Mercer International, Inc. (MERC) CEO David Gandossi on Q2 2019 Results - Earnings Call Transcript

Aug. 02, 2019 6:13 PM ETMercer International Inc. (MERC)
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Mercer International Inc. (NASDAQ:MERC) Q2 2019 Earnings Conference Call August 2, 2019 10:00 AM ET

Company Participants

David Ure - CFO, SVP of Finance & Secretary

David Gandossi - President and CEO

Conference Call Participants

Hamir Patel - CIBC Capital Markets

Andrew Kuske - Credit Suisse

Adam Zirkin - Knighthead

Joe Pratt - Stifel

DeForest Hinman - Walthausen & Company

Sean Steuart - TD Securities

Andrew Shapiro - Lawndale Capital Management

Dan Jacome - Sidoti & Company

Frank Duplak - Prudential


Good morning, and welcome to Mercer International's Second Quarter 2019 Earnings Conference Call. On the call today is David Gandossi, President and Chief Executive Officer of Mercer International and David Ure, Senior Vice President Finance, Chief Financial Officer and Secretary.

I will now hand the call over to David Ure.

David Ure

Good morning everyone. I'll begin by reviewing the second quarter's financial highlights. Following my remarks, I'll pass the call to David, he will comment on our key markets, operational performance, the integration of our new assets, progress on our strategies and our outlook in the second half of 2019. Please note that in this morning's conference call we will make forward-looking statements and according to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, I'd like to call your attention to the risk related to these statements which are more fully described in our press release and in the company's filings with the Securities and Exchange Commission.

We're pleased with our Q2 operating performance, we achieved record pulp and energy production during the quarter which supported our overall financial results, despite declining pulp prices in the quarter. Q2 consolidated EBITDA was $70 million compared to $123.8 million in Q1, a reduction principally attributable to the sharp decrease in pulp prices that occur through most of the quarter.

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