Shares of Sylvamo (NYSE: SLVM) tumbled 7.09% in pre-market trading on Friday following the release of its second-quarter earnings report that fell short of analysts' expectations. The paper products company reported earnings per share (EPS) of $0.37, significantly missing the consensus estimate of $0.49 and marking a steep 81.31% decline from the $1.98 per share reported in the same period last year.
Sylvamo's quarterly sales also disappointed, coming in at $794 million, which was 3.94% below the analyst consensus estimate of $826.597 million. This represents a 14.90% decrease compared to the $933 million in sales reported for the same quarter in the previous year. The company's adjusted EBITDA of $82 million also fell short of analyst estimates of $87.70 million.
Despite the disappointing results, Sylvamo remains optimistic about its future performance. The company expects a significant improvement in quarterly earnings in the second half of the year, projecting adjusted EBITDA for the third quarter to range between $145 million and $165 million. This anticipated improvement is attributed to reduced maintenance outages and seasonal factors in Latin America and North America. However, the company also warned of potential headwinds, including a decrease in paper and pulp prices in Europe, which could impact price and mix by $15 million to $20 million in Q3.
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