Sylvamo (NYSE: SLVM), the world’s paper company, is releasing
third quarter 2024 earnings.
Financial Highlights – Third Quarter vs. Second
Quarter
- Net income of $95 million ($2.27 per diluted share) vs. $83
million ($1.98 per diluted share)
- Adjusted operating earnings1 of $102 million ($2.44 per diluted
share) vs. $83 million ($1.98 per diluted share)
- Adjusted EBITDA2 of $193 million (20% margin) vs. $164 million
(18% margin)
- Cash provided by operating activities of $163 million vs. $115
million
- Free cash flow3 of $119 million vs. $62 million
Commercial and Operational Highlights – Third Quarter vs.
Second Quarter
- Price and mix decreased by $4 million due to mix in North
America
- Volume improved by $10 million due to higher shipments in North
America
- Operations and other costs increased slightly by $1
million
- Planned maintenance outage expenses decreased by $28 million
due to no major annual outages
- Input and transportation costs increased by $4 million,
primarily driven by higher fiber costs in Latin America
Fourth Quarter Outlook
- Adjusted EBITDA of $150 million to $165 million
- Compared to the third quarter:
- Price and mix are expected to be unfavorable $20 million to $25
million due to pulp and paper price decreases in Europe, higher
export mix in Latin America and customer mix in North America
- Volume is projected to improve by $15 million to $20 million,
with seasonally stronger volume in Latin America
- Operations and other costs are expected to increase up to $5
million due to an $8 million operating expense for a planned
ten-year turbine generator maintenance event at our Eastover, South
Carolina, mill, which is partially offset by better fixed cost
absorption from less economic downtime in North America
- Input and transportation costs are projected to increase by $5
million to $10 million, mainly due to transportation and seasonally
higher energy
- Total planned maintenance outage expenses are expected to
increase by $17 million
Management Summary from Chairman and Chief Executive Officer
Jean-Michel Ribiéras
We delivered strong earnings with a 20% adjusted EBITDA margin
and outstanding free cash flow in the third quarter, driven by
solid operational performance, good commercial execution and stable
input costs. The quarter also had no planned maintenance
outages.
On Oct. 31, we announced we are mutually terminating a supply
agreement for uncoated freesheet, bristols and specialty papers
from International Paper’s Georgetown, South Carolina, mill,
effective Dec. 31, 2024. We will continue to optimize our North
America region by leveraging strategic initiatives to simplify the
business, unlock efficiencies and drive earnings growth.
We have seen encouraging increases in industry demand across our
regions and expect recent capacity reduction announcements to lead
to more favorable supply and demand balance trends in 2025. We are
confident in our strategy to grow earnings and cash flow by
continuing to invest in high-return projects in our mills and
processes.
We continue to allocate capital to generate long-term shareowner
value. So far this year, we repurchased $30 million of our shares
and have $120 million remaining on our $150 million share
repurchase authorization from September 2023. Our board of
directors declared a $0.45 per share dividend in the fourth
quarter, which we paid Oct. 17. As of today, we have distributed
$62 million through four quarterly dividends in 2024. We are
committed to return at least 40% of our free cash flow to
shareowners this year through share repurchases and dividends.
We are making good progress with Project Horizon, our structural
cost reduction program to streamline overhead, manufacturing and
supply chain costs. Before inflation, we are on target to exceed
our $110 million run rate savings goal by up to $10 million by the
end of 2024.
1 Adjusted Operating Earnings (non-GAAP)
are net income (GAAP), net of tax and net special items. Management
uses this measure to focus on ongoing operations and believes it is
useful to investors because it enables them to perform meaningful
comparisons of past and present combined operating results. The
Company believes that using this information, along with net
income, provides for a more complete analysis of the results of
operations. Net income is the most directly comparable GAAP
measure. For more information regarding net special items, see the
information under the heading Effects of Net Special Items and the
Condensed Consolidated Statement of Operations and related notes
included later in this release.
