Rayonier Advanced Materials shares were down 18% to $3.55 after the company reported fourth-quarter sales that were below last year’s numbers.
The stock is down 57% in the past 12 months.
The company had quarterly sales of $422 million, compared with sales of $500 million in the same quarter last year.
Rayonier had a loss of $61 million, or 94 cents a share, in the quarter, compared to last year’s earnings of $4 million, or 6 cents a share.
The company ended 2023 with $199 million of global liquidity, including $76 million of cash.
In 2024, Rayonier expects average sale prices for cellulose to increase slightly, but sales volume is seem flat. High-yield pulp prices are also expected to rise, along with sales volume.