Nov 05, 2018 4:52 PM
Third quarter 2018 adjusted net income was
A reconciliation of net income to adjusted net income and the related impact on diluted earnings per share can be found on Schedule F.
“Year-to-date we have generated
Third Quarter and Year-to-date Operating Results
In the following tables, the Company’s net sales and operating results
for the third quarter and first nine months of 2018 are compared against
the prior year comparable period results which preceded the acquisition
of
Net sales comprised the following for the periods presented:
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Net sales |
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Combined(1) |
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Combined(1) |
||||||||||||||||||
|
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September |
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September |
|||||||||||||||||||
(in millions) | 2018 | 2017 | 2017 | 2018 | 2017 |
2017 |
||||||||||||||||||
High Purity Cellulose | $ | 308 | $ | 210 | $ | 334 | $ | 876 | $ | 612 | $ | 938 | ||||||||||||
Forest Products | 86 | — | 99 | 282 | — | 266 | ||||||||||||||||||
Pulp | 89 | — | 80 | 265 | — | 217 | ||||||||||||||||||
Paper | 78 | — | 81 | 238 | — | 229 | ||||||||||||||||||
Eliminations | (17 | ) | — | (19 | ) | (53 | ) | — | (52 | ) | ||||||||||||||
Total net sales | $ | 544 | $ | 210 | $ | 575 | $ | 1,608 | $ | 612 | $ | 1,598 |
Operating income comprised the following for the periods presented:
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Combined(1) | Combined(1) | |||||||||||||||||||||||
Operating income (loss) |
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September |
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September | ||||||||||||||||||
(in millions) | 2018 | 2017 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||||||
High Purity Cellulose | $ | 34 | $ | 30 | $ | 50 | $ | 83 | $ | 96 | $ | 143 | ||||||||||||
Forest Products | 8 | — | 11 | 35 | — | 27 | ||||||||||||||||||
Pulp | 26 | — | 16 | 75 | — | 31 | ||||||||||||||||||
Paper | 14 | — | 9 | 23 | — | 32 | ||||||||||||||||||
Corporate | (26 | ) | (11 | ) | (19 | ) | (48 | ) | (36 | ) | (54 | ) | ||||||||||||
Total operating income | $ | 56 | $ | 19 | $ | 67 | $ | 168 | $ | 60 | $ | 179 |
1 Combined net sales and operating income (loss) represents
the combination of Tembec’s net sales and operating earnings as of
High Purity Cellulose
Operating income for the three month
period ended
On a combined basis, operating income for the three and nine month
periods ended
Forest Products
Operating income for the three and nine
month periods ended
On a combined basis, operating income decreased
Pulp
Operating income for the three and nine month periods
ended
On a combined basis, operating income for the three and nine month
periods ended
Paper
Operating income for the three and nine month periods
ended
On a combined basis, operating income increased
Corporate
Operating expense for the three and nine month
periods ended
On a combined basis, operating expense increased
Transformation and Synergy Savings
During the first nine months of 2018, the Company achieved approximately
Non-Operating Expenses
Interest expense was
Non-operating expenses also includes
Income Tax Expense
The year-to-date effective tax rate was 26 percent for 2018, compared to
38 percent in the prior year period. The current year-to-date effective
rate differs from the federal statutory rate of 21 percent primarily due
to different statutory tax rates of foreign operations and the
Cash Flows and Liquidity
Year-to-date, the Company generated operating cash flows of
Year-to-date, the Company invested
The Company paid down
Outlook
High Purity Cellulose
On a combined basis, cellulose
specialties sales prices and volumes are anticipated to decline
approximately 3 to 4 percent in 2018 from 2017 driven primarily by lower
demand for acetate products. Commodity sales volumes are expected to
decline 2 percent. Despite higher wood costs caused by wet weather, the
sale of its resins business and an estimated
Forest Products
Lumber prices have declined significantly
from the recent peak. However, the Company believes the market has
over-corrected and expects lumber prices to rebound given the relative
level of the
Pulp
High-yield pulp prices are expected to remain near
historically high levels in the fourth quarter. Strong demand for
pulp, reduced recycled fiber imports to
Paper
Paperboard markets are expected to remain stable while
newsprint sales prices are expected to adjust downward with the reversal
of the duties on
Capital Allocation and Investment
The Company anticipates
that it will spend approximately
The Company expects to continue its dividend and share repurchases.
