Earnings ·
Sylvamo reports Q3 net loss of $199M, or $4.98 per diluted share
SLVMSylvamo Corp
Sylvamo reported a third-quarter net loss of $199 million, or $4.98 per diluted share, driven by a $284 million non-cash impairment charge on its Europe business, which is now classified as discontinued operations. Continuing operations generated $645 million in net sales and $85 million in net income ($2.13 per diluted share). The company also announced a binding offer to sell its European assets to Midas Atlantic Partners and The Najafi Companies. Sylvamo operates in the paper industry, manufacturing uncoated freesheet paper for education, communication, and entertainment.