Rayonier Advanced Materials Inc. (RYAM) reported a net loss of $۱۷ million, or $(۰.۲۶) per diluted share, for the quarter ended July 1, 2023, compared to a net loss of $۲۳ million, or $(۰.۳۶) per diluted share, for the prior year quarter. Loss from continuing operations for the quarter ended July 1, 2023 was $۱۶ million, or $(۰.۲۴) per diluted share, compared to a loss from continuing operations of $۲۵ million, or $(۰.۳۹) per diluted share, for the prior year quarter.
“Results for the Q2 reflected shifting market conditions across several key end markets. Despite facing volume pressure due to destocking in certain areas of our Cellulose Specialties and Paperboard businesses, we successfully increased prices by 13% and 4%, respectively, from the previous year, demonstrating our commitment to prioritizing value over volume. Moreover, we are experiencing downward pressure on commodity prices across all our segments, which intensified during the quarter. We are reacting by taking downtime at our High-Yield Pulp plant to reduce costs, minimize losses and monetize inventories. We are also reviewing strategic options with respect to our non-fluff High Purity Cellulose commodity businesses, specifically including viscose and paper pulp products,” said De Lyle W. Bloomquist, RYAM’s President and CEO.