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Sylvamo Corporation (SLVM-1.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $965 million from $897 million in the same quarter the previous year. The increase is attributed to higher volumes in North America.
Cost of products sold was $700 million, compared to $665 million in the same quarter of the previous year. This increase is due to higher input costs in Latin America.
The company reported a net income of $95 million for the quarter, compared to $58 million in the previous year, with the increase attributed to higher volumes and lower unabsorbed costs.
Selling and administrative expenses decreased to $74 million from $89 million, primarily due to cost management efforts.
Net income for the quarter was $95 million, up from $58 million in the previous year. Basic earnings per share increased to $2.32 from $1.39.
Cash provided by operating activities was $305 million, while cash used in investing and financing activities was $157 million and $114 million, respectively.
Sylvamo had a working capital of $1,229 million as of September 30, 2024. The company continues to focus on managing costs and optimizing operations across its segments.
The filing also details various financial agreements, including a refinancing of the company's debt portfolio and the issuance of a new senior secured term loan.
Sylvamo does not anticipate any material impact from the Pillar Two Directive adopted by the European Union.
The company identified no material changes in its internal controls over financial reporting during the third quarter of 2024.
Sylvamo continues to monitor its environmental and legal proceedings, including the ongoing Brazil Tax Dispute and environmental matters at its Mogi Guaçu mill.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sylvamo Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.