RYAM Q2 loss narrows to $16M; lowers EBITDA guidance, raises FCF outlook

RAYONIER ADVANCED MATERIALS INC.

2023-Q2 EPS reported -$0.24 revenue$852,174,000

Net loss from continuing ops $16M ($0.24/share) vs $25M loss a year ago; adjusted EBITDA $27M, down 21% YoY.
Revenue $385M (-3.5% YoY) with High Purity Cellulose flat, Paperboard down 24%, High-Yield Pulp up 10%.
Cellulose specialties prices +13% but volumes -27% due to destocking; commodity prices -4% but volumes +72%.
Lowers 2023 adjusted EBITDA guidance to $185-200M; raises adjusted free cash flow guidance to $55-70M.
Post-quarter: secured $250M term loan, redeemed $318M of 2024 notes, reducing gross debt by $68M.

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 the quarter ended July 1, 2023 results: revenue $385, net income net loss of $17 million, EPS $(0.26) per diluted share.

Period: the quarter ended July 1, 2023
Revenue: $385
Net income: net loss of $17 million
EPS: $(0.26) per diluted share
Result: reported results

Exact text from the filing

2023 June 25, 2022 High Purity Cellulose $ 300 $ 374 $ 302 $ 674 $ 583 Paperboard 48 59 63 107 117 High-Yield Pulp 44 42 40 86 62 Eliminations (7) (8) (6) (15) (11) Net sales $ 385 $ 467 $ 399 $ 852 $ 751 Operating results were comprised of the following for the periods presented: Three Months Ended Six Months Ended (in millions) July 1, 2023 April 1, 2023

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Source: SEC EDGAR

accession 0001597672-23-000039

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