Sylvamo Quarterly Results Exceed Outlook

Rhea-AI Summary

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.

Positive

• Net income increased to $83 million ($1.98 per diluted share) from $43 million in Q1 2024
• Adjusted EBITDA rose to $164 million (18% margin) from $118 million in Q1 2024
• Cash provided by operating activities improved to $115 million from $27 million in Q1
• Free cash flow turned positive at $62 million compared to $(33) million in Q1
• Price and mix improved by $26 million due to pulp and paper price realizations in all regions
• Board declared a 50% dividend increase from $0.30 to $0.45 per share
• 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

Negative

• Planned maintenance outage expenses increased by $4 million compared to Q1 2024
• Third quarter outlook expects slightly unfavorable price and mix up to $5 million
• Operations and other costs are expected to increase by $10-15 million in Q3
• Input and transportation costs are projected to increase by $5-10 million in Q3

Insights

Financial Analyst

Sylvamo's Q2 2024 results show significant improvement over Q1. Key highlights include:

• Net income increased to $83 million ($1.98 per share) from $43 million
• Adjusted EBITDA rose to $164 million (18% margin) from $118 million
• Free cash flow improved to $62 million from -$33 million

The company's strong performance was driven by improved pricing, higher volumes and cost reductions. The 50% dividend increase and ongoing share repurchases demonstrate confidence in future cash flows. However, investors should note the projected increase in input and transportation costs for Q3, which could impact margins.

Market Research Analyst

Sylvamo's Q2 results reflect improving market conditions in the paper industry. Uncoated freesheet demand increased year-over-year in Europe and North America, signaling a potential recovery. The company's ability to realize higher prices across all regions suggests strong pricing power. The $200 million pipeline of high-return capital projects and the Project Horizon cost reduction program ($110 million target savings) indicate a focus on long-term growth and efficiency. However, investors should monitor the slight demand decline in Latin America and potential economic downtime, which could impact future results.

Corporate Finance Expert

Sylvamo's recent financial moves demonstrate prudent capital management. The debt refinancing on July 31 extends the maturity profile without increasing the debt balance, taking advantage of favorable market conditions. The company's commitment to return at least 40% of free cash flow to shareholders through dividends and share repurchases is positive for investors. With $120 million remaining in the share repurchase authorization and a strong balance sheet, Sylvamo has flexibility to navigate market uncertainties while investing in growth. The focus on high-return capital projects and cost reduction initiatives should support long-term value creation for shareholders.

MEMPHIS, Tenn.--(BUSINESS WIRE)-- Sylvamo (NYSE: SLVM), the world’s paper company, is releasing second quarter 2024 earnings.

Financial Highlights – Second Quarter vs. First Quarter

• Net income of $83 million ($1.98 per diluted share) vs. $43 million ($1.02 per diluted share)
• Adjusted operating earnings¹ of $83 million ($1.98 per diluted share) vs. $45 million ($1.07 per diluted share)
• Adjusted EBITDA² of $164 million (18% margin) vs. $118 million (13% margin)
• Cash provided by operating activities of $115 million vs. $27 million
• Free cash flow³ of $62 million vs. $(33) million

Commercial and Operational Highlights – Second Quarter vs. First Quarter

• Price and mix improved by $26 million due to pulp and paper price realizations in all regions and a better mix in Latin America
• Volume increased by $8 million due to seasonally stronger demand in Latin America
• Operations and other costs improved by $10 million due primarily to solid operations and seasonally lower costs
• Planned maintenance outage expenses increased by $4 million
• Input and transportation costs decreased by $6 million, driven primarily by North America

Third Quarter Outlook

• Adjusted EBITDA of $170 million to $185 million
• Compared to the second quarter:
  • Price and mix are expected to be slightly unfavorable up to $5 million due to mix
  • Volume is projected to increase by $10 million to $15 million, driven by Latin America and North America
  • Operations and other costs are expected to increase by $10 million to $15 million due primarily to higher unabsorbed fixed costs from economic downtime
  • Input and transportation costs are projected to increase by $5 million to $10 million due to fiber in Latin America and energy in North America
  • Total planned maintenance outage expenses are expected to decrease by $28 million

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras

In the second quarter, price and mix were favorable and input costs largely remained stable compared to last quarter. Uncoated freesheet conditions improved in the first half of the year, with year-over-year demand up in Europe and North America and down slightly in Latin America. After successfully completing our heaviest planned maintenance outage quarter of 2024, we have more than 70% of our annual planned maintenance outages behind us.