2 Adjusted EBITDA (non-GAAP) is net income
(GAAP), net of tax, plus the sum of income taxes, net interest
expense (income), depreciation, amortization and cost of timber
harvested, stock-based compensation, and, when applicable for the
periods reported, net special items. Management uses this measure
in managing the operating performance of our business and believes
that Adjusted EBITDA and Adjusted EBITDA Margin provide investors
and analysts meaningful insights into our operating performance and
Adjusted EBITDA is a relevant metric for the third-party debt. The
Company believes that using this information, along with net
income, provides for a more complete analysis of the results of its
operations. Net income is the most directly comparable GAAP
measure. For more information regarding net special items, see the
information under the heading Effects of Net Special Items and the
Condensed Consolidated Statement of Operations and related notes
included later in this release.
3 Free Cash Flow is a non-GAAP measure and
the most directly comparable GAAP measure is cash provided by
operating activities. Management utilizes this measure in
connection with managing our business and believes that Free Cash
Flow is useful to investors as a liquidity measure because it
measures the amount of cash generated that is available, after
reinvesting in the business, to maintain a strong balance sheet and
service debt, and return cash to shareowners. It should not be
inferred that the entire Free Cash Flow amount is available for
discretionary expenditures. Free Cash Flow also enables investors
to perform meaningful comparisons between past and present
periods.
Select Financial
Measures
(In millions)
Third Quarter 2024
Second Quarter 2024
Third Quarter 2023
Net Sales
$
965
$
933
$
897
Net Income
95
83
58
Business Segment Operating Profit
150
122
116
Adjusted Operating Earnings
102
83
72
Adjusted EBITDA
193
164
158
Cash Provided By Operating Activities
163
115
197
Free Cash Flow
119
62
155
Segment Information
Sylvamo uses business segment operating profit to measure the
earnings performance of its businesses and is calculated as set
forth in footnote (f) under the "Sales and Earnings by Business
Segment" table (page 8). Third quarter 2024 net sales by business
segment and operating profit by business segment compared with the
second quarter of 2024 and the third quarter of 2023 are as
follows:
Business Segment
Results
(In millions)
Third Quarter 2024
Second Quarter 2024
Third Quarter 2023
Net Sales by Business Segment
Europe
$
194
$
206
$
184
Latin America
247
245
246
North America
532
493
476
Inter-segment Sales
(8
)
(11
)
(9
)
Net Sales
$
965
$
933
$
897
Operating Profit by Business
Segment
Europe
$
3
$
8
$
(14
)
Latin America
49
37
55
North America
98
77
75
Business Segment Operating
Profit
$
150
$
122
$
116
Operating profits in the third quarter of 2024:
Europe - $3 million compared with $8 million in
the second quarter of 2024. Earnings were lower mostly due to
higher unabsorbed costs from economic downtime and slightly
unfavorable price and mix, which more than offset lower operating
costs.
Latin America - $49 million compared with $37 million in
the second quarter of 2024. Earnings were higher due to favorable
price and mix, lower operating costs and lower planned maintenance
outages which more than offset higher input costs.
North America - $98 million compared with $77
million in the second quarter of 2024. Earnings were higher due to
higher volumes, lower planned maintenance outages and lower input
costs which more than offset unfavorable mix and higher unabsorbed
costs due to economic downtime.
Effective Tax Rate
The reported effective tax rate for the third quarter of 2024
was 28%, compared to 27% for the second quarter of 2024. The higher
rate for the third quarter was due to the mix of earnings in our
regions.
Excluding net special items, the effective tax rate for the
third quarter of 2024 was 28%, compared with 27% for the second
quarter of 2024.
The effective tax rate excluding net special items is a non-GAAP
financial measure and is calculated by adjusting the income tax
provision and rate to exclude the tax effect at the applicable
statutory rate of net special items. Management believes that this
presentation provides useful information to investors by providing
a more meaningful comparison of the income tax rate between past
and present periods.
Effects of Net Special Items
Net special items in the third quarter of 2024 amounted to a net
after-tax charge of $7 million ($0.17 per diluted share), compared
with a net after-tax charge of $0 million ($0.00 per diluted share)
in the second quarter of 2024.
Earnings Webcast
The company will host an audio webcast at 10 a.m. EST / 9 a.m.
CST. All interested parties are invited to listen at
investors.sylvamo.com.
