RYAM Q2 net income $11M vs loss; raises 2024 EBITDA outlook to $205-215M

RAYONIER ADVANCED MATERIALS INC.

2024-Q2 EPS reported $0.15 revenue$806,701,000

Net income $11M ($0.17/diluted) vs net loss of $17M (-$0.26) in Q2 2023; revenue $419M, up $34M.
Adjusted EBITDA from continuing ops $68M, up $41M YoY; includes $10M CEWS benefit claims.
FY2024 guidance raised: Adjusted EBITDA $205-215M, Adjusted FCF $100-110M; targeting net secured debt ratio <3.0x by year-end.
Temiscaming HPC suspension: expects $25-30M one-time charges in 2024; non-cash asset impairments in Q3.
Total debt $778M; net secured debt $659M; engaged Houlihan Lokey for senior notes refinancing.

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