“During the year, we have realized the benefits of the scale and
diversity brought to us by the
Conference Call Information
About
Forward-Looking Statements
Certain statements in this document regarding anticipated financial, business, legal or other outcomes including business and market conditions, outlook and other similar statements relating to Rayonier Advanced Materials’ future events, developments, or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “forecast,” “anticipate,” “guidance,” and other similar language. However, the absence of these or similar words or expressions does not mean a statement is not forward-looking. While we believe these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance these expectations will be attained and it is possible actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties.
Our operations are subject to a number of risks and uncertainties
including, but not limited to, those listed below. When considering an
investment in our securities, you should carefully read and consider
these risks, together with all other information in our Annual Report on
Form 10-K and our other filings and submissions to the
Other important factors that could cause actual results or events to
differ materially from those expressed in forward-looking statements
that may have been made in this document are described or will be
described in our filings with the
Non-GAAP Financial Measures
This earnings release and the accompanying schedules contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted free cash flows, adjusted operating income, adjusted net income and adjusted net debt. These non-GAAP measures are reconciled to each of their respective most directly comparable GAAP financial measures on Schedules D - F of this earnings release. We believe these non-GAAP measures provide useful information to our board of directors, management and investors regarding certain trends relating to our financial condition and results of operations. Our management uses these non-GAAP measures to compare our performance to that of prior periods for trend analyses, purposes of determining management incentive compensation and budgeting, forecasting and planning purposes.
We do not consider these non-GAAP measures an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they may exclude significant expenses and income items that are required by GAAP to be recognized in our consolidated financial statements. In addition, they reflect the exercise of management’s judgment about which expenses and income items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management provides reconciliations of the non-GAAP financial measures we use to their most directly comparable GAAP measures. Non-GAAP financial measures should not be relied upon, in whole or part, in evaluating the financial condition, results of operations or future prospects of the Company.
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Condensed Consolidated Statements of Income | ||||||||||||||||||||
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(millions of dollars, except per share information) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
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2018 |
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
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$ | 544 | $ | 542 | $ | 210 | $ | 1,608 | $ | 612 | ||||||||||
Cost of Sales | (448 | ) | (440 | ) | (178 | ) | (1,330 | ) | (509 | ) | ||||||||||
Gross Margin | 96 | 102 | 32 | 278 | 103 | |||||||||||||||
Selling, general & administrative expenses | (31 | ) | (25 | ) | (12 | ) | (79 | ) | (40 | ) | ||||||||||
Duties | (1 | ) | (12 | ) | — | (21 | ) | — | ||||||||||||
Other operating income (expense), net | (8 | ) | 1 | (1 | ) | (10 | ) | (3 | ) | |||||||||||
Operating Income | 56 | 66 | 19 | 168 | 60 | |||||||||||||||
Interest expense | (15 | ) | (15 | ) | (9 | ) | (45 | ) | (27 | ) | ||||||||||
Interest income and other expenses, net | 2 | 7 | (1 | ) | 12 | (1 | ) | |||||||||||||
Gain on bargain purchase | 6 | 15 | — | 21 | — | |||||||||||||||
Gain on derivative instrument | — | — | 14 | — | 16 | |||||||||||||||
Income Before Income Taxes | 49 | 73 | 23 | 156 | 48 | |||||||||||||||
Income tax expense | (11 | ) | (19 | ) | (7 | ) | (40 | ) | (18 | ) | ||||||||||
Net Income Attributable to |
$ | 38 | $ | 54 | $ | 16 | $ | 116 | $ | 30 | ||||||||||
Mandatory convertible stock dividends | (3 | ) | (4 | ) | (4 | ) | (10 | ) | (10 | ) | ||||||||||
Net Income Available to |
$ | 35 | $ | 50 | $ | 12 | $ | 106 | $ | 20 | ||||||||||
Earnings Per Share of Common Stock | ||||||||||||||||||||
Basic earnings per share | $ | 0.68 | $ | 0.97 | $ | 0.29 | $ | 2.07 | $ | 0.47 | ||||||||||
