Market News of Note

Greif, Inc., a global leader in industrial packaging products and services, announced that its Board of Directors has declared quarterly cash dividends of $0.54 per share on its Class A Common Stock, and $0.81 per share on its Class B Common Stock.

The quarterly dividend of $1.25 per share will be paid to shareholders of record as of September 16, 2024 with a payment date of October 15, 2024.

In the Q2 2024, the Mayr-Melnhof Group (MM Group) was able to improve results compared to the previous quarter and exceeded the previous year's figure.

The price adjustments include timber, small sawn assortments, softwood pulpwood, hardwood pulpwood, fuelwood and grot. The price adjustments are aimed at stimulating forestry activities such as regeneration felling, thinning and conservation management.

Smurfit Westrock plc announces that one of its indirect wholly owned subsidiaries, WRKCo Inc. ("WRKCo"), has applied to the Autorité des marchés financiers (the "AMF"), as WRKCo's principal securities regulator in Canada, for a decision that it has ceased to be a reporting issuer (the "Order Sought") in Québec, Manitoba and British Columbia (the "Canadian Jurisdictions").

Adjusted EBITDA totaled R$6.3 billion, a 60% increase on 2Q23, reflecting higher pulp prices, favorable FX rates, increased sales volume, and reduced production costs compared to the same period last year. Operating cash generation totaled R$4.5 billion, the strongest quarterly result since 1Q23, and net revenue came to R$11.5 billion, the strongest quarterly result since 4Q22.

Pulp and paper producer says underlying profitability remains steady despite the third quarter being seasonally the weakest.

Continued strong demand in tissue, improved demand in paperboard.

Net loss was USD 0.077747 million compared to USD 1.25 million a year ago. Basic loss per share from continuing operations was USD 0.008 compared to USD 0.12 a year ago. Diluted loss per share from continuing operations was USD 0.008 compared to USD 0.12 a year ago.

Interfor Corporation recorded a net loss in Q2 2024 of $75.8 million, or $1.47 per share, compared to a net loss of $72.9 million, or $1.42 per share in Q1 2024 and a net loss of $14.1 million, or $0.27 per share in Q2 2023.

Mercer International Inc., a prominent player in the pulp and lumber industry, reported mixed results for the second quarter of 2024. The company's EBITDA saw a significant decrease to $30 million from $64 million in the previous quarter, primarily due to planned maintenance at two of its mills.

Glatfelter Corporation incurred a second-quarter 2024 earnings per share (EPS) loss of 35 cents from continuing operations, narrower than a loss of 82 cents per share in the prior-year quarter.

In the second quarter, price and mix were favorable and input costs largely remained stable compared to last quarter.

Hugues Simon, who took over as president and chief executive in June, forecast third-quarter results would be stronger sequentially, driven by improved containerboard results as price increases are implemented and production efficiency levels are normalized following planned maintenance in the recent quarter as well as an unplanned extended downtime at the Bear Island and Greenpac operations.

July marked the two-year anniversary of the merger of SWM and Neenah to create Mativ.

For the six months, net income was USD 3.3 million compared to USD 27.3 million a year ago.

The quarterly earnings were $160 million or $2.23 per share, while the company reported loss of $20 million a year ago. On an adjusted basis, earnings were $2.09 per share.

Sonoco Products Company reported financial results for its Q2 ended June 30, 2024. Net sales decreased 5% to $1.6 billion primarily driven by the Protective Solutions ("Protexic") divestiture, the closure of a thermoformed food packaging plant, the treatment of recycling operations as a procurement function beginning January 1, 2024 and lower selling prices; overall volumes were positive and up low single digits including the impact of acquisitions.

Canfor Corporation reported an operating loss of $250.8 million for the Q2 2024, compared to an operating loss of $85.8 million in the Q1 2024.

West Fraser Timber's Q2 2024 sales were $1.705 billion, compared to $1.627 billion in the Q1 2024. Q2 2024 earnings were $105 million, or $1.20 per diluted share, compared to $35 million, or $0.42 per diluted share in the Q1 2024. Q2 2024 Adjusted EBITDA was $272 million compared to $200 million in the Q1 2024.

International Paper reported Q2 2024 financial results. Net sales for the Q2 increased to $4.73 billion, compared to $4.68 billion in the Q2 2023.

Kimberly-Clark says supplies are constrained and private-label brands are offering more promotions.

UFP Industries, Inc. (UFPI) announced Q2 2024 results including net sales of $1.9 billion, net earnings attributable to controlling interest of $126 million, and earnings per diluted share of $2.05.

In the Packaging segment, corrugated products shipments per day were up 9.2% over last year's Q2 and total shipments, with one additional shipping day, were up 10.9%.

Graphic Packaging Holding Company's net income was $190 million, or $0.62 per share, based upon 306.9 million weighted average diluted shares.