Sylvamo's board of directors authorized a share repurchase program to acquire up to $150 million of the company's common stock. "Our strong free cash flow enables us to begin returning cash to shareowners," said Jean-Michel Ribiéras, chairman and chief executive officer. "We also expect to continue paying down debt and will repurchase shares opportunistically to further increase our equity value.”
Q3 2023 Highlights
*Sales of $1,198 million (compared with $1,168 million in Q2 2023 and $1,174 million in Q3 2022);
*Operating income of $80 million (compared with $64 million in Q2 2023 and $25 million in Q3 2022);
*Net earnings per common share of $0.34 (compared with net earnings per common share of $0.22 in Q2 2023 and a net loss per common share of ($0.02) in Q3 2022);
*Net debt1 of $2,088 million as of September 30, 2023 (compared with $2,076 million as of June 30, 2023).
Mario Plourde, President and CEO, commented: “We are pleased with our solid third quarter results. Sequential sales growth of 2.6% reflects stronger Containerboard volume and more favourable sales mix in Tissue Papers. Quarterly EBITDA (A)1 improved 14%, exceeding expectations, fuelled by a robust 39% increase in Tissue Papers as benefits from lower raw material costs, price increases, and repositioning of this segment’s operational platform and other profitability, efficiency and productivity initiatives undertaken over the past year continued to yield results. Sequentially, raw material costs were a headwind for our packaging businesses, but remained below prior year levels, while production costs were a tailwind. Notwithstanding a less favourable exchange rate, we maintained our net debt levels stable due to strong cash flows from operations and lower capital expenditures during the quarter. Consequently, our leverage ratio1 improved to 3.8x from 4.1x at the end of Q2.”
details at: https://www.cascades.com/en/news/cascades-reports-solid-results-third-quarter-2023#:~:text=The%20third%20quarter%20sales%20of,impact%20for%20all%20business%20segments.