Sylvamo Releases Third-Quarter Results with Strong Earnings and Cash Flow

Message from the Chairman and Chief Executive Officer:
“We delivered strong earnings and significant cash in the quarter,” said Jean-Michel Ribiéras. “As we launch Sylvamo, we have good momentum for the fourth quarter and 2022. Our third-quarter adjusted EBITDA margin was 19.5%, reflecting strong performances by all three regions and lower maintenance outage costs. We project fourth-quarter adjusted EBITDA in the range of $140 to $150 million and adjusted operating earnings per share of $1.20 to $1.40. In the near term, we are focused on generating strong free cash flow, reducing debt and positioning Sylvamo for long-term value creation.”

Third-Quarter Highlights:
*Third-quarter net income of $92 million ($2.09 per pro forma share1) compared with $115 million ($2.61 per pro forma share) in the second quarter of 2021 and $51 million ($1.16 per pro forma share) in the third quarter of 2020
*Third-quarter adjusted operating earnings2 (non-GAAP) of $100 million ($2.27 per pro forma share) compared with $68 million ($1.54 per pro forma share) in the second quarter of 2021 and $51 million ($1.16 per pro forma share) in the third quarter of 2020
*Third-quarter adjusted EBITDA3 (non-GAAP) of $177 million compared with $124 million in the second quarter of 2021 and $104 million in the third quarter of 2020

Third-Quarter Commercial and Operational Highlights:
*Price and mix improved by $30 million versus the prior quarter and volume improved by $12 million
*Operations improved by $10 million and total planned maintenance outage expenses declined by $27 million versus the second quarter
*Input costs increased by $26 million, reflecting higher costs for wood, energy, chemicals, packaging and distribution
*Adjusted EBITDA margins for Europe, Latin America and North America were 19%, 30% and 15%, respectively
details at: https://investors.sylvamo.com/news/news-details/2021/Sylvamo-Releases-Third-Quarter-Results-with-Strong-Earnings-and-Cash-Flow/default.aspx

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