Rayonier Advanced Materials Inc. reported a loss from continuing operations for the 2Q ended June 27, 2020 of $13 million or $0.20 per diluted share, compared to a loss of $19 million or $0.46 per diluted share for the same prior year quarter.
2Q 2020 EBITDA of $19 million, down $2 million from comparable quarter in 2019 as impacts from COVID-19 and non-cash Corporate expenses more than offset improvements in Forest Products and Paperboard.
“2Q results were below expectations primarily driven by the impacts of COVID-19,” said Paul Boynton, President and CEO. “High Purity Cellulose was impacted from reduced demand for textile, automotive and construction related products and ocean carrier delays, while newsprint demand was adversely affected, severely impacting price realizations and volumes. Despite the market challenges, we continued to focus on operating reliably to meet the needs of our customers, minimizing our costs and improving our cash flow. In addition, we amended our bank debt covenants and increased liquidity, providing us with incremental financial flexibility to manage through the pandemic.”
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties. The company also manufactures products for lumber, paper and packaging markets. With manufacturing operations in the U.S., Canada and France.