Diluted earnings per share | $ | 0.60 | $ | 0.83 | $ | 0.28 | $ | 1.82 | $ | 0.46 | ||||||||||
Adjusted net income per share (a) | $ | 0.54 | $ | 0.60 | $ | 0.18 | $ | 1.53 | $ | 0.42 | ||||||||||
Shares Used for Determining | ||||||||||||||||||||
Basic EPS | 50,603,498 | 51,448,438 | 42,427,437 | 51,005,206 | 42,388,762 | |||||||||||||||
Diluted EPS | 63,245,424 | 64,025,456 | 56,034,722 | 63,678,075 | 43,284,828 | |||||||||||||||
(a) Adjusted net income per share is a non-GAAP measure. See Schedule F for a reconciliation to the nearest GAAP measure. |
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A |
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Condensed Consolidated Balance Sheets | ||||||
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(millions of dollars) | ||||||
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2018 | 2017 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 106 | $ | 96 | ||
Other current assets | 617 | 550 | ||||
Property, plant and equipment, net | 1,378 | 1,408 | ||||
Other assets | 567 | 589 | ||||
$ | 2,668 | $ | 2,643 | |||
Liabilities and Stockholders’ Equity | ||||||
Current maturities of long-term debt | $ | 12 | $ | 9 | ||
Other current liabilities | 299 | 298 | ||||
Long-term debt and capital lease obligations | 1,192 | 1,232 | ||||
Non-current liabilities for disposed operations | 148 | 151 | ||||
Other non-current liabilities | 240 | 259 | ||||
Total stockholders’ equity | 777 | 694 | ||||
$ | 2,668 | $ | 2,643 |
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Condensed Consolidated Statements of Cash Flows | ||||||||
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(millions of dollars) | ||||||||
Nine Months Ended | ||||||||
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2018 | 2017 | |||||||
Cash Provided by Operating Activities: | ||||||||
Net income | $ | 116 | $ | 30 | ||||
Gain on bargain purchase | (19 | ) | — | |||||
Depreciation and amortization | 108 | 64 | ||||||
Other items to reconcile net income to cash provided by operating activities | 43 | 21 | ||||||
Changes in working capital and other assets and liabilities | (88 | ) | 3 | |||||
160 | 118 | |||||||
Cash Used for Investing Activities: | ||||||||
Capital expenditures | (93 | ) | (44 | ) | ||||
Proceeds from sale of resins operations | 16 | — | ||||||
(76 | ) | (44 | ) | |||||
Cash Used for Financing Activities: | ||||||||
Changes in debt | (34 | ) | (5 | ) | ||||
Dividends paid | (21 | ) | (16 | ) | ||||
Common stock repurchased | (18 | ) | — | |||||
(73 | ) | (21 | ) | |||||
Cash and Cash Equivalents: | ||||||||
Change in cash and cash equivalents | 11 | 53 | ||||||
Net effect of foreign exchange on cash and cash equivalents | (1 | ) | — | |||||
Balance, beginning of year | 96 | 326 | ||||||
Balance, end of period | $ | 106 | $ | 379 | ||||
B |
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Sales Volumes and Average Prices | |||||||||||||||||||||||
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Combined(1) |
Combined(1) |
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September |
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September | ||||||||||||||||||
2018 | 2017 | 2017 | 2018 | 2017 | 2017 | ||||||||||||||||||
Average Sales Prices: | |||||||||||||||||||||||
High Purity Cellulose
($ per metric ton): |
|||||||||||||||||||||||
Cellulose Specialties | $ | 1,333 | $ | 1,460 | $ | 1,396 | $ | 1,344 | $ | 1,456 | $ | 1,378 | |||||||||||
Commodity Products | 807 | 737 | 789 | 813 | 739 | 793 | |||||||||||||||||
Forest Products
($ per thousand board feet): |
|||||||||||||||||||||||
Lumber | 487 | — | 441 | 500 | — | 406 | |||||||||||||||||
Pulp
($ per metric ton): |
|||||||||||||||||||||||
High-Yield pulp | 670 | — | 571 | 666 | — | 526 | |||||||||||||||||
Paper
($ per metric ton): |
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Paperboard | 1,120 | — | 1,127 | 1,136 | — | 1,116 | |||||||||||||||||
Newsprint | 633 | — | 466 | 590 | — | 459 | |||||||||||||||||
Sales Volumes: | |||||||||||||||||||||||
High Purity Cellulose (thousands of metric tons): | |||||||||||||||||||||||
Cellulose Specialties | 163 | 114 | 173 | 466 | 331 | 489 | |||||||||||||||||
Commodity Products | 70 | 54 | 74 | 188 | 167 | 219 | |||||||||||||||||
Forest Products
(millions of board feet): |
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Lumber | 141 | — | 171 | 457 | — | 499 | |||||||||||||||||
Pulp
(thousands of metric tons): |
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High-Yield pulp | 124 | — | 128 | 368 | — | 379 | |||||||||||||||||
Paper
(thousands of metric tons): |
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Paperboard | 45 | — | 49 | 131 | — | 143 | |||||||||||||||||
Newsprint | 44 | — | 56 | 151 | — | 150 | |||||||||||||||||
