Sylvamo Reports First Quarter 2023 Results

“We generated $208 million in adjusted EBITDA, which was consistent with our outlook of $205 million to $215 million, and achieved a 22% adjusted EBITDA margin,” said Jean-Michel Ribiéras. “We maintained a strong balance sheet and repurchased 80% of our outstanding notes to eliminate restrictive covenants in the notes agreement. These steps enabled us to continue on the path to returning more cash to shareowners.”

Financial Highlights – First Quarter vs. Fourth Quarter
*Net income from continuing operations of $97 million ($2.25 per diluted share) vs. $88 million ($1.99 per diluted share)
*Adjusted operating earnings1 (non-GAAP) of $108 million ($2.51 per diluted share) vs. $87 million ($1.97 per diluted share)
*Adjusted EBITDA2 (non-GAAP) of $208 million (22% margin) vs. $170 million (18% margin)
*Cash provided by operating activities from continuing operations of $63 million vs. $142 million
*Free cash flow3 (non-GAAP) of $2 million vs. $84 million
details at: https://investors.sylvamo.com/news/news-details/2023/Sylvamo-First-Quarter-Results-In-Line-With-Guidance/default.aspx

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