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Our third quarter earnings were significantly impacted by the challenging macro environment," said Mark Sutton, Chairman and Chief Executive Officer. "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 fourth quarter, we see packaging demand stabilizing at these lower levels and input costs providing some relief; however, we also expect seasonally higher operating costs

International Paper Reports Third Quarter 2022 Results

International Paper (NYSE: IP) today reported third quarter 2022 financial results

By AP News
Published - Oct 27, 2022, 07:10 AM ET
Last Updated - Jul 19, 2024, 02:10 AM EDT

MEMPHIS, Tenn., Oct. 27, 2022 /PRNewswire/ -- International Paper (NYSE: IP) today reported third quarter 2022 financial results.

THIRD QUARTER 2022 HIGHLIGHTS

  • Third quarter net earnings (loss) attributable to International Paper of $951 million ($2.64 per diluted share) compared with $511 million ($1.38 per diluted share) in the second quarter of 2022 and $864 million ($2.20 per diluted share) in the third quarter of 2021. Third quarter 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. Third quarter 2021 net earnings include a net after-tax gain of $350 million ($0.89 per diluted share) on the sale of our Kwidzyn, Poland mill.

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