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Mar 27, 2021
Rayonier AM Q1 2021 Earnings Report
Reported a loss from continuing operations due to higher book income tax expense, partially offset by higher prices for lumber and commodity High Purity Cellulose product sales prices along with stronger cellulose specialties volumes.
Key Takeaways
Rayonier Advanced Materials reported first quarter operating results significantly favorable to both the prior year and sequential quarter, driven by a surge in lumber prices and higher value from core High Purity Cellulose business.
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
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
Revenue by Segment
Forward Guidance
With prices currently rising in all of our commodity products, we expect to maintain earnings momentum into the second quarter which will further improve cash flow and liquidity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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