RYAM Q1 net income $2M vs loss; raises FCF guidance to $40-65M

RAYONIER ADVANCED MATERIALS INC.

2023-Q1 EPS reported $0.02 revenue$466,761,000

Net sales $467M (+33% YoY); Adj EBITDA $51M (+155% YoY); net income $2M vs loss $25M.
Reaffirms 2023 Adj EBITDA guidance $200-215M; raises FCF guidance to $40-65M.
Net debt reduced to $683M; liquidity $276M; refinancing of June 2024 notes a top priority with Goldman Sachs.
High Purity Cellulose sales +33% to $374M; Paperboard +9% to $59M; High-Yield Pulp +91% to $42M.
Q2 Adj EBITDA expected low $40M due to planned outages; Tartas bioethanol project on track for early 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

RAYONIER ADVANCED MATERIALS INC. reported quarter ended April 1, 2023 results: revenue $467 million, net income $2 million, EPS $0.02 per diluted share. Guidance raised.

Period: quarter ended April 1, 2023
Revenue: $467 million
Net income: $2 million
EPS: $0.02 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Net sales for the first quarter of $467 million, up $115 million, or 33 percent, from prior year quarter • Income from continuing operations for the first quarter of $2 million, up $26 million, or 108 percent, from prior year quarter • Adjusted EBITDA from continuing operations for the first quarter of $51 million, up $31 million, or 155 percent, from prior year quarter • Cash provided by operating activities of $51 million; total debt of $846 million • Adjusted Free Cash Flow generation of $36 million; Net Debt reduced to $683 million • Reaffirm 2023 Adjusted EBITDA guidance of $200 million to $215 million • Increase 2023 Adjusted Free Cash Flow guidance to $40 million to $65 million JACKSONVILLE, Fla., May 9, 2023 - Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”) reported net income of $2 million, or $0.02 per diluted share, for the quarter ended April 1, 2023, compared to a net loss of $25 million, or $(0.39) per diluted share, for the prior year quarter.

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accession 0001597672-23-000021

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