Rayonier Advanced Materials Inc. reported a loss from continuing operations for the three months ended March 28, 2020 of $25 million, or $0.39 per diluted common share, compared to a loss of $28 million, or $0.64 per diluted common share for the same prior year period. The decrease in the diluted loss per share was due to the conversion of the company’s preferred stock into approximately 13 million shares of common stock in August of 2019.
1Q 2020 EBITDA was $27 million, a $17 million improvement from prior year driven by lower costs from improved reliability. 1Q 2020 sales decreased by 7% to $410 million, compared to the 1Q 2019.
“In response to the COVID-19 pandemic, we’ve taken decisive actions to ensure the safety of our employees and to protect our business by minimizing operational disruptions and mitigating the financial impact through prudent cost and capex reductions,” said Paul Boynton, Chairman, President and CEO. “All of our businesses and operations have been deemed essential due to the important role these products play in the food, pharmaceutical, and industrial products supply chains. We are focused on maintaining stable operations and providing security of supply to our customers during these unprecedented times.”
Rayonier Advanced Materials is a global leader of cellulose-based technologies. The company also manufactures products for lumber, paper and packaging markets.
