Rayonier Advanced Materials 1Q sales fall 8% to $201 million
26 May 2017
Rayonier Advanced Materials Inc. reported 1Q 2017 net income of $10 million, compared to $21 million in 2016. 1Q 2017 pro forma net income was $10 million, compared to $15 million in 2016. Pro forma net income results for 2016 are adjusted primarily for the gain on debt extinguishment, as the company says in the press release received by Lesprom Network.
1Q 2017 sales were $201 million, compared to $218 million in the prior year, a decrease of $17 million, or 8%. The decrease in net sales was driven by a 5% decline in cellulose specialties sales prices and lower commodity product volumes.
1Q 2017 operating income was $26 million, $6 million less than 2016 operating income.
“We are off to a strong start in 2017. Our continued focus on costs and operational excellence drove another quarter of solid results,” said Paul Boynton, Chairman, President and CEO. “We have now delivered over $90 million of cost transformation improvement against our 4-year, $140 million cost objective and remain solidly on track to deliver the full $30 million cost savings target in 2017.”
Rayonier Advanced Materials is the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry.