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Q3 25 EPS
$-1.21
MISS 31.84%
Est. $-0.92
Q3 25 Revenue
$458.1M
MISS 0.36%
Est. $459.7M
vs S&P Since Q3 25
-73.2%
TRAILING MARKET
MERC -62.3% vs S&P +10.9%
Market Reaction
Did MERC Beat Earnings? Q3 2025 Results
Mercer International delivered a deeply disappointing Q3 2025, missing analyst expectations by a wide margin as a collapse in global pulp prices and mounting cost pressures drove the company to a net loss of $80.78 million, or $-1.21 per share, on re… Read more Mercer International delivered a deeply disappointing Q3 2025, missing analyst expectations by a wide margin as a collapse in global pulp prices and mounting cost pressures drove the company to a net loss of $80.78 million, or $-1.21 per share, on revenue of $458.07 million, down roughly 8.8% from the prior year. The quarter's central wound was the pulp segment, where Operating EBITDA swung from positive $54.65 million to negative $12.69 million, hammered by an approximately 11% year-over-year decline in NBSK pulp realizations to $728/ADMT and a 16% drop in NBHK realizations to $528/ADMT, compounded by a $20.40 million non-cash inventory impairment charge. Per unit fiber costs surged approximately 14% year-over-year amid supply constraints in Germany and Canada, squeezing margins further. The stock fell roughly 13% in after-hours trading following the results. Management is prioritizing liquidity, currently at approximately $376.10 million, while advancing its "One Goal One Hundred" cost-savings program targeting $100.00 million in improvements by end of 2026, with roughly $30.00 million expected by year-end 2025, though weak pulp prices and rising fiber costs are expected to persist into Q4.
Key Takeaways
- • Lower NBSK pulp sales realizations decreased approximately 11% YoY to $728/ADMT
- • Lower NBHK pulp sales realizations decreased approximately 16% YoY to $528/ADMT
- • Non-cash inventory impairment of $20.4 million primarily against pulp inventory
- • Per unit fiber costs increased approximately 14% YoY
- • Negative foreign exchange impact from weaker dollar on euro-denominated costs
- • Pulp grade substitution due to approximately $200/ton softwood-hardwood price gap
- • Lumber sales realizations increased approximately 23% YoY to $553/Mfbm
- • Manufactured products revenues declined 66% due to elevated interest rates suppressing demand
- • Improved pulp production reliability with 32 days downtime vs 43 days in Q3 2024
MERC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MERC Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the third quarter of 2025, persistent global economic and trade uncertainties, fiber scarcity in Germany as well as the impact of pulp substitution accelerated the decline in pulp market demand and pricing, which negatively impacted our operating results and contributed to a $20.4 million non-cash inventory impairment charge in the quarter.”
— Juan Carlos Bueno, Q3 2025 Earnings Press Release
MERC Earnings Trends
MERC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MERC EPS Trend
Earnings per share: estimate vs actual
MERC Revenue Trend
Quarterly revenue: estimate vs actual
MERC Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.79 | $-0.78 | +1.10% | $489.3M | -0.72% |
| Q4 25 MISS FY | $-0.87 | $-4.61 | -430.62% | $449.5M | -1.57% |
| FY Full Year | $-3.70 | $-7.44 | -101.21% | $1.87B | -0.86% |
| Q3 25 MISS | $-0.92 | $-1.21 | -31.84% | $458.1M | -0.36% |
| Q2 25 MISS | $-0.96 | $-1.29 | -34.85% | $453.5M | -4.86% |
| Q1 25 MISS | $-0.19 | $-0.33 | -78.19% | $507.0M | +0.30% |