Why Rayonier Advanced Materials Stock Just Dropped 23%
Shares of cellulose specialty products maker Rayonier Advanced Materials (NYSE: RYAM) are down 22.8% as of 12:05 p.m. EST, after Rayonier disappointed investors mightily in its third-quarter earnings report, released last night.
Expectations were already low heading into earnings, with analysts forecasting an $0.18-per-share loss on sales of $470.6 million -- yet Rayonier managed to underperform nonetheless, reporting a loss of $0.29 per share and sales of just $416 million.
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Source Fool.com
