Business
Mercer International Inc. Reports Third Quarter and Nine Months Ended September 30, 2019 Results and Announces Quarterly Cash Dividend of $0.1375
Selected Highlights Third quarter net income of $1.2 million ($0.02 per share) and Operating EBITDA* of $50.8 millionNine months ended September 30, 2019 net
About this update from Mercer International Inc.
[{"type":"text","content":"Selected Highlights\n Third quarter net income of $1.2 million ($0.02 per share) and Operating EBITDA* of $50.8 millionNine months ended September 30, 2019 net income of $63.1 million ($0.96 per share) and Operating EBITDA of $244.6 million NEW YORK, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported third quarter 2019 Operating EBITDA decreased to $50.8 million from $86.7 million in the third quarter of 2018 and from $70.0 million in the second quarter of 2019. In the third quarter of 2019, net income was $1.2 million, or $0.02 per share, compared to $41.2 million, or $0.63 per share, in the third quarter of 2018 and $10.3 million, or $0.16 per share in the second quarter of 2019. In the first nine months of 2019, Operating EBITDA modestly declined to $244.6 million from $246.5 million in the same period of 2018. In the first nine months of 2019, net income was $63.1 million compared to $83.6 million in the same period of 2018. Mr. David M. Gandossi, the Chief Executive Officer, stated: \"Our third quarter results reflect continuing weakness in the pulp markets. High producer inventories, particularly of hardwood pulp, resulted in pricing pressure through most of the third quarter. However, late in the quarter we saw softwood producer inventories begin to fall and demand began to increase in China. We have announced an NBSK price increase of $10 per tonne for October in China. Our mills ran well this quarter as we head into a heavy maintenance quarter in the fourth quarter, where three of our pulp mills will have annual maintenance shutdowns.\" ____________________ *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 to Operating EBITDA. Consolidated Financial Results: Impacted by lower product sales realizations Q3 Q2 Q3 YTD YTD 2019 2019 2018 2019 2018 (in thousands, except per share amounts) Revenues$383,536 $425,753 $331,058 $1,293,239 $1,045,493 Operating income$18,747 $37,810 $63,346 $150,109 $176,870 Operating EBITDA$50,799 $69,958 $86,656 $244,556 $246,513 Loss on settlement of debt$— $—...