Rayonier Advanced Materials Inc. reported a net loss of $24 million or $0.38 per diluted share for the 4Q ended December 31, 2021, compared to net income of $9 million or $0.14 per diluted share for the same prior year quarter. The net loss from continuing operations for the 4Q 2021 was $28 million or $0.45 per diluted share, compared to net loss from continuing operations of $29 million or $0.46 per diluted share for the same prior year quarter. The improvement in the diluted loss per share was driven primarily by higher High Purity Cellulose prices.
Income from discontinued operations for the 4Q 2021 was $4 million or $0.07 per diluted share, driven by income tax benefit, compared to income from discontinued operations of $38 million or $0.60 per diluted share for the same prior year quarter.
The operating loss for the 4Q 2021, remained flat at $17 million, when compared to the same prior year period.
“I am excited to be joining Rayonier Advanced Materials at such an important inflection point in our history. The actions taken by the team to streamline the portfolio, negotiate higher contract prices and volumes for cellulose specialties and highlight our sustainability objectives set the Company on a path to achieve significant improvements in 2022 and beyond,” said Vito J. Consiglio, President and CEO. “We are enacting key strategic initiatives in the coming year to drive improved reliability and grow EBITDA, including investments in extensive maintenance outages at three of our four facilities in the first half of 2022. Further, as we face an extraordinary inflationary environment, we are engaging in on-going dialogues with our customers and focusing on self-help measures to maintain the strength of our business.”
Rayonier Advanced Materials 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.
