The US-headquartered group posts sales of $912m (£755.6m) in the three months to 30 June, compared with $821m in Q1, and $695m in Q2 the prior year.

Adjusted EBITDA jumped by 81% year-on-year to $189m, “which was $9 million above the high end of the company’s guidance range”, giving a margin of 20.7%.

In May Sylvamo announced that it was going to sell its Russian operations due to Russia’s invasion of Ukraine. 

Its Svetogorsk mill is located near the Finnish border and has an annual capacity of 720,000 short tons of pulp, paper and paperboard. It employs 1,700 people and is described as one of the most efficient and modern pulp and paper mills in the country. 

The Russian business has been treated as discontinued in the results, prior year comparisons, and forecasts. 

“The process continues and we will provide an update on material developments when appropriate,” Sylvamo stated. 

Net income on continuing operations was $84m, but the net loss for Q2 was $143m due to a $156m charge to reserves for the cumulative foreign currency translation loss related to the Russian business. 

Chairman and CEO Jean-Michel Ribiéras commented: "We saw increasing earnings and operating margins in the second quarter after a successful first quarter. We are also raising our adjusted EBITDA and free cash flow full-year guidance based on our first half of the year performance and our second half outlook.”

The group implemented price increases in all regions, resulting in a price and mix improvement of $73m versus Q1. 

Input costs rose by $16m compared with Q1 due to higher fibre, chemical, energy and transportation costs. 

Sylvamo’s expectations for full-year adjusted EBITDA have been upped to $740m-$780m. The previous estimate was $725m-$775m.

Sylvamo has one mill in Europe, the Saillat mill in France that has capacity to make 265,000 short tons of uncoated paper and 130 short tons of market pulp.