Business
Mercer International Inc. Reports Fourth Quarter and Year End 2020 Results and Announces Quarterly Cash Dividend of $0.065
Selected Highlights Record quarterly and annual wood products segment resultsFourth quarter Operating EBITDA* of $49.5 million and net loss of $13.0
About this update from Mercer International Inc.
[{"type":"text","content":"Selected Highlights Record quarterly and annual wood products segment resultsFourth quarter Operating EBITDA* of $49.5 million and net loss of $13.0 million2020 annual Operating EBITDA of $192.7 million and net loss of $17.2 million ($0.26 per diluted share) NEW YORK, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported fourth quarter 2020 Operating EBITDA increased to $49.5 million from negative $34.2 million in the fourth quarter of 2019 and $45.6 million in the third quarter of 2020. In the fourth quarter of 2020, net loss was $13.0 million (or $0.20 per share) compared to a net loss of $72.7 million (or $1.11 per share) in the fourth quarter of 2019 and net income of $7.5 million (or $0.11 per share) in the third quarter of 2020. In 2020, Operating EBITDA decreased by 8% to $192.7 million from $210.4 million in 2019 and the net loss was $17.2 million (or $0.26 per share) compared to $9.6 million (or $0.15 per share) in 2019. Mr. David Gandossi, the Chief Executive Officer, stated: “All of our mills ran well in the fourth quarter. Our Rosenthal and Peace River mills successfully and safely completed a total of 16 days of annual maintenance downtime. Our recent capital investment in our Friesau sawmill continues to pay dividends in the form of record quarterly operating income of $12.9 million in the fourth quarter. Our fourth quarter results are highlighted by improved pulp pricing and moderately lower fiber costs, as well as steady production. Fourth quarter average European NBSK list prices were up $40 per ADMT, and average net prices in China were up $65 per ADMT compared to the third quarter. Pulp market fundamentals continued to improve in the fourth quarter allowing us to achieve record sales volumes. ____________________*Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States (\"GAAP\") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income (loss) to Operating EBITDA. Our wood products segment had record operating results this quarter and benefited from strong demand and robust pricing in the U.S. market. In the current quarter approximately 56% of lumber r...