Secured double-digit price increases and volume improvements for Cellulose Specialties in 2022
- Net loss from continuing operations for the fourth quarter was $28 million, $1 million favorable to the comparable period in 2020
- Adjusted EBITDA from continuing operations was $26 million, up $12 million from the comparable quarter in 2020, driven primarily by higher High Purity Cellulose prices
- Amidst strong demand, secured double-digit percent price increases along with volume improvements for cellulose specialties contracts in 2022
- Expect to drive EBITDA growth in 2022 focused on higher pricing, managing costs and improved reliability; expect a stronger back half with extensive maintenance outages heavily weighted to the first half of 2022
- Enhanced sustainability disclosures in updated Environmental, Social and Governance (ESG) Report, including a Greenhouse Gas reduction target of 40% by 2030 from 2020 levels
JACKSONVILLE, Fla.--Feb. 23, 2022-- Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”) reported a net loss of $24 million or $0.38 per diluted share for the quarter ended December 31, 2021, compared to net income of $9 million or $0.14 per diluted share for the same prior year quarter. The net loss from continuing operations for the quarter ended December 31, 2021 was $28 million or $0.45 per diluted share, compared to net loss from continuing operations of $29 million or $0.46 per diluted share for the same prior year quarter. The improvement in the diluted loss per share was driven primarily by higher High Purity Cellulose prices. Income from discontinued operations for the quarter ended December 31, 2021 was $4 million or $0.07 per diluted share, driven by income tax benefit, compared to income from discontinued operations of $38 million or $0.60 per diluted share for the same prior year quarter. The Company sold its lumber and newsprint assets in the third quarter of 2021, and as a result, the Company has reclassified certain prior year amounts to conform to the current year presentation for discontinued operations. Unless otherwise stated, information in this press release relates to continuing operations.
“I am excited to be joining Rayonier Advanced Materials at such an important inflection point in our history. The actions taken by the team to streamline the portfolio, negotiate higher contract prices and volumes for cellulose specialties and highlight our sustainability objectives set the Company on a path to achieve significant improvements in 2022 and beyond,” said Vito J. Consiglio, President and Chief Executive Officer. “We are enacting key strategic initiatives in the coming year to drive improved reliability and grow EBITDA, including investments in extensive maintenance outages at three of our four facilities in the first half of 2022. Further, as we face an extraordinary inflationary environment, we are engaging in on-going dialogues with our customers and focusing on self-help measures to maintain the strength of our business.”
Source: Rayonier Advanced Materials
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