Business
Mercer International Inc. Reports Fourth Quarter and Year End 2022 Results and Announces Quarterly Cash Dividend of $0.075
Selected Highlights Fourth quarter net income of $20.0 million and Operating EBITDA* of $96.1 millionFull year 2022 record net income of $247.0 million and
About this update from Mercer International Inc.
[{"type":"text","content":"Selected Highlights Fourth quarter net income of $20.0 million and Operating EBITDA* of $96.1 millionFull year 2022 record net income of $247.0 million and record Operating EBITDA* of $536.5 millionQuarterly cash dividend of $0.075 per share NEW YORK, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported fourth quarter 2022 Operating EBITDA of $96.1 million a decrease from $164.9 million in the fourth quarter of 2021 and $140.9 million in the third quarter of 2022. In the fourth quarter of 2022, net income was $20.0 million (or $0.30 per share) compared to $74.5 million (or $1.13 per basic share and $1.12 per diluted share) in the fourth quarter of 2021 and net income of $66.7 million (or $1.01 per basic share and $1.00 per diluted share) in the third quarter of 2022. In 2022, Operating EBITDA increased by 12% to a record $536.5 million from $478.8 million in 2021. In 2022, net income was a record $247.0 million (or $3.74 per basic share and $3.71 per diluted share) from $171.0 million (or $2.59 per basic share and $2.58 per diluted share) in 2021. Mr. Juan Carlos Bueno, the Chief Executive Officer, stated: “Our solid fourth quarter operating results reflect strong pulp sales, which were however more than offset by lower sales prices, higher planned maintenance and fiber costs and the negative impact of the weaker US dollar compared to our third quarter operating results. Total pulp production increased approximately 6% compared to the third quarter primarily due to improved production at our Stendal mill as they ramped up production following the third quarter shut down caused by a fire in its wood yard. The Stendal mill is currently running at or about capacity and the repairs related to the fire are expected to be completed in the second quarter. Pulp sales volumes also increased relative to the third quarter in proportion to the pulp production increase. Our solid wood segment’s fourth quarter operating results include the results of our recently acquired Torgau mill. Overall, this segment’s operating results were negatively impacted by lower sales prices, which were partially offset by improved lumber and energy sales volumes. During the quarter we achieved approximately $6 million of synergies on an annualized basis from our Torgau operations. These primarily came in the form of optimizi...