On July 31, we refinanced long-term debt to extend our debt maturity profile and take advantage of a favorable financing market. We also sent notice for the redemption of all outstanding 7% notes and will use a new term loan facility with a 2031 maturity to pay for it. Our long-term debt balance remains stable. The terms, conditions and credit spreads are generally consistent with those in place before refinancing. Our strong balance sheet provides us the flexibility to address macro conditions and downside risks while investing in high-return opportunities through the cycle.

We continue to allocate capital to generate long-term shareowner value. This year, we repurchased $30 million of our shares and have $120 million remaining on our $150 million share repurchase authorization from September 2023. Our board of directors declared a 50% dividend increase for the third quarter from $0.30 per share to $0.45 per share, which we paid July 29. This was the third dividend increase in the last two years. As of today, we have distributed $43 million through three quarterly dividends in 2024. We are committed to return at least 40% of our free cash flow to shareowners this year through share repurchases and dividends.

We continue to develop a pipeline of more than $200 million of high-return capital projects, which will allow us to grow our earnings and cash flows as we reinvest in our business in the coming years.

We are making good progress with Project Horizon, our structural cost reduction program to streamline overhead, manufacturing and supply chain costs. Before inflation, we are on target to achieve run rate savings of $110 million by the end of 2024.

1 Adjusted Operating Earnings (non-GAAP) are net income (GAAP), net of tax and net special items. Management uses this measure to focus on ongoing operations and believes it is useful to investors because it enables them to perform meaningful comparisons of past and present combined operating results. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of operations. Net income is the most directly comparable GAAP measure. For more information regarding net special items, see the information under the heading Effects of Net Special Items and the Condensed Consolidated Statement of Operations and related notes included later in this release.

2 Adjusted EBITDA (non-GAAP) is net income (GAAP), net of tax, plus the sum of income taxes, net interest expense (income), depreciation, amortization and cost of timber harvested, stock-based compensation, and, when applicable for the periods reported, net special items. Management uses this measure in managing the operating performance of our business and believes that Adjusted EBITDA and Adjusted EBITDA Margin provide investors and analysts meaningful insights into our operating performance and Adjusted EBITDA is a relevant metric for the third-party debt. The Company believes that using this information, along with net income, provides for a more complete analysis of the results of its operations. Net income is the most directly comparable GAAP measure. For more information regarding net special items, see the information under the heading Effects of Net Special Items and the Condensed Consolidated Statement of Operations and related notes included later in this release.

3 Free Cash Flow is a non-GAAP measure and the most directly comparable GAAP measure is cash provided by operating activities. Management utilizes this measure in connection with managing our business and believes that Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet and service debt, and return cash to shareowners. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures. Free Cash Flow also enables investors to perform meaningful comparisons between past and present periods.

Select Financial Measures
(In millions)	Second Quarter 2024			First Quarter 2024				Second Quarter 2023
Net Sales	$	933		$	905			$	919
Net Income		83			43				49
Business Segment Operating Profit		122			72				82
Adjusted Operating Earnings		83			45				49
Adjusted EBITDA		164			118				124
Cash Provided By Operating Activities		115			27				77
Free Cash Flow		62			(33	)			33

Segment Information

Sylvamo uses business segment operating profit to measure the earnings performance of its businesses and is calculated as set forth in footnote (e) under the "Sales and Earnings by Business Segment" table (page 7). Second quarter 2024 net sales by business segment and operating profit by business segment compared with the first quarter of 2024 and the second quarter of 2023 are as follows:

Business Segment Results
(In millions)	Second Quarter 2024				First Quarter 2024				Second Quarter 2023
Net Sales by Business Segment
Europe	$	206			$	207			$	210
Latin America		245				216				250
North America		493				490				474
Inter-segment Sales		(11	)			(8	)			(15	)
Net Sales	$	933			$	905			$	919
Operating Profit by Business Segment
Europe	$	8			$	(4	)		$	(11	)
Latin America		37				14				48
North America		77				62				45
Business Segment Operating Profit	$	122			$	72			$	82

Operating profits in the second quarter of 2024:

Europe - $8 million compared with $(4) million in the first quarter of 2024. Earnings were higher due to higher price and mix and lower operating and input costs which more than offset higher unabsorbed costs due to economic downtime.