(1) Combined sales volumes and average sales prices represents the combination of Tembec’s sales volumes and average sales | |||||||||||||||||||||||
prices as of |
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Standards to |
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quarterly average exchange rate for the periods presented, with the Company’s sales volumes and average sales prices for the | |||||||||||||||||||||||
comparable periods. The adjustments represent the Company’s best estimates and are subject to change should additional | |||||||||||||||||||||||
information become available. The combined sales volumes and average
sales prices of the Company and |
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illustrative purposes only and do not necessarily reflect the sales volumes and average sales prices that would have resulted | |||||||||||||||||||||||
had the acquisition occurred for the period, nor project the results of operations for any future date or period. | |||||||||||||||||||||||
C |
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Reconciliation of Non-GAAP Measures | ||||||||||||||||||||||||
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(in millions) | ||||||||||||||||||||||||
EBITDA and Adjusted EBITDA by Segment (a): |
Three Months Ended |
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Forest |
Pulp | Paper |
High Purity |
Corporate & |
Total | |||||||||||||||||||
Net Income | $ | 8 | $ | 26 | $ | 16 | $ | 40 | $ | (52 | ) | $ | 38 | |||||||||||
Depreciation and amortization | 2 | 1 | 4 | 30 | — | 37 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 15 | 15 | ||||||||||||||||||
Income tax expense | — | — | — | — | 11 | 11 | ||||||||||||||||||
EBITDA | 10 | 27 | 20 | 70 | (26 | ) | 101 | |||||||||||||||||
Gain on bargain purchase | — | — | — | (7 | ) | 1 | (6 | ) | ||||||||||||||||
Severance expense | — | — | — | — | 4 | 4 | ||||||||||||||||||
Adjusted EBITDA | $ | 10 | $ | 27 | $ | 20 | $ | 63 | $ | (21 | ) | $ | 99 | |||||||||||
Three Months Ended |
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Forest |
Pulp | Paper |
High Purity |
Corporate & |
Total | |||||||||||||||||||
Net Income | $ | — | $ | — | $ | — | $ | 29 | $ | (13 | ) | $ | 16 | |||||||||||
Depreciation and amortization | — | — | — | 21 | — | 21 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 9 | 9 | ||||||||||||||||||
Income tax expense | — | — | — | — | 7 | 7 | ||||||||||||||||||
EBITDA | — | — | — | 50 | 3 | 53 | ||||||||||||||||||
Acquisition related costs | — | — | — | — | 5 | 5 | ||||||||||||||||||
Gain on derivative instrument | — | — | — | — | (14 | ) | (14 | ) | ||||||||||||||||
Adjusted EBITDA | $ | — | $ | — | $ | — | $ | 50 | $ | (6 | ) | $ | 44 |
EBITDA and Adjusted EBITDA by Segment (a): |
Nine Months Ended |
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Forest |
Pulp | Paper |
High Purity |
Corporate & |
Total | |||||||||||||||||||
Net Income | $ | 35 | $ | 76 | $ | 30 | $ | 97 | $ | (122 | ) | $ | 116 | |||||||||||
Depreciation and amortization | 5 | 3 | 13 | 86 | 1 | 108 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 44 | 44 | ||||||||||||||||||
Income tax expense | — | — | — | — | 40 | 40 | ||||||||||||||||||
EBITDA | 40 | 79 | 43 | 183 | (37 | ) | 308 | |||||||||||||||||
Gain on bargain purchase | — | — | — | (10 | ) | (11 | ) | (21 | ) | |||||||||||||||
Severance expense | — | — | — | — | 4 | 4 | ||||||||||||||||||
Adjusted EBITDA | $ | 40 | $ | 79 | $ | 43 | $ | 173 | $ | (44 | ) | $ | 291 | |||||||||||
Nine Months Ended |
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Forest |
Pulp | Paper |
High Purity |
Corporate & |
Total | |||||||||||||||||||
Net Income | $ | — | $ | — | $ | — | $ | 93 | $ | (63 | ) | $ | 30 | |||||||||||
Depreciation and amortization | — | — | — | 64 | — | 64 | ||||||||||||||||||
Interest expense, net | — | — | — | — | 25 | 25 | ||||||||||||||||||
Income tax expense | — | — | — | — | 18 | 18 | ||||||||||||||||||
EBITDA | — | — | — | 157 | (20 | ) | 137 | |||||||||||||||||
Acquisition related costs | — | — | — | — | 13 | 13 | ||||||||||||||||||
Gain on derivative instrument | — | — | — | — | (16 | ) | (16 | ) | ||||||||||||||||
Adjusted EBITDA | $ | — | $ | — | $ | — | $ | 157 | $ | (23 | ) | $ | 134 | |||||||||||
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(a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure used by our Chief Operating Decision Maker, existing stockholders and potential stockholders to measure how the Company is performing relative to the assets under management. Adjusted EBITDA is defined as EBITDA adjusted for items management believes do not represent core operations. Management believes this measure is useful to evaluate the Company's performance.