Parties who wish to participate should call 800-715-9871 (U.S.)
or +1-646-307-1963 (international) and use access code 2975749.
Participants should call in no later than 9:45 a.m. EST / 8:45 a.m.
CST.
Replays are available at investors.sylvamo.com for one year and
by phone for one week. To listen by phone, call 800-770-2030 (U.S.)
or +1-609-800-9909 (international) and use access code 2975749.
About Sylvamo
Sylvamo Corporation (NYSE: SLVM) is the world's paper company
with mills in Europe, Latin America and North America. Our vision
is to be the employer, supplier and investment of choice. We
transform renewable resources into papers that people depend on for
education, communication and entertainment. Headquartered in
Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales
for 2023 were $3.7 billion. For more information, please visit
Sylvamo.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including the
information under the headings "Fourth Quarter Outlook" and
"Management Summary from Chairman and Chief Executive Officer
Jean-Michel Ribiéras." Any or all forward-looking statements may
turn out to be incorrect, and our actual actions and results could
differ materially from what they express or imply, because they
involve known and unknown risks, uncertainties and other factors,
many of which are beyond our control. These risks, uncertainties,
and other factors include those disclosed in the heading "Risk
Factors" in our Annual Report on Form 10-K for the year ended Dec.
31, 2023, filed with the U.S. Securities and Exchange Commission
(SEC) and in our subsequent filings with the SEC, available on our
website, Sylvamo.com. These forward-looking statements reflect our
current expectations, and we undertake no obligation to publicly
update any forward-looking statements, whether because of new
information, future events or otherwise.
SYLVAMO CORPORATION
Condensed Consolidated
Statement of Operations
Preliminary and Unaudited
(In millions, except per share
amounts)
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Net Sales
$
965
$
897
$
933
$
2,803
$
2,757
Costs and Expenses
Cost of products sold
700
665
(g)
684
(e)
2,100
(d)
2,055
(g)
Selling and administrative expenses
74
(a)
89
(h)
82
(f)
230
(a)
248
(h)
Depreciation, amortization and cost of
timber harvested
39
(b)
36
37
115
(b)
105
Taxes other than payroll and income
taxes
6
7
8
21
19
Interest expense (income), net
14
(c)
9
9
32
(c)
28
(j)
Income Before Income Taxes
132
91
113
305
302
Income tax provision
37
33
(i)
30
84
98
(i)
Net Income
$
95
$
58
$
83
$
221
$
204
Earnings Per Share
Basic
$
2.32
$
1.39
$
2.02
$
5.37
$
4.83
Diluted
$
2.27
$
1.37
$
1.98
$
5.26
$
4.77
Average Shares of Common Stock
Outstanding - Diluted
42
42
42
42
43
The accompanying notes are an
integral part of this condensed consolidated statement of
operations.
Three Months and Nine Months Ended
September 30, 2024
(a)
Includes pre-tax loss of $2 million ($1
million after taxes) for legal fees related to the Brazil Tax
Dispute for the three and nine months ended September 30, 2024.
Also includes pre-tax loss of $1 million ($1 million after taxes)
and $2 million ($2 million after taxes) for certain severance costs
related to our salaried workforce for the three and nine months
ended September 30, 2024, respectively. Finally, includes pre-tax
loss of $2 million ($1 million after taxes) for the nine months
ended September 30, 2024, for integration costs related to the
Nym�lla acquisition.
(b)
Includes pre-tax loss of $1 million ($1
million after taxes) for the three and nine months ended September
30, 2024, related to forest fires in Brazil.
(c)
Includes pre-tax loss of $5 million ($4
million after taxes) for the three and nine months ended September
30, 2024, related to debt extinguishment costs.
(d)
Includes pre-tax gain of $1 million ($1
million after taxes) for the nine months ended September 30, 2024,
to adjust the recognition of a foreign value-added tax refund in
Brazil. Also includes pre-tax loss of $1 million ($1 million after
taxes) for the nine months ended September 30, 2024, for other
charges.
Three Months Ended June 30,
2024
(e)
Includes pre-tax gain of $1 million ($1
million after taxes) to adjust the recognition of a foreign
value-added tax refund in Brazil.