Latin America - $37 million compared with $14 million in the first quarter of 2024. Earnings were higher due to higher price and mix, higher volumes, lower operating costs and lower planned maintenance outages which more than offset higher input costs.

North America - $77 million compared with $62 million in the first quarter of 2024. Earnings were higher due to higher price and mix and lower operating and input costs which more than offset higher planned maintenance outages.

Effective Tax Rate

The reported effective tax rate for the second quarter of 2024 was 27%, compared to 28% for the first quarter of 2024. The higher rate for the first quarter was due to the mix of earnings in our regions.

Excluding net special items, the effective tax rate for the second quarter of 2024 was 27%, compared with 28% for the first quarter of 2024.

The effective tax rate excluding net special items is a non-GAAP financial measure and is calculated by adjusting the income tax provision and rate to exclude the tax effect at the applicable statutory rate of net special items. Management believes that this presentation provides useful information to investors by providing a more meaningful comparison of the income tax rate between past and present periods.

Effects of Net Special Items

Net special items in the second quarter of 2024 amounted to a net after-tax charge of $0 million ($0.00 per diluted share), compared with a net after-tax charge of $2 million ($0.05 per diluted share) in the first quarter of 2024.

Earnings Webcast

The company will host an audio webcast at 10 a.m. EDT / 9 a.m. CDT. All interested parties are invited to listen at investors.sylvamo.com.

Parties who wish to participate should call +1-844-867-6169 (U.S.) or +1-409-207-6975 (international) and use access code 4990882. Participants should call in no later than 9:45 a.m. EDT / 8:45 a.m. CDT.

Replays are available at investors.sylvamo.com for one year and by phone for 90 days, beginning at approximately 2 p.m. EDT / 1 p.m. CDT the day of the call. To listen to the replay by phone, call +1-866-207-1041 (U.S.) or +1-402-970-0847 (international) and use access code 8081310.

About Sylvamo

Sylvamo Corporation (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales for 2023 were $3.7 billion. For more information, please visit Sylvamo.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the information under the headings "Third Quarter Outlook" and "Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras." Any or all forward-looking statements may turn out to be incorrect, and our actual actions and results could differ materially from what they express or imply, because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control. These risks, uncertainties, and other factors include those disclosed in the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC) and in our subsequent filings with the SEC, available on our website, Sylvamo.com. These forward-looking statements reflect our current expectations, and we undertake no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise.

SYLVAMO CORPORATION Condensed Consolidated Statement of Operations Preliminary and Unaudited (In millions, except per share amounts)
	Three Months Ended June 30,						Three Months Ended March 31, 2024			Six Months Ended June 30,
		2024			2023						2024			2023
Net Sales	$	933		$	919		$	905		$	1,838		$	1,860
Costs and Expenses
Cost of products sold		684	(a)		721			716	(c)		1,400			1,390	(e)
Selling and administrative expenses		82	(b)		76			74	(d)		156	(b)		159	(f)
Depreciation, amortization and cost of timber harvested		37			34			39			76			69
Taxes other than payroll and income taxes		8			6			7			15			12
Interest expense (income), net		9			12			9			18			19	(g)
Income Before Income Taxes		113			70			60			173			211
Income tax provision		30			21			17			47			65
Net Income	$	83		$	49		$	43		$	126		$	146
Earnings Per Share
Basic	$	2.02		$	1.16		$	1.04		$	3.06		$	3.44
Diluted	$	1.98		$	1.14		$	1.02		$	3.00		$	3.40
Average Shares of Common Stock Outstanding - Diluted		42			43			42			42			43