D
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Reconciliation of Non-GAAP Measures (Continued) | ||||||||
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(millions of dollars, except per share information) | ||||||||
Nine Months Ended | ||||||||
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Adjusted Free Cash Flows (a): | 2018 | 2017 | ||||||
Cash provided by operating activities | $ | 160 | $ | 118 | ||||
Capital expenditures | (63 | ) | (41 | ) | ||||
Adjusted Free Cash Flows | $ | 97 | $ | 77 |
(a) | Adjusted free cash flows is defined as cash provided by operating activities adjusted for capital expenditures excluding strategic capital. Adjusted free cash flows is a non-GAAP measure of cash generated during a period which is available for dividend distribution, debt reduction, strategic acquisitions and repurchase of our common stock. Adjusted free cash flows is not necessarily indicative of the adjusted free cash flows that may be generated in future periods. |
Adjusted Net Debt (a): |
2018 |
|
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Current maturities of long-term debt | $ | 12 | $ | 9 | ||||
Long-term debt & capital lease obligation | 1,192 | 1,232 | ||||||
Total debt | 1,204 | 1,241 | ||||||
Original issue discount, premiums and debt issuance costs | 5 | 5 | ||||||
Cash and cash equivalents | (106 | ) | (96 | ) | ||||
Adjusted Net Debt | $ | 1,103 | $ | 1,150 |
(a) | Adjusted net debt is defined as the amount of debt after the consideration of the original issue discount, premiums, and debt issuance costs, less cash. Adjusted net debt is a non-GAAP measure of debt and is not necessarily indicative of the adjusted net debt that may occur in future periods. | |
E |
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Reconciliation of Non-GAAP Measures (Continued) | ||||||||||||||||||||||||||||||||||||||||
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(millions of dollars, except per share information) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||
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2018 |
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2017 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||||
Adjusted Operating Income and Adjusted Net Income (a): | $ |
Per |
$ |
Per |
$ |
Per |
$ |
Per |
$ |
Per |
||||||||||||||||||||||||||||||
Operating Income | $ | 56 | $ | 66 | $ | 19 | $ | 168 | $ | 60 | ||||||||||||||||||||||||||||||
Severance expense | 4 | — | — | 4 | — | |||||||||||||||||||||||||||||||||||
Acquisition related costs | — | — | 5 | — | 13 | |||||||||||||||||||||||||||||||||||
Adjusted Operating Income | $ | 60 | $ | 66 | $ | 24 | $ | 172 | $ | 73 | ||||||||||||||||||||||||||||||
Net Income | $ | 38 | $ | 0.60 | $ | 54 | $ | 0.83 | $ | 16 | $ | 0.28 | $ | 116 | $ | 1.82 | $ | 30 | $ | 0.46 | ||||||||||||||||||||
Severance expense | 4 | 0.06 | — | — | — | — | 4 | 0.06 | — | — | ||||||||||||||||||||||||||||||
Gain on bargain purchase | (6 | ) | (0.10 | ) | (15 | ) | (0.23 | ) | — | — | (21 | ) | (0.33 | ) | — | — | ||||||||||||||||||||||||
Acquisition related costs | — | — | — | — | 5 | 0.09 | — | — | 13 | 0.30 | ||||||||||||||||||||||||||||||
Loss (gain) on derivative instrument | — | — | — | — | (14 | ) | (0.25 | ) | — | — | (16 | ) | (0.37 | ) | ||||||||||||||||||||||||||
Tax effects of adjustments | (1 | ) | (0.02 | ) | — | — | 3 | 0.06 | (1 | ) | (0.01 | ) | 1 | 0.03 | ||||||||||||||||||||||||||
Adjusted Net Income | $ | 35 | $ | 0.54 | $ | 39 | $ | 0.60 | $ | 10 | $ | 0.18 | $ | 98 | $ | 1.53 | $ | 28 | $ | 0.42 |
(a) | Adjusted operating income is defined as operating income adjusted for acquisition related costs and fair market valuation of inventory. Adjusted net income is defined as net income adjusted net of tax for gain on bargain purchase, acquisition related costs, fair market valuation of inventory, and loss (gain) on derivative. Adjusted operating income and adjusted net income are not necessarily indicative of results that may be generated in future periods. | |
F |
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