Rayonier Advanced Materials (NYSE: RYAM) reported Q4 EPS of ($0.03), $0.07 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $508 million versus the consensus estimate of $445.9 million.

Fourth Quarter and Full Year 2020 Highlights

• Fourth quarter and full year income from continuing operations was $9 million, and $0 million, respectively, $66 million and $119 million higher than comparable periods in 2019, respectively
• Fourth quarter Adjusted EBITDA from continuing operations of $53 million was up $44 million from the comparable quarter in 2019 primarily driven by higher lumber and High Purity Cellulose prices

“In the face of a very challenging economic backdrop, we delivered significantly improved financial results in 2020 and made substantial progress to position the company to deliver increased value for our shareholders in the coming years,” said Paul Boynton, President and Chief Executive Officer. “Through a cash-focused lens, we launched an initiative to think differently about how to manage the business in extremely challenging markets. Despite the outbreak of COVID-19, we executed on our plans to reduce costs, preserve cash and align production to fluctuating market demand. We focused on operating safely, efficiently and reliably to ensure we could help our customers thrive as their markets recovered. By the end of the year, with solid liquidity and sequentially-improved financial performance, we completed a refinancing to position the Company to successfully drive future results. I am proud of the team’s efforts to serve our customers and protect our shareholders.”

For earnings history and earnings-related data on Rayonier Advanced Materials (RYAM) click here.