Business
Mercer International Inc. Announces Preliminary Results for the Third Quarter of 2024 and Earnings Conference Call Details
NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) (the “Company” or “Mercer”) today reported its preliminary financial
About this update from Mercer International Inc.
[{"type":"text","content":"NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) (the “Company” or “Mercer”) today reported its preliminary financial results for the third quarter of 2024. Preliminary Third Quarter Results The following sets forth selected financial results for the periods indicated, including selected preliminary financial results for the three and nine months ended September 30, 2024: Q3 Q2 Q3 YTD YTD 2024 2024 2023 2024 2023 (in millions) Revenues$502.1 $499.4 $470.8 $1,555.0 $1,523.4 Operating income (loss)$8.8 $(43.8) $(3.4) $(35.4) $(132.4)Operating EBITDA*$50.5 $30.4 $37.5 $144.5 $(3.7)Net loss$(17.6) $(67.6) $(26.0) $(101.8) $(154.8) Liquidity As of September 30, 2024, the Company had cash and cash equivalents of approximately $239 million, approximately $315 million available under its revolving credit facilities and aggregate liquidity of about $554 million. Mr. Juan Carlos Bueno, Chief Executive Officer, stated: \"We continued to see strength in softwood pulp markets with relatively flat fiber costs in the third quarter of 2024. However, our operating results for the quarter were constrained due to the occurrence of several unrelated events that impacted pulp production, including the previously announced unscheduled downtime of 23 days (approximately 35,500 ADMTs) at our Mercer Peace River mill, a slower than normal maintenance start-up and other production upsets at our Stendal Mill (approximately 26,500 ADMTs) and isolated mechanical incidents at our Celgar mill (approximately 9,200 ADMTs). Our team was able to restart the Mercer Peace River mill slightly earlier than initially planned, limiting the resulting downtime in the fourth quarter to about 12 days. We have no remaining downtime planned at our pulp mills for the fourth quarter of 2024.\" Mr. Bueno concluded: \"With the impacts of the unscheduled downtime events behind us, we are optimistic that we are strongly positioned to capitalize on the continued strength in NBSK markets across our pulp mills for the remainder of 2024.\" Current Market Environment As at September 30, 2024, NBSK list prices in Europe and North America were approximately $1,535 per ADMT and $1,735 per ADMT, respectively, compared to $1,160 per ADMT and $1,270 per ADMT, respectively, as at September 30, 2023. As at September 30, 2024, NBSK net prices in China were app...