Rayonier Advanced Materials(US:RYAM)2023-11-08 15:04Financial Performance - The company reported an operating loss of $14 million for Q3 2023, compared to an operating loss of $43 million in Q3 2022[8] - Adjusted EBITDA for Q3 2023 was $24 million, a decrease of $44 million or 65% from Q3 2022[8] - Revenue for Q3 2023 was $369 million, a decrease of $97 million or 21% from Q3 2022[17] - Adjusted Free Cash Flow was -$25 million, with breakdowns by segment: High Purity Cellulose -$26 million, Paperboard +$2 million, High-Yield Pulp -$11 million, and Corporate -$9 million[17] Segment Performance - High Purity Cellulose sales volumes decreased by 10%, driven by a 36% decrease in Cellulose Specialties volumes, partially offset by a 37% increase in commodity product volumes[20] - Paperboard sales prices decreased by 8% due to product mix, and sales volumes decreased by 5%[23] - High-Yield Pulp sales prices decreased by 31% and sales volumes decreased by 13%[44] Financial Strategy and Outlook - The company aims for a target debt reduction of $70 million in the next year through Free Cash Flow generation and passive asset sales[18] - The company is updating Adjusted EBITDA guidance to approximately $150 million and raising Adjusted Free Cash Flow guidance to $65-75 million[32] - Adjusted Net Debt is $743 million, a $5 million decrease from Q3 2022, with a Net Debt to LTM Covenant EBITDA ratio of 44x[28]