Rayonier Advanced Materials Inc. (RYAM) reported net income of $4 million, or $0.05 per diluted share, for the Q4 2022, compared to a net loss of $24 million, or $(0.38) per diluted share, for the same prior year quarter. Income from continuing operations for the quarter ended December 31, 2022, was $4 million, or $0.05 per diluted share, compared to a loss from continuing operations of $28 million, or $(0.45) per diluted share, for the same prior year quarter.
Q4 2022 net sales were $500 million, up $126 million, or 34%, from prior year quarter.
Adjusted EBITDA from continuing operations for the Q4 2022 of $55 million, up $28 million, or 104%, from prior year quarter. Adjusted EBITDA from continuing operations for the full year 2022 of $177 million, up $50 million, or 39%, from prior year.
“The quarter's financial results demonstrate the focus the RYAM team has on improving our operational performance and reducing our debt levels. Higher production volumes and improvements in our supply chain and logistics processes led to higher sales volumes and greater cash generation,” said De Lyle W. Bloomquist, President and CEO hief Executive Officer. “As we move into 2023, RYAM expects to generate Adjusted EBITDA of between $200 and $215 million, while generating $30 to $60 million of Adjusted Free Cash Flow. In the Q1 of 2023, we expect our net debt to trailing twelve months of Adjusted EBITDA to improve to 3.5 times compared to 4.0 times at the end of 2022.”
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.