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NEW YORK (TheStreet) -- Rayonier Advanced Materials (RYAM) stock is skyrocketing by 30.62% to $13.31 on heavy trading volume this afternoon, after the company reported better-than-expected 2016 first quarter earnings and revenue

After yesterday's market close, the chemical company reported adjusted earnings of 49 cents per share, well above analysts' estimates for 15 cents per share. 

Revenue declined by 2% year-over-year to $218 million, but beat analysts' estimates for $208.1 million.

Rayonier increased its EBITDA outlook by $10 million to a range between $185 million and $200 million. It raised its 2016 free cash flow outlook to between $85 million and $95 million.

"We remain steadfast in our strategy to permanently reduce our costs, invest in our assets and accelerate our innovation platform to drive value to shareholders. Our progress to date is encouraging and we are pleased to improve our full-year guidance," CEO Paul Boynton said in a statement.

About 2.27 million shares of Rayonier have been traded so far today, well above the company's average trading volume of roughly 461,823 shares per day.

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