Rayonier Advanced Materials Q3 Profit Decreases - Quick Facts

(RTTNews) - Rayonier Advanced Materials (RYAM) reported third-quarter net income of $19.4 million, or $0.46 per share, compared to $40.0 million, or $0.95 per share, for the third quarter 2013. Third-quarter 2014 pro forma net income was $22 million, or $0.53 per share, compared to $40 million, or $0.95 per share, for the same period in the prior year. The company said its pro forma net income declined in third quarter 2014, as increased sales were more than offset by higher costs.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.66 for the quarter. Analysts' estimates typically exclude special items.

Sales were $253.7 million, compared to $225.5 million, last year. Analysts expected revenue of $259.82 million for the quarter. Paul Boynton, Chairman, President and CEO said, "We are pleased with third quarter results, our first on a stand-alone basis. We achieved pro forma EBITDA margin of approximately 27 percent and remain on-track to meet our previously announced guidance for 2014. Additionally, we successfully extended an existing contract with a significant long-term customer and look forward to growing with them in the future."