Rayonier Advanced Materials Announces First Quarter 2021 Results
*Operating income was $55 million, $67 million favorable to the comparable period in 2020, driven by higher prices for lumber and commodity High Purity Cellulose along with stronger cellulose specialties volumes *Driven by higher book income tax expense, first quarter loss from continuing operations was $27 million, $2 million unfavorable to the comparable period in 2020; expect minimal cash taxes in 2021 *First quarter Adjusted EBITDA from continuing operations of $91 million was up $64 million from the comparable quarter in 2020 primarily driven by higher lumber and High Purity Cellulose commodity prices along with stronger cellulose specialties volumes *Generated $21 million of Free Cash Flow for the quarter driven by higher prices partially offset by seasonal working capital build; expect $50 million from cash tax refunds during the next 12 months *Announced sale of lumber and newsprint assets for approximately $214 million, subject to inventory value adjustment, with a closing expected in the second half of the year, focusing the Company on its core High Purity Cellulose business, and the opportunity to further leverage sustainable, bio-based solutions