Sylvamo Corporation - SLVM STOCK NEWS

Sylvamo (NYSE: SLVM) has regained access to $60 million previously held in escrow for disputed goodwill tax deductions in Brazil, following a favorable court ruling. The company plans to use these funds for debt reduction. The ruling, which covers two-thirds of the disputed amount, remains subject to appeal. Sylvamo aims to pay down $120 million in debt during Q4, which would represent a 47% reduction in gross debt since its 2021 spinoff. The escrow elimination removes previous restrictions that the company to $90 million in annual cash returns to shareholders.

Sylvamo (NYSE: SLVM) announced that John Sims, senior vice president and chief financial officer, will participate in Citi's 2024 Basic Materials Conference in New York. The event includes a fireside chat scheduled for 2 p.m. EST on Tuesday, Dec. 3, which will be available via webcast. Sims will also host individual meetings during the conference from Dec. 3-4. The presentation materials will be accessible on investors.sylvamo.com prior to the conference.

Sylvamo (NYSE: SLVM) reported strong third quarter 2024 results with net income of $95 million ($2.27 per share), up from $83 million in Q2. The company achieved Adjusted EBITDA of $193 million (20% margin) and free cash flow of $119 million. Volume improved by $10 million due to higher North American shipments. The company expects Q4 Adjusted EBITDA between $150-165 million, with projected price and mix decreases of $20-25 million. Sylvamo continues its Project Horizon cost reduction program, targeting to exceed $110 million in savings by end of 2024, and has repurchased $30 million in shares with $120 million remaining in authorization.

Sylvamo (NYSE: SLVM) and International Paper (NYSE: IP) have agreed to mutually terminate their supply agreement for uncoated freesheet, bristols and specialty papers at the Georgetown, South Carolina mill, effective December 31, 2024. Sylvamo is transitioning paper grades from Georgetown to its Ticonderoga, New York, and Eastover, South Carolina mills to maintain customer supply. The company aims to retain the most profitable products from Georgetown while reducing economic downtime in its mill system and improving product mix.

International Paper (NYSE: IP) announced a strategic review of its global cellulose fibers (GCF) business, which generated $2.9B in revenue in 2023. The GCF business operates across three countries with eight mills and two converting facilities, producing absorbent pulp for personal care products and specialty applications. Additionally, IP announced the permanent closure of its Georgetown, South Carolina mill by the end of 2024, affecting 674 employees. The Georgetown facility produces 300,000 tons of fluff pulp, which will be transferred to other mills. The company plans to maintain customer relationships while focusing on sustainable packaging solutions.

Sylvamo (NYSE: SLVM), the world's paper company, has announced the release of its third quarter earnings on Tuesday, Nov. 12, before the start of trading on the New York Stock Exchange. The company will host an audio webcast at 10 a.m. EST / 9 a.m. CST.

Interested parties can listen to the webcast at investors.sylvamo.com. For those who wish to participate via phone, the call-in numbers are 800-715-9871 (U.S.) or +1-646-307-1963 (international), with access code 2975749. Participants should call in no later than 9:45 a.m. EST / 8:45 a.m. CST.

Replays will be available on the company's investor website for one year and by phone for one week. Phone replay numbers are 800-770-2030 (U.S.) or +1-609-800-9909 (international), using the same access code.

Sylvamo (NYSE: SLVM), the world's paper company, announced that its chairman and CEO, Jean-Michel Ribiéras, will be hosting individual meetings at the RBC Capital Markets 2024 Global Industrials Conference in Las Vegas, Nevada. The meetings are scheduled for Wednesday, Sept. 25.

This participation in a major industry conference suggests Sylvamo's commitment to engaging with investors and analysts, potentially discussing the company's performance, strategy, and outlook. The one-on-one format allows for more in-depth conversations and relationship-building with key stakeholders in the industrial sector.

Sylvamo (NYSE: SLVM) has announced a quarterly dividend of $0.45 per share for the period of Oct. 1, 2024, to Dec. 31, 2024. The dividend will be payable on Oct. 17, 2024, to shareholders of record at the close of business on Oct. 3, 2024. This announcement demonstrates Sylvamo's commitment to returning value to its shareholders through regular dividend payments.

Sylvamo (NYSE: SLVM) released its second quarter 2024 earnings, showing improved financial performance. Net income increased to $83 million ($1.98 per diluted share) from $43 million in Q1. Adjusted EBITDA rose to $164 million (18% margin) from $118 million. The company saw improvements in price and mix, volume, and operational costs across all regions. Sylvamo refinanced long-term debt, extending its maturity profile. The board declared a 50% dividend increase to $0.45 per share. The company is on target to achieve run rate savings of $110 million by end of 2024 through Project Horizon. Third quarter outlook projects Adjusted EBITDA of $170-185 million.