The accompanying notes are an integral part of this condensed consolidated statement of operations.
Three Months and Six Months Ended June 30, 2024
(a)		Includes pre-tax gain of $1 million ($1 million after taxes) for the three months ended June 30, 2024, to adjust the recognition of a foreign value-added tax refund in Brazil.
(b)		Includes pre-tax loss of $1 million ($1 million after taxes) for the three and six months ended June 30, 2024, for certain severance costs related to our salaried workforce and a pre-tax loss of $2 million ($1 million after taxes) for the six months ended June 30, 2024, for integration costs related to the Nymölla acquisition.
Three Months Ended March 31, 2024
(c)		Includes pre-tax loss of $1 million ($1 million after taxes) for other charges.
(d)		Includes pre-tax loss of $2 million ($1 million after taxes) for integration costs related to the Nymölla acquisition.
Six Months Ended June 30, 2023
(e)		Includes incremental expense of $9 million ($7 million after taxes) related to the impact of the step-up of acquired Nymölla inventory sold during the first quarter.
(f)		Includes a pre-tax loss of $4 million ($3 million after taxes) for transaction costs related to the Nymölla acquisition and a pre-tax loss of $4 million ($3 million after taxes) for professional and legal fees related to negotiations resulting in a shareholder cooperation agreement.
(g)		Includes $9 million ($6 million after taxes) of interest income related to tax settlements and a pre-tax loss of $5 million ($4 million after taxes) related to debt extinguishment costs.

SYLVAMO CORPORATION Reconciliation of Net Income to Adjusted Operating Earnings Preliminary and Unaudited (In millions, except per share amounts)
	Three Months Ended June 30,						Three Months Ended March 31, 2024			Six Months Ended June 30,
		2024			2023						2024			2023
Net Income	$	83		$	49		$	43		$	126		$	146
Add back: Net special items expense (income)		—			—			2			2			11
Adjusted Operating Earnings	$	83		$	49		$	45		$	128		$	157

	Three Months Ended June 30,						Three Months Ended March 31, 2024			Six Months Ended June 30,
		2024			2023						2024			2023
Diluted Earnings Per Common Share as Reported	$	1.98		$	1.14		$	1.02		$	3.00		$	3.40
Add back: Net special items expense (income)		—			—			0.05			0.05			0.25
Adjusted Operating Earnings Per Share	$	1.98		$	1.14		$	1.07		$	3.05		$	3.65

SYLVAMO CORPORATION Sales and Earnings by Business Segment Preliminary and Unaudited (In millions)
Net Sales by Business Segment
	Three Months Ended June 30,								Three Months Ended March 31, 2024				Six Months Ended June 30,
		2024				2023								2024				2023
Europe	$	206			$	210			$	207			$	413			$	440
Latin America		245				250				216				461				472
North America		493				474				490				983				979
Inter-segment Sales		(11	)			(15	)			(8	)			(19	)			(31	)
Net Sales	$	933			$	919			$	905			$	1,838			$	1,860

Operating Profit by Business Segment
	Three Months Ended June 30,							Three Months Ended March 31, 2024				Six Months Ended June 30,
		2024			2023								2024			2023
Europe	$	8		$	(11	)		$	(4	)		$	4		$	12
Latin America		37			48				14				51			94
North America		77			45				62				139			142
Business Segment Operating Profit	$	122		$	82			$	72			$	194		$	248
Income Before Income Taxes	$	113		$	70			$	60			$	173		$	211
Interest expense (income), net		9			12				9				18			19	(c)
Net special items expense (income)		—	(a)		—				3		(b)		3	(a)		18	(d)
Business Segment Operating Profit (e)	$	122		$	82			$	72			$	194		$	248

