Sylvamo (SLVM)2024-08-09 11:18Financial Performance - Net income for Q2 2024 was 1.98 per diluted share), compared to 1.02 per diluted share) in Q1 2024[2]. - Adjusted EBITDA increased to 118 million (13% margin) in Q1 2024[2]. - Free cash flow improved to 33 million in Q1 2024[2]. - Net sales for Q2 2024 were 905 million in Q1 2024[8]. - Net income for the three months ended June 30, 2024, was 49 million for the same period in 2023, representing a 69.4% increase[21]. - Adjusted EBITDA for the three months ended June 30, 2024, was 124 million in the same period last year, reflecting a 32.3% increase[29]. - Net sales for the three months ended June 30, 2024, totaled 919 million for the same period in 2023, indicating a 1.5% growth[23]. - The adjusted EBITDA margin for the three months ended June 30, 2024, was 17.6%, compared to 13.5% in the same period last year, showing an improvement of 4.1 percentage points[29]. - Operating profit by business segment for Q2 2024 was 72 million in Q1 2024[9]. - Operating profit for North America in the three months ended June 30, 2024, was 45 million in the same period last year, a 71.1% increase[24]. - Net income for the six months ended June 30, 2024, was 146 million for the same period in 2023, reflecting a decrease of 13.7%[34]. - Free cash flow for the six months ended June 30, 2024, was 35 million in 2023, indicating a decrease of 17.1%[36]. Future Projections - The company expects adjusted EBITDA for Q3 2024 to be between 185 million, with volume projected to increase by 15 million[1]. - Adjusted EBITDA for the three months ending September 30, 2024, is estimated to be between 185 million[37]. Shareholder Returns - A 50% dividend increase was declared for Q3 2024, raising the dividend from 0.45 per share[5]. - The company repurchased 120 million remaining on its 110 million by the end of 2024 through structural cost reductions[6]. Tax and Expenses - The effective tax rate for Q2 2024 was 27%, unchanged from the previous quarter[11]. - Interest expense for the three months ended June 30, 2024, was 12 million in the same period last year[29]. - The company incurred a pre-tax loss of 1 million for a foreign value-added tax refund in Brazil for the three months ended June 30, 2024[25]. Asset and Liability Management - Total assets decreased from 2,691 million on June 30, 2024, representing a decline of approximately 6.3%[32]. - Cash and temporary investments decreased from 145 million, a reduction of 34.1%[32]. - Total current liabilities decreased from 654 million, a decline of approximately 5.9%[32]. - Long-term debt decreased from 894 million, a reduction of 4.0%[32]. - Total equity decreased from 830 million, a decline of approximately 7.9%[32]. - Retained earnings increased from 2,317 million, an increase of 4.3%[32].