Rayonier Advanced Materials Announces Preliminary Fourth Quarter and Full Year Results
Rayonier Advanced Materials Inc. (NYSE:RYAM) (the “Company” or “RYAM”) today announced preliminary, unaudited fourth quarter and full year results.
For the quarter ended on December 31, 2022, the Company estimates the following:
- Revenue of $488 million to $508 million;
- Income (loss) from continuing operations in the range of $(1) million to $3 million; and
- Adjusted EBITDA of $52 million to $56 million, inclusive of the previously disclosed force majeure event.
For the year ended on December 31, 2022, the Company estimates the following:
- Revenue of $1,705 million to $1,725 million;
- Loss from continuing operations in the range of $28 million to $32 million;
- Adjusted EBITDA of $174 million to $178 million, inclusive of the previously disclosed force majeure event;
- Short-term and current portion of long-term debt of $14 million plus long-term debt of $839 million; and
- Adjusted net debt of $707 million.
“RYAM continues to demonstrate an ability to consistently deliver positive results in line with our previously disclosed run-rate expectations, while reducing the total debt balance,” stated De Lyle W. Bloomquist, President and Chief Executive Officer. “Additionally, price negotiations for our cellulose specialties products for 2023 resulted in higher contracted prices for the upcoming year as compared to 2022, inclusive of the cost surcharge implemented in April 2022.”
The above figures are preliminary, unaudited and are subject to change as RYAM completes its end-of-period reporting process and related activities for the fourth quarter and full year ended December 31, 2022. RYAM is in the process of completing its customary year-end close and review procedures as of and for the quarter and year ended December 31, 2022, and there can be no assurance that final results for this period will not differ from these estimates. RYAM’s independent registered public accountants have not reviewed, audited, compiled or performed any procedures in respect of these estimates and does not express any opinion or other form of assurance with respect thereto. The Company expects to provide full details with regards to its fourth quarter and full year ended December 31, 2022 results on its next earnings call scheduled for March 1, 2023.
For the complete press release, click here.
RYAM is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for paper and packaging markets. With manufacturing operations in the U.S., Canada and France, RYAM employs just over 2,500 people and generated an estimated $1.7 billion of revenues in 2022. More information is available at www.RYAM.com.
Ryan Houck – Media Contact – (904) 357-9134
Source: Rayonier Advanced Materials, Inc.