Rayonier Advanced Materials Inc. reported net income of $122 million or $1.89 per diluted share, compared to a net loss of $13 million or $0.20 per diluted share for the same prior year quarter.
Income from continuing operations for the quarter ended June 26, 2021 was $8 million or $0.13 per diluted share, compared to a loss from continuing operations of $4 million or $0.05 per diluted share for the same prior year quarter. The improvement in the diluted earnings per share was due to higher commodity High Purity Cellulose product sales prices along with stronger cellulose specialties volumes.
Income from discontinued operations for the quarter ended June 26, 2021 was $114 million or $1.76 per diluted share, compared to a loss from discontinued operations of $9 million or $0.15 per diluted share for the same prior year quarter. The improvement in the diluted earnings per share was due to higher lumber sales prices.
2Q 2021 Adjusted EBITDA was $149 million, of which Adjusted EBITDA from continuing operations was $33 million, up $8 million from the comparable quarter in 2020 primarily driven by higher prices for High Purity Cellulose. Adjusted EBITDA from discontinued operations was $116 million, up $121 million from the comparable quarter in 2020, driven by higher lumber prices.
Paul Boynton, President and CEO said: "The 2Q provided strong cash flow for the Company, which combined with the pending sale of our sawmill and newsprint assets, leaves us in a good position to reduce debt and invest in our BioFuture. Further, with rapidly escalating inflation, we will aggressively use all tools available to us to maintain or improve cellulose specialties margins in 2022. With strong demand for cellulose specialties, robust viscose and fluff markets and market supply constraints, we believe this goal is achievable.”
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties.