Three and Six Months Ended June 30, 2024
(a)		Includes pre-tax loss of $1 million ($1 million after taxes) for the three and six months ended June 30, 2024, for certain severance costs related to our salaried workforce and a pre-tax loss of $2 million ($1 million after taxes) for the six months ended June 30, 2024, for integration costs related to the Nymölla acquisition. Also includes pre-tax gain of $1 million ($1 million after taxes) for the three months ended June 30, 2024, to adjust the recognition of a foreign value-added tax refund in Brazil.
Three Months Ended March 31, 2024
(b)		Includes pre-tax loss of $2 million ($1 million after taxes) for integration costs related to the Nymölla acquisition and pre-tax loss of $1 million ($1 million after taxes) for other charges.
Six Months Ended June 30, 2023
(c)		Includes $9 million ($6 million after taxes) of interest income related to tax settlements and a pre-tax loss of $5 million ($4 million after taxes) related to debt extinguishment costs.
(d)		Includes pre-tax loss of $4 million ($3 million after taxes) for integration costs related to the Nymölla acquisition, a pre-tax loss of $4 million ($3 million after taxes) for professional and legal fees related to negotiations resulting in a shareholder cooperation agreement and incremental expense of $9 million ($7 million after taxes) related to the impact of the step-up of acquired Nymölla inventory sold during the first quarter.
(e)		As set forth in the chart above, business segment operating profit is defined as income before income taxes, but excluding net interest expense (income) and net special items. Business segment operating profit is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments.

Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin Preliminary and Unaudited (In millions)
	Three Months Ended June 30,								Three Months Ended March 31, 2024				Six Months Ended
		2024				2023								2024				2023
Net Income	$	83			$	49			$	43			$	126			$	146
Adjustments:
Income tax provision		30				21				17				47				65
Interest expense (income), net		9				12				9				18				19
Depreciation, amortization and cost of timber harvested		37				34				39				76				69
Stock-based compensation		5				8				7				12				15
Net special items expense (income)		—				—				3				3				18
Adjusted EBITDA	$	164			$	124			$	118			$	282			$	332
Net Sales	$	933			$	919			$	905			$	1,838			$	1,860
Adjusted EBITDA Margin		17.6	%			13.5	%			13.0	%			15.3	%			17.8	%

Adjusted EBITDA and Adjusted EBITDA Margin by Business Segment
	Three Months Ended June 30,								Three Months Ended March 31, 2024				Six Months Ended June 30,
		2024				2023								2024				2023
Adjusted EBITDA
Europe	$	17			$	(3	)		$	5			$	22			$	28
Latin America		55				67				34				89				130
North America		92				60				79				171				174
Total Business Segment Adjusted EBITDA	$	164			$	124			$	118			$	282			$	332
Net Sales (excluding inter-segment sales eliminations)
Europe	$	206			$	210			$	207			$	413			$	440
Latin America		245				250				216				461				472
North America		493				474				490				983				979
Total Business Segment Net Sales	$	944			$	934			$	913			$	1,857			$	1,891
Adjusted EBITDA Margin
Europe		8	%			(1	)%			2	%			5	%			6	%
Latin America		22	%			27	%			16	%			19	%			28	%
North America		19	%			13	%			16	%			17	%			18	%

SYLVAMO CORPORATION Condensed Consolidated Balance Sheet Preliminary and Unaudited (In millions)
	June 30, 2024				December 31, 2023
Assets
Current Assets
Cash and temporary investments	$	145			$	220
Restricted cash		60				60
Accounts and notes receivable, net		411				428
Contract assets		32				27
Inventories		412				404
Other current assets		40				54
Total Current Assets		1,100				1,193
Plants, Properties and Equipment, Net		955				1,002
Forestlands		346				364
Goodwill		121				139
Right of Use Assets		59				58
Deferred Charges and Other Assets		110				116
Total Assets	$	2,691			$	2,872
Liabilities and Equity
Current Liabilities
Accounts payable	$	389			$	421
Notes payable and current maturities of long-term debt		28				28
Accrued payroll and benefits		65				63
Other current liabilities		172				183
Total Current Liabilities		654				695
Long-Term Debt		894				931
Deferred Income Taxes		162				189
Other Liabilities		151				156
Equity
Common stock, $1 par value, 200.0 shares authorized, 44.9 shares and 44.5 shares issued and 41.0 shares and 41.2 shares outstanding at June 30, 2024 and December 31, 2023, respectively		45				45
Paid-In Capital		60				48
Retained Earnings		2,317				2,222
Accumulated Other Comprehensive Loss		(1,397	)			(1,256	)
		1,025				1,059
Less: Common stock held in treasury, at cost, 3.9 shares and 3.3 shares at June 30, 2024 and December 31, 2023, respectively		(195	)			(158	)
Total Equity		830				901
Total Liabilities and Equity	$	2,691			$	2,872