(f)
Includes pre-tax loss of $1 million ($1
million after taxes) for certain severance costs related to our
salaried workforce.
Three Months and Nine Months Ended
September 30, 2023
(g)
Includes pre-tax loss of $3 million ($2
million after taxes) for the three and nine months ended September
30, 2023, for certain severance costs related to our salaried
workforce and incremental expense of $9 million ($7 million after
taxes) for the nine months ended September 30, 2023, related to the
impact of the step-up of acquired Nym�lla inventory sold during the
first quarter.
(h)
Includes a pre-tax loss of $10 million ($8
million after taxes) for the three months and nine months ended
September 30, 2023, for certain severance costs related to our
salaried workforce. Also includes pre-tax loss of $3 million ($2
million after taxes) for the three months ended September 30, 2023,
and a pre-tax loss of $8 million ($6 million after taxes) for the
nine months ended September 30, 2023, for transaction costs related
to the Nym�lla acquisition. Finally, includes a pre-tax loss of $4
million ($3 million after taxes) for the nine months ended
September 30, 2023 for professional and legal fees related to
negotiations resulting in a shareholder cooperation agreement.
(i)
Includes a $2 million tax expense for the
three and nine months ended September 30, 2023 related to the
write-off of certain deferred tax assets.
(j)
Includes $9 million ($6 million after
taxes) of interest income related to tax settlements and a pre-tax
loss of $5 million ($4 million after taxes) related to debt
extinguishment costs for the nine months ended September 30,
2023.
SYLVAMO CORPORATION
Reconciliation of Net Income
to Adjusted Operating Earnings
Preliminary and Unaudited
(In millions, except per share
amounts)
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Net Income
$
95
$
58
$
83
$
221
$
204
Add back: Net special items expense
(income)
7
14
—
9
25
Adjusted Operating Earnings
$
102
$
72
$
83
$
230
$
229
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Diluted Earnings Per Common Share as
Reported
$
2.27
$
1.37
$
1.98
$
5.26
$
4.77
Add back: Net special items expense
(income)
0.17
0.33
—
0.22
0.58
Adjusted Operating Earnings Per
Share
$
2.44
$
1.70
$
1.98
$
5.48
$
5.35
SYLVAMO CORPORATION
Sales and Earnings by Business
Segment
Preliminary and Unaudited
(In millions)
Net Sales by Business
Segment
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Europe
$
194
$
184
$
206
$
607
$
624
Latin America
247
246
245
708
718
North America
532
476
493
1,515
1,455
Inter-segment Sales
(8
)
(9
)
(11
)
(27
)
(40
)
Net Sales
$
965
$
897
$
933
$
2,803
$
2,757
Operating Profit by Business
Segment
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Europe
$
3
$
(14
)
$
8
$
7
$
(2
)
Latin America
49
55
37
100
149
North America
98
75
77
237
217
Business Segment Operating
Profit
$
150
$
116
$
122
$
344
$
364
Income Before Income Taxes
$
132
$
91
$
113
$
305
$
302
Interest expense (income), net
14
(a)
9
9
32
(a)
28
(e)
Net special items expense (income)
4
(b)
16
(d)
—
(c)
7
(b)
34
(d)
Business Segment Operating Profit
(f)
$
150
$
116
$
122
$
344
$
364
Three and Nine Months Ended September
30, 2024
(a)
Includes pre-tax loss of $5
million ($4 million after taxes) for the three and nine months
ended September 30, 2024, related to debt extinguishment costs.
(b)
Includes pre-tax loss of $2 million ($1
million after taxes) for legal fees related to the Brazil Tax
Dispute for the three and nine months ended September 30, 2024 and
a pre-tax loss of $1 million ($1 million after taxes) for the three
and nine months ended September 30, 2024, related to forest fires
in Brazil. Also includes pre-tax loss of $1 million ($1 million
after taxes) and $2 million ($2 million after taxes) for certain
severance costs related to our salaried workforce for the three and
nine months ended September 30, 2024, respectively. Finally,
includes pre-tax loss of $2 million ($1 million after taxes) for
integration costs related to the Nym�lla acquisition, a pre-tax
gain of $1 million ($1 million after taxes) to adjust the
recognition of a foreign value-added tax refund in Brazil and a
pre-tax loss of $1 million ($1 million after taxes) for other
charges, all for the nine months ended September 30, 2024.
