. GAAP financial information. A reconciliation of those figures to U.S. GAAP financial measures is available on our website. Our website also contains copies of the fourth quarter earnings press release and today's presentation slides.
With that, I'll now turn it over to Mark Sutton.
Mark Sutton
Thank you, Mark, and good morning, everyone. We will begin our discussion on Slide 3, where I will touch on our full year 2023 results.
As I reflect on this past year, I'm very appreciative of all the hard work our employees have performed and for our strong customer relationships as we managed through a challenging market environment. Our teams across International Paper executed well, both commercially and operationally. They work closely with our customers to create value and serve their needs, while navigating an uncertain and changing demand environment. Our teams were also focused on driving our cost in all categories of spend across our large network of mills, box plants and supply chain operations.
In addition, we took strategic actions to structurally reduce fixed costs in our mill system, in our Industrial Packaging business and our Global Cellulose Fibers business. We also made significant progress in Building a Better IP, by delivering $260 million of earnings benefits in 2023, driven by commercial and process improvement initiatives.