Updating Full Year Adjusted EBITDA Guidance to Exceed $160 million
- Revenues for the second quarter of $399 million, up 17 percent from prior year quarter
- Net loss from continuing operations for the second quarter of $25 million
- Adjusted EBITDA from continuing operations was $34 million, comparable to the same quarter in 2021
- Higher prices across all segments were partially offset by inflation on key input costs
JACKSONVILLE, Fla.-- Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”) reported a net loss of $23 million or $(0.36) per diluted share for the quarter ended June 25, 2022, compared to net income of $122 million or $1.89 per diluted share for the same prior year quarter. The net loss from continuing operations for the quarter ended June 25, 2022, was $25 million or $(0.39) per diluted share, compared to net income from continuing operations of $8 million or $0.13 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, presents the results of those operations as discontinued operations. Net income from continuing operations in the prior year quarter included a $25 million tax benefit resulting from remeasuring the Company’s Canadian deferred tax assets at a higher tax rate following the announcement of the disposal. Unless otherwise stated, information in this press release relates to continuing operations.
“With the successful completion of the planned maintenance outages at each of our four manufacturing sites in the first half of 2022, we are well-positioned to increase productivity, profitability and cash flow,” said De Lyle W. Bloomquist, President and Chief Executive Officer. “Demand for all of our products remains strong. We are updating our full year Adjusted EBITDA guidance to exceed $160 million. With these expected stronger financial results and continued improvement in working capital, we expect to generate significant cash flow in the back half of the year which will allow us to further reduce our debt levels.”
Source: Rayonier Advanced Materials
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