Three Months Ended June 30,
2024
(c)
Includes pre-tax loss of $1 million ($1
million after taxes) for certain severance costs related to our
salaried workforce. Also includes pre-tax gain of $1 million ($1
million after taxes) to adjust the recognition of a foreign
value-added tax refund in Brazil.
Three Months and Nine Months Ended
September 30, 2023
(d)
Includes pre-tax loss of $13 million ($10
million after taxes) for the three months and nine months ended
September 30, 2023 for certain severance costs related to our
salaried workforce. Also includes a pre-tax loss of $3 million ($2
million after taxes) for the three months ended September 30, 2023,
and a pre-tax loss of $8 million ($6 million after taxes) for the
nine months ended September 30, 2023, for transaction costs related
to the Nym�lla acquisition. Finally, includes a pre-tax loss of $4
million ($3 million after taxes) for professional and legal fees
related to negotiations resulting in a shareholder cooperation
agreement and incremental expense of $9 million ($7 million after
taxes) related to the impact of the step-up of acquired Nym�lla
inventory sold during the first quarter for the nine months ended
September 30, 2023.
(e)
Includes $9 million ($6 million after
taxes) of interest income related to tax settlements and a pre-tax
loss of $5 million ($4 million after taxes) related to debt
extinguishment costs for the nine months ended September 30,
2023.
(f)
As set forth in the chart above, business
segment operating profit is defined as income before income taxes,
but excluding net interest expense (income) and net special items.
Business segment operating profit is a measure reported to our
management for purposes of making decisions about allocating
resources to our business segments and assessing the performance of
our business segments.
Reconciliation of Net Income
to Adjusted EBITDA and Adjusted EBITDA Margin
Preliminary and Unaudited
(In millions)
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Net Income
$
95
$
58
$
83
$
221
$
204
Adjustments:
Income tax provision
37
33
30
84
98
Interest expense (income), net
14
9
9
32
28
Depreciation, amortization and cost of
timber harvested
39
36
37
115
105
Stock-based compensation
5
6
5
17
21
Net special items expense (income)
3
16
—
6
34
Adjusted EBITDA
$
193
$
158
$
164
$
475
$
490
Net Sales
$
965
$
897
$
933
$
2,803
$
2,757
Adjusted EBITDA Margin
20.0
%
17.6
%
17.6
%
16.9
%
17.8
%
Adjusted EBITDA and Adjusted EBITDA
Margin by Business Segment
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Adjusted EBITDA
Europe
$
11
$
(5
)
$
17
$
33
$
23
Latin America
69
74
55
158
204
North America
113
89
92
284
263
Total Business Segment Adjusted
EBITDA
$
193
$
158
$
164
$
475
$
490
Net Sales (excluding inter-segment
sales eliminations)
Europe
$
194
$
184
$
206
$
607
$
624
Latin America
247
246
245
708
718
North America
532
476
493
1,515
1,455
Total Business Segment Net
Sales
$
973
$
906
$
944
$
2,830
$
2,797
Adjusted EBITDA Margin
Europe
6
%
(3
)%
8
%
5
%
4
%
Latin America
28
%
30
%
22
%
22
%
28
%
North America
21
%
19
%
19
%
19
%
18
%
SYLVAMO CORPORATION
Condensed Consolidated Balance
Sheet
Preliminary and Unaudited
(In millions)
September 30, 2024
December 31, 2023
Assets
Current Assets
Cash and temporary investments
$
248
$
220
Restricted cash
60
60
Accounts and notes receivable, net
439
428
Contract assets
34
27
Inventories
421
404
Other current assets
27
54
Total Current Assets
1,229
1,193
Plants, Properties and Equipment, Net
970
1,002
Forestlands
361
364
Goodwill
125
139
Right of Use Assets
60
58
Deferred Charges and Other Assets
116
116
Total Assets
$
2,861
$
2,872
Liabilities and Equity
Current Liabilities
Accounts payable
$
381
$
421
Notes payable and current maturities of
long-term debt
43
28
Accrued payroll and benefits
76
63
Other current liabilities
