Third Quarter 2020 Highlights
- Third quarter income from continuing operations was $29 million, $43 million better than comparable quarter in 2019
- Third quarter Adjusted EBITDA of $55 million, up $19 million from comparable quarter in 2019 primarily driven by higher lumber prices, improved reliability in High Purity Cellulose operations and lower costs
- Generated $34 million of Free Cash Flow through the third quarter driven by reduced capital expenditures and improved working capital
- Improved liquidity of $196 million, excluding a $33 million cash tax refund expected in fourth quarter plus an additional $22 million expected over the next twelve months
JACKSONVILLE, Fla. -- Nov. 4, 2020 -- Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company”) reported income from continuing operations for the quarter ended September 26, 2020 of $29 million or $0.45 per diluted share, compared to a loss from continuing operations of $14 million or $0.29 per diluted share for the same prior year quarter.
Year-to-date net loss from continuing operations for the nine months ended September 26, 2020 was $9 million, or $0.14 per diluted common share, compared to a net loss of $62 million, or $1.36 per diluted common share for the same prior year period. The decrease in the diluted loss per share was due to the significant improvements in Forest Products as well as from the conversion of the Company’s preferred stock into approximately 13 million shares of common stock in August of 2019.
“Driven by strong lumber prices, better reliability in High Purity Cellulose and an ongoing focus of reducing costs, third quarter results were positive,” said Paul Boynton, President and Chief Executive Officer. “Despite the challenges brought on by COVID-19, the organization capitalized on near-term opportunities and is starting to see signs of an economic recovery in viscose and high-yield pulp markets.”
Source: Rayonier Advanced Materials