Second Quarter 2021 Financial Highlights: *Record revenue of $927 million increased 4 percent sequentially, driven primarily by 5 percent higher TiO2 average selling prices and 5 percent higher zircon average selling prices *Income from operations of $150 million; Net income of $77 million *TiO2 sales volumes increased 1 percent sequentially, driven by continued recovery led by North America and Europe *Zircon sales volumes continue to be very strong, but declined 5 percent sequentially from record first quarter levels as expected. Tronox achieved another record quarter of TiO2 volumes and key financial metrics including revenue, EPS, Adjusted EBITDA, and free cash flow. Second quarter revenue increased 4 percent sequentially, primarily driven by higher TiO2 and zircon average selling prices. TiO2 sales volume grew 1 percent sequentially led by growth in North America and Europe.
Rayonier Advanced Materials Inc. (NYSE: RYAM, the “Company”) announced today that, effective immediately, it will increase prices for all its Cellulose Specialties products by a minimum 15 to 30 percent depending on product grade, as contracts allow. The purpose of this increase is to help the Company offset the accelerating impacts of cost inflation throughout its global supply chain.
“As the Company has entered the second half of 2021, it has been confronted by the realities of substantial cost inflation,” said Paul Boynton, President and Chief Executive Officer. “Specifically, the Company is experiencing marked increases with respect to four core components of its Cellulose Specialties input costs – fiber, chemicals, energy and freight – and the Company currently expects these increases to continue well into 2022. These actions are a necessary step in the current global environment and will supplement ongoing cost- and efficiency-improvement initiatives at the Company’s four best-in-class High Purity Cellulose facilities.”