214
183
Total Current Liabilities
714
695
Long-Term Debt
883
931
Deferred Income Taxes
164
189
Other Liabilities
163
156
Equity
Common stock, $1 par value, 200.0 shares
authorized, 44.9 shares and 44.5 shares issued and 41.0 shares and
41.2 shares outstanding at September 30, 2024 and December 31,
2023, respectively
45
45
Paid-In Capital
65
48
Retained Earnings
2,393
2,222
Accumulated Other Comprehensive Loss
(1,371
)
(1,256
)
1,132
1,059
Less: Common stock held in treasury, at
cost, 3.9 shares and 3.3 shares at September 30, 2024 and December
31, 2023, respectively
(195
)
(158
)
Total Equity
937
901
Total Liabilities and Equity
$
2,861
$
2,872
Condensed Consolidated
Statement of Cash Flows
Preliminary and Unaudited
(In millions)
Nine Months Ended
September 30,
2024
2023
Operating Activities
Net income
$
221
$
204
Depreciation, amortization, and cost of
timber harvested
115
105
Deferred income tax provision (benefit),
net
(4
)
4
Stock-based compensation
17
21
Changes in operating assets and
liabilities and other
Accounts and notes receivable
(28
)
99
Inventories
(21
)
(46
)
Accounts payable and accrued
liabilities
16
(122
)
Other
(11
)
72
Cash Provided By Operating
Activities
305
337
Investment Activities
Invested in capital projects
(157
)
(147
)
Acquisition of business, net of cash
acquired
—
(167
)
Cash Provided By (Used for) Investment
Activities
(157
)
(314
)
Financing Activities
Dividends paid
(43
)
(32
)
Issuance of debt
250
443
Reduction of debt
(285
)
(482
)
Repurchases of common stock
(30
)
(53
)
Other
(6
)
(7
)
Cash Provided By (Used for) Financing
Activities
(114
)
(131
)
Effect of Exchange Rate Changes on
Cash
(6
)
2
Change in Cash, Temporary Investments
and Restricted Cash
28
(106
)
Cash, Temporary Investments and
Restricted Cash
Beginning of the period
280
360
End of the period
$
308
$
254
SYLVAMO CORPORATION
Reconciliation of Cash
Provided by Operations to Free Cash Flow
Preliminary and Unaudited
(In millions)
Three Months Ended
September 30,
Three Months Ended June
30, 2024
Nine Months Ended
September 30,
2024
2023
2024
2023
Cash Provided By Operating
Activities
$
163
$
197
$
115
$
305
$
337
Adjustments:
Cash invested in capital projects
(44
)
(42
)
(53
)
(157
)
(147
)
Free Cash Flow
$
119
$
155
$
62
$
148
$
190
SYLVAMO CORPORATION
Reconciliation of Net Income
to Adjusted EBITDA - Fourth Quarter 2024 Outlook
Estimates
(In millions)
Three Months Ended
December 31, 2024
Net Income
$66 - $77
Adjustments:
Income tax provision
27 - 31
Interest expense (income), net
8
Depreciation, amortization and cost of
timber harvested
43
Stock-based compensation
6
Adjusted EBITDA
$150 - $165
The non-GAAP financial measures presented
in this release have limitations as analytical tools and should not
be considered in isolation or as a substitute for an analysis of
our results calculated in accordance with GAAP. In addition,
because not all companies use identical calculations, the Company’s
presentation of non-GAAP measures in this release may not be
comparable to similarly titled measures disclosed by other
companies, including companies in the same industry as Sylvamo.
Management believes certain non-U.S. GAAP
financial measures, when used in conjunction with information
presented in accordance with U.S. GAAP, can facilitate a better
understanding of the impact of various factors and trends on the
Company’s financial condition and results of operations. Management
also uses these non-U.S. GAAP financial measures in making
financial, operating and planning decisions and in evaluating the
Company’s performance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112115812/en/
Investor Contact: Hans Bjorkman, 901-519-8030,
hans.bjorkman@sylvamo.com Media Contact: Adam Ghassemi,
901-519-8115, adam.ghassemi@sylvamo.com
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