Rayonier Advanced Materials

Rayonier Advanced Materials reported second-quarter net sales of $376 million, up 18% from the first quarter and 11% higher than a year earlier, with its loss from continuing operations narrowing to $33 million from $81 million three months prior. Within the High Purity Cellulose segment, Cellulose Specialties pricing rose 21% year over year and 8% sequentially on newly negotiated 2026 supply agreements, lifting segment operating income 45% to $29 million and adjusted EBITDA from continuing operations to $40 million from $8 million in the first quarter. That pricing gain came at a cost: Cellulose Specialties sales volume fell 23% year over year, while cellulose commodities volume jumped 94% even as average pricing there fell 11%. The Paperboard & High Yield Pulp segment's operating loss widened 286% year over year, hit by a $13 million non-cash impairment on high yield pulp assets, a planned maintenance outage, and price declines of 9% in paperboard and 4% in high yield pulp. New CEO Daniel Krawczyk said the strategic review will conclude in the fourth quarter of 2026, as the company ended the quarter with a consolidated net secured leverage ratio of 4.2 times covenant EBITDA and $145 million of total liquidity, only $57 million of it cash.

Rayonier Advanced Materials has appointed Daniel Krawczyk as its new Chief Executive Officer and President, effective immediately. Krawczyk will also join the company's Board of Directors and lead operations while working with the Board and external advisors on exploring strategic alternatives to maximize shareholder value. He brings more than 30 years of experience in industrial and consumer products, most recently serving as President of Huber Engineered Materials at J.M. Huber Corp. The Board continues to evaluate a broad range of strategic alternatives with the assistance of Morgan Stanley, advancing the process with urgency and discipline.