Rayonier Advanced Materials Inc. (RYAM) · Nov 3, 2026 · Earnings

RYAM earnings miss as tariffs deepen losses and delay review

Miss — EPS $(3.40) vs roughly $0.02–$0.10 consensus; revenue $383M vs roughly $386M–$389M

RYAM earnings missed expectations as tariff-driven Temiscaming losses and impairments overwhelmed improving Cellulose Specialties performance. The strategic review now runs into Q1 2027.

RYAM is trying to shift its business toward higher-value Cellulose Specialties while containing losses in its commodity paperboard and high-yield pulp operations. Before this release, management had been targeting a conclusion to its strategic review in the fourth quarter of 2026 and expected sequential improvement in the second half of the year. The quarter missed the market’s operating expectation by a wide margin. Net sales of $383 million were below published estimates clustered around $386 million to $389 million, while diluted EPS was a $3.40 loss against expectations for roughly breakeven. The miss was not just a small earnings variance: the quarter included $221 million of non-cash impairments, including $210 million tied to the Paperboard & High Yield Pulp segment.

	Q3 2026	Q3 2025	Consensus
Net sales (Income Statement)	$383M (-)	$353M	~$386M–$389M
Diluted EPS (Income Statement)	$(3.40)	$(0.07)	~$0.02–$0.10
Adjusted EBITDA (Segment results)	$52M (+24%)	$42M
Adjusted free cash flow (Cash Flow statement)	$2M	$(103)M

The specialty-cellulose engine is improving, but it is not yet large enough to carry the company. High Purity Cellulose operating income rose to $43 million from $38 million a year earlier, and its adjusted EBITDA reached $73 million versus $64 million. Cellulose Specialties volume was lower year over year, but its average selling price increased to $2,227 per metric ton from $1,873, supporting the strategic pivot. Those gains were overwhelmed by Paperboard & High Yield Pulp, which produced a $224 million operating loss versus a $14 million loss last year. 〔0〕

The tariff shock has converted a weak segment into an immediate restructuring problem. The 50% U.S. tariff on Canadian paperboard made continued production at Temiscaming uneconomic, leading to an economic idling on October 3, 2026 and ongoing carrying costs of $2 million to $3 million per month. That makes the company’s strategic review more urgent, but also harder: potential buyers or partners now need to assess an idled site rather than a functioning operation. 〔1〕

The strategic timetable slipped at exactly the wrong moment. RYAM now targets completion in the first quarter of 2027, replacing the prior fourth-quarter 2026 target. The delay is not merely administrative; management says interested parties need greater clarity on Temiscaming’s path forward, while the company continues discussing alternatives to strengthen Cellulose Specialties more quickly. 〔2〕

Cash generation improved, but the balance sheet still leaves little room for prolonged weakness. Year-to-date adjusted free cash flow was barely positive at $2 million, global liquidity was $143 million, and adjusted net debt remained $745 million despite lower total debt. Stockholders’ equity moved to a $35 million deficit from $317 million of positive equity at year-end, reflecting the scale of the impairment burden.

Bottom line: The specialty-cellulose turnaround is making real progress, but this filing shows the rest of RYAM is deteriorating faster than that progress can offset. The earnings miss, tariff-driven idling, heavy impairments and delayed strategic review materially weaken the near-term business story.

What to watch next

Strategic review conclusion, Q1 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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RYAM earnings miss as tariffs deepen losses and delay review

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