Condensed Consolidated Statement of Cash Flows Preliminary and Unaudited (In millions)
	Six Months Ended June 30,
		2024				2023
Operating Activities
Net income	$	126			$	146
Depreciation, amortization, and cost of timber harvested		76				69
Deferred income tax provision (benefit), net		—				4
Stock-based compensation		12				15
Changes in operating assets and liabilities and other
Accounts and notes receivable		(7	)			91
Inventories		(20	)			(60	)
Accounts payable and accrued liabilities		(26	)			(147	)
Other		(19	)			22
Cash Provided By Operating Activities		142				140
Investment Activities
Invested in capital projects		(113	)			(105	)
Acquisition of business, net of cash acquired		—				(167	)
Cash Provided By (Used for) Investment Activities		(113	)			(272	)
Financing Activities
Dividends paid		(25	)			(21	)
Issuance of debt		16				437
Reduction of debt		(54	)			(443	)
Repurchases of common stock		(30	)			(40	)
Other		(2	)			(6	)
Cash Provided By (Used for) Financing Activities		(95	)			(73	)
Effect of Exchange Rate Changes on Cash		(9	)			9
Change in Cash, Temporary Investments and Restricted Cash		(75	)			(196	)
Cash, Temporary Investments and Restricted Cash
Beginning of the period		280				360
End of the period	$	205			$	164

SYLVAMO CORPORATION Reconciliation of Cash Provided by Operations to Free Cash Flow Preliminary and Unaudited (In millions)
	Three Months Ended June 30,								Three Months Ended March 31, 2024				Six Months Ended June 30,
		2024				2023								2024				2023
Cash Provided By Operating Activities	$	115			$	77			$	27			$	142			$	140
Adjustments:
Cash invested in capital projects		(53	)			(44	)			(60	)			(113	)			(105	)
Free Cash Flow	$	62			$	33			$	(33	)		$	29			$	35

SYLVAMO CORPORATION Reconciliation of Net Income to Adjusted EBITDA - Third Quarter 2024 Outlook Estimates (In millions)
	Three Months Ended September 30, 2024
Net Income	$84 - $94
Adjustments:
Income tax provision	33 - 38
Interest expense (income), net	10
Depreciation, amortization and cost of timber harvested	37
Stock-based compensation	6
Adjusted EBITDA	$170 - $185
The non-GAAP financial measures presented in this release have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this release may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as Sylvamo.   Management believes certain non-U.S. GAAP financial measures, when used in conjunction with information presented in accordance with U.S. GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company’s financial condition and results of operations. Management also uses these non-U.S. GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240809181404/en/

Investor Contact: Hans Bjorkman, 901-519-8030, hans.bjorkman@sylvamo.com

Media Contact: Adam Ghassemi, 901-519-8115, adam.ghassemi@sylvamo.com

Source: Sylvamo

FAQ

What was Sylvamo's (SLVM) net income for Q2 2024?

Sylvamo's net income for Q2 2024 was $83 million ($1.98 per diluted share), up from $43 million in Q1 2024.

How much did Sylvamo (SLVM) increase its dividend in Q3 2024?

Sylvamo increased its dividend by 50%, from $0.30 per share to $0.45 per share for the third quarter of 2024.

What is Sylvamo's (SLVM) Adjusted EBITDA outlook for Q3 2024?

Sylvamo's Adjusted EBITDA outlook for Q3 2024 is between $170 million to $185 million.

How much did Sylvamo (SLVM) improve its free cash flow in Q2 2024?

Sylvamo improved its free cash flow to $62 million in Q2 2024, compared to $(33) million in Q1 2024.