Sylvamo First Quarter Results Meet Expectations

Financial Highlights – First Quarter vs. Fourth Quarter
*Net income of $43 million ($1.02 per diluted share) vs. $49 million ($1.16 per diluted share)
*Adjusted operating earnings1 of $45 million ($1.07 per diluted share) vs. $49 million ($1.16 per diluted share)
*Adjusted EBITDA2 of $118 million (13% margin) vs. $117 million (12% margin)
*Cash provided by operating activities of $27 million vs. $167 million

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras
As uncoated freesheet conditions improved in the first quarter, we experienced strengthening order books, resulting in less economic downtime. Price and mix were better than expected while input costs stabilized. That momentum is expected to continue in 2024, and we are well positioned to capitalize on the opportunities that lie ahead.

We are making good progress with Project Horizon, our structural cost reduction program to streamline overhead, manufacturing and supply chain costs. Before inflation, we are on target to meet run rate savings of $110 million by the end of 2024.

This year, we repurchased $20 million of shares, including $15 million in April, and have $130 million remaining on our $150 million share repurchase authorization from September 2023. Our board of directors declared a second quarter dividend of $0.30 per share, which we paid April 29.

Since the spinoff, we have repurchased $170 million in shares or 8% of our initial shares outstanding. This use of cash resulted in a 35% return on investment based on a $65.00 share price.

We continue to allocate capital to generate long-term shareowner value. Since our inception, we have reduced gross debt significantly and will maintain a strong financial position to operate and invest throughout industry cycles. We remain committed to reinvesting in our business. We have identified a pipeline of more than $200 million of high-return capital projects, which will allow us to grow our earnings and cash flows as we invest in these projects in the future. We also plan to continue returning substantial amounts of cash to shareowners through dividends and share repurchases at attractive prices.
details at: https://investors.sylvamo.com/news/news-details/2024/Sylvamo-First-Quarter-Results-Meet-Expectations-Strong-Second-Quarter-Outlook-Reflects-Improving-Conditions/default.aspx

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