Rayonier Advanced Materials Reports Third Quarter 2018 Results

Financial News
Typography
  • Third quarter 2018 net income of $38 million and adjusted EBITDA of $99 million
  • Year-to-date diluted earnings per share of $1.82 and adjusted net income per share of $1.53; 264 percent increase in adjusted earnings per share from prior year
  • Year-to-date operating cash flow of $160 million; Adjusted free cash flow of $97 million
  • Increased sequential performance in High Purity Cellulose with continued support from commodity segment earnings
  • Successful execution of Cost Transformation with $38 million of savings achieved year-to-date; Increasing 2018 target by $10 million to $50 million; On-track to deliver $155 million of 3-year strategic EBITDA goal
  • Returned capital of $39 million to stockholders through dividends and share repurchases year-to-date

JACKSONVILLE, Fla.--Nov. 5, 2018-- Rayonier Advanced Materials Inc. (the "Company") (NYSE:RYAM) today reported third quarter 2018 net income of $38 million, or $0.60 per diluted common share, compared to $16 million, or $0.28 per diluted common share in the third quarter of 2017. Year-to-date 2018 net income was $116 million, or $1.82 per diluted common share, compared to $30 million, or $0.46 per diluted common share for the first nine months of 2017. Earnings for both the third quarter and year-to-date 2018 periods increased due to the November 2017 acquisition of Tembec Inc. ("Tembec").

Third quarter 2018 adjusted net income was $35 million, or $0.54 per diluted common share, compared to $10 million, or $0.18 per diluted common share in the third quarter of 2017. Year-to-date adjusted net income was $98 million, or $1.53 per diluted common share, compared to $28 million, or $0.42 per diluted common share in 2017.

A reconciliation of net income to adjusted net income and the related impact on diluted earnings per share can be found on Schedule F.

"Year-to-date we have generated $291 million of adjusted EBITDA, $97 million of adjusted free cash flow, and captured cost transformation and synergy savings of $38 million. Our solid results this quarter allowed us to invest in high-return strategic capital projects, repay debt and return capital to shareholders," said Paul Boynton, Chairman, President and Chief Executive Officer. "With our strong position in High Purity Cellulose, a positive outlook in the Pulp markets, and significant cash generation, we remain committed to our execution focus and opportunities to return capital through share repurchases."

View complete report

Source: Rayonier Advanced Materials

We use cookies to improve your experience on our website. You consent to the use of cookies by continuing the use of the site. Read more about our cookie policy and privacy statement.
More information Ok Decline