International Paper reported 3Q 2022 net earnings (loss) of $951 million ($2.64 per diluted share) compared with $511 million ($1.38 per diluted share) in the 2Q 2022 and $864 million ($2.20 per diluted share) in the 3Q 2021.
3Q 2022 net earnings include a net after-tax benefit of $563 million ($1.56 per diluted share) related to the settlement of the previously announced timber monetization restructuring tax matter. 3Q 2021 net earnings include a net after-tax gain of $350 million ($0.89 per diluted share) on the sale of Kwidzyn, Poland mill.
3Q 2022 sales increased by 10% to $5.40 billion, compared to $4.91 billion in the 3Q 2021. Year-over-year revenue growth based on strong price realization, as the Company said.
"Our 3Q earnings were significantly impacted by the challenging macro environment," said Mark Sutton, Chairman and CEO. "Lower consumer spending for goods and retail inventory destocking drove lower demand for packaging, and we also experienced significantly higher energy and distribution costs. As we enter the 4Q, we see packaging demand stabilizing at these lower levels and input costs providing some relief; however, we also expect seasonally higher operating costs. And for the year, we expect to exceed our $225 million target related to our Building a Better IP initiatives."
International Paper is a leading global supplier of renewable fiber-based products.
