MEMPHIS, Tenn. – Sylvamo Company (NYSE:SLVM), the world’s paper firm, noticed its inventory soar 6.5% after reporting second quarter earnings that beat analyst expectations.
The corporate posted adjusted earnings per share of $1.98, surpassing the consensus estimate of $1.58 by $0.40. Income got here in at $933 million, barely under the $937.56 million analysts had been anticipating.
Web revenue for the quarter was $83 million, or $1.98 per diluted share, in comparison with $43 million, or $1.02 per diluted share, within the first quarter. Adjusted EBITDA rose to $164 million, representing an 18% margin, up from $118 million and a 13% margin in Q1.
“Within the second quarter, value and blend had been favorable and enter prices largely remained secure in comparison with final quarter,” mentioned Jean-Michel Ribiéras, Chairman and CEO of Sylvamo.
The corporate supplied third quarter steerage for adjusted EBITDA between $170 million to $185 million. Sylvamo expects quantity to extend $10-15 million in Q3, pushed by Latin America and North America, whereas value and blend are projected to be barely unfavorable.
Sylvamo’s board declared a 50% dividend improve for the third quarter to $0.45 per share. The corporate has repurchased $30 million of shares YTD and has $120 million remaining on its buyback authorization.
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