Mercer International Inc. reported a decrease in revenues and a net loss for the second quarter of 2023, primarily due to lower pulp and lumber sales realizations, a non-cash inventory impairment, and higher per unit fiber costs. The company is focused on growing its solid wood and bio-product revenues and managing liquidity.
Second quarter Operating EBITDA decreased to negative $68.7 million.
Net loss was $98.3 million, or $1.48 per share, after giving effect to a non-cash inventory impairment of $51.4 million.
Pulp and lumber markets negatively impacted short-term financial results.
Company continues to execute strategic plan and rebalance asset portfolio.
Although the current pulp and lumber markets have negatively impacted our short-term financial results, our cash and liquidity levels continue to be healthy. We are fully committed to executing our strategic plan and rebalancing our asset portfolio. Growing and diversifying our solid wood and bio-product revenues are key components of our strategy. In the current market cycle we will continue to prudently manage our liquidity, lower working capital usage and reduce our discretionary capital expenditures to lower costs.
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