Why did IP's earnings trend downward in 2024?

International Paper's (IP) earnings trend downward in 2024 was primarily influenced by a combination of factors:

1. **Operational Challenges and Inefficiencies**: Despite its market leadership, IP faced operational challenges that impacted its Industrial Packaging volumes, which were lower due to seasonal effects and strategic choices. Maintenance outages also increased by $16 million or $0.03 per share in Q1 2024.
2. **Impact of Weather and Natural Disasters**: The January freeze and the Ixtac fire in Mexico had a negative impact on operations and costs, affecting both the Global Cellulose Fibers Segment and the Industrial Packaging Segment.
3. **Input Costs and Price Fluctuations**: Input costs increased by $0.07 per share, mainly due to higher OCC, energy, and chemical costs. This, coupled with lower year-over-year prices in both the Industrial Packaging and Global Cellulose Fibers segments, impacted profitability.
4. **Seasonal and Volume-Related Variations**: Volume impact was unfavorable by $0.08 per share due to seasonally lower shipments and winter storm effects. Corrugating packaging volumes were down 6% from the previous year’s comparable quarter.

These factors, either directly or indirectly, contributed to the downward trend in IP's earnings in 2024.