International Paper Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net sales of $7,075 million compared to $6,367 million a year ago, revenues were strong in the fourth quarter, up sequentially versus the third quarter and greater than 10% higher versus the fourth quarter of last year. Obviously, it's primarily driven by Temple-Inland. Earnings from continuing operations before income taxes and equity earnings were $287 million compared to $416 million a year ago. Net Earnings Attributable to the company was $235 million or $0.53 per diluted share compared to $281 million or $0.65 per basic and diluted per share a year ago. Cash from operations was over $760 million, capital spending was $380 million, and free cash flow was nearly $390 million. Earnings from continuing operations was $222 million or $0.51 per diluted share as compared to $285 million or $0.65 per diluted share for the same period prior year.

For the year, the company reported net sales of $27,833 million compared to $26,034 million a year ago. Earnings from continuing operations before income taxes and equity earnings were $1,024 million compared to $1,458 million a year ago. Net earnings attributable to the company was $794 million or $1.80 per diluted share compared to $1,322 million or $3.03 per diluted share a year ago. Cash provided by operations was $2,967 million compared to $2,675 million a year ago. Earnings from continuing operations was $754 million or $1.70 per diluted share as compared to $1,287 million or $2.92 per diluted share for the same period prior year.

In terms of capital spending going forward, the company have revised down its outlook for the 2012 to 2015 timeframe by $400 million to an average of $1.4 billion per year, and this is due to factoring in the reduced regulatory spending that will be required from Boiler MACT in this period. Expected free cash flow was $2 billion.