Sylvamo Quarterly Results Meet Guidance

Financial Highlights – Second Quarter vs. First Quarter
*Net income from continuing operations of $49 million ($1.14 per diluted share) vs. $97 million ($2.25 per diluted share)
*Adjusted operating earnings1 (non-GAAP) of $49 million ($1.14 per diluted share) vs. $108 million ($2.51 per diluted share)
*Adjusted EBITDA2 (non-GAAP) of $124 million (13.5% margin) vs. $208 million (22.1% margin)
*Cash provided by operating activities from continuing operations of $77 million vs. $63 million
*Free cash flow3 (non-GAAP) of $33 million vs. $2 million

Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras:
We achieved our second quarter earnings per share and adjusted EBITDA objectives. We delivered these results while facing challenging market conditions and during our heaviest planned maintenance outage quarter.

Our sales volumes were similar to the first quarter. The expected seasonal increase in volume did not materialize due to continued inventory corrections in Europe and North America, decreased demand due to Europe’s slowing economies and economic uncertainty in North America. Consequently, during the second quarter in Europe and North America, we took approximately 120,000 tons of economic downtime, roughly double the first quarter level. We also conducted extensive annual maintenance outages, which we executed safely and efficiently.

With respect to paper demand, we believe that our customers have completed the majority of their inventory corrections. We are now seeing very early indications that global advertising may be starting to rebound and we would expect demand in Europe and North America to begin to improve.

In the second quarter, we returned $41 million of cash to shareowners through dividends and share repurchases for a total of $61 million in cash returns in the first half of 2023. Our board of directors declared a quarterly dividend of $0.25 per share for the third quarter, which we paid July 6. We remain committed to returning a total of $125 million in cash to shareowners this year.
more at: https://investors.sylvamo.com/news/news-details/2023/Sylvamo-Quarterly-Results-Meet-Guidance/default.aspx

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