RYAM - Why Rayonier Advanced Materials Stock Is Down Today
2023-08-09 11:17:27 ET
Rayonier Advanced Materials (NYSE: RYAM) lost more money than expected in the most recent quarter and said it is looking at options for some of its more commoditized units. The market sees no quick turnaround, sending shares of the specialty materials manufacturer down more than 20%.
Rayonier specializes in using renewable forestry resources to create natural polymers, with its products found in electronics, eyeglasses, textiles, and pharmaceuticals. The company holds great promise as a green-tech alternative to petrochemical sources for specialty chemicals.
But the second quarter was difficult. Rayonier lost $0.24 per share on sales of $385 million, falling short of analyst expectations for a $0.12 per share loss on revenue of $417 million.
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Why Rayonier Advanced Materials Stock Is Down Today