Rayonier Advanced Materials, a global supplier of high-purity, cellulose specialties natural polymers for the chemical industry, recently reported third quarter 2016 net income of $22 million, or $0.44 diluted earnings per common share compared to net income for the third quarter 2015 of $32 million, or $0.76 per diluted common share. Pro forma third quarter 2015 net income, which excludes one time separation and legal costs, was $33 million or $0.78 per diluted common share.
Year-to-date 2016 net income was $62 million, or $1.38 per diluted common share compared to $42 million, or $1.00 per diluted common share for the 2015 comparable period. Year-to-date 2016 pro forma net income was $56 million or $1.24 per diluted common share, compared to $60 million, or $1.42 per diluted common share in the prior year period. Pro forma results for 2016 and 2015, are adjusted primarily for the gain on debt extinguishment and the Jesup asset realignment impairment charges, respectively.
“We delivered another strong quarter through great execution of our Transformation Initiative,” said Paul Boynton, Chairman, President and Chief Executive Officer. “This performance is a testament to our dedication to continuous improvement over the last two years, and it gives us confidence we will exceed our 2016 guidance.”
