Net sales in 3Q 2022 were $5.402 billion, up slightly from $5.389 billion in 2Q 2022 and $4.914 billion in 3Q 2021. 3Q 2021. Revenue growth of 10% from year-on-year was based on strong price realization.
Net income (loss) attributable to International Paper in the third quarter was $951 million ($2.64 per diluted share), compared to $511 million ($1.38 per diluted share) in second quarter of 2022 and $864 million ($2.20 per diluted share) in the third quarter of 2022. 2021.
Net income for the third quarter of 2022 includes 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 case. Net income for the third quarter of 2021 includes a net after-tax gain of $350 million ($0.89 per diluted share) on the sale of our plant in Kwidzyn, Poland.
Cash provided by operations was $435 million, bringing the year-to-date to $1.4 billion.
“Our third quarter earnings were significantly impacted by the difficult macroeconomic environment,” said Mark Sutton, Chairman and Chief Executive Officer. “Lower consumer spending on goods and destocking of retail inventory led to 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 and for the year we expect to exceed our target of $225 million related to our Building a Better IP initiatives.
“Looking forward, while there is considerable geopolitical and macroeconomic uncertainty ahead of us, I am confident in our ability to navigate various environments,” Sutton added. “We have a great team and an extensive system of crushers and can plants that allow us to take care of our customers while optimizing our operations to reduce high marginal costs. We will also continue to invest in attractive cost reduction projects and accelerate our improvement initiatives to create value.”