Sylvamo's board of directors declared a quarterly dividend of $0.25 per share for the period of Jan. 1, 2023, to March 31, 2023. The dividend is payable Jan. 25, 2023, to holders of record at the close of business Jan. 4, 2023.

"We generated strong earnings and free cash flow in the third quarter. In October, we also achieved several milestones, including selling our Russian operations, reaching our gross debt target ahead of schedule and exiting our transition services agreement. I'm also pleased our board of directors approved increasing our quarterly dividend to 25 cents per share," said Jean-Michel Ribiéras. "We continue to implement our three-pronged strategy of commercial excellence, operational excellence and financial discipline, which enabled us to remain the supplier of choice and strengthen our balance sheet."

Sylvamo Corporation is an uncoated freesheet company. Its primary product, UFS, has end-use applications, including printing, copy and writing papers, and advertising and promotional materials such as brochures, pamphlets, greeting cards, books, annual reports and direct mail. The company initiated a dividend in 2022.