Selected Highlights
Mercer International Inc. (Nasdaq: MERC) today reported first
quarter 2019 Operating EBITDA increased to a record $123.8 million
from $99.4 million in the first quarter of 2018 and $118.1 million
in the fourth quarter of 2018.
For the first quarter of 2019, net income
increased to $51.6 million, or $0.79 per basic share and $0.78 per
diluted share, from $25.6 million, or $0.39 per share, in the first
quarter of 2018 and $45.0 million, or $0.69 per basic share and
$0.68 per diluted share, in the fourth quarter of 2018.
Mr. David M. Gandossi, the Chief Executive
Officer, stated: "Our record first quarter results reflect overall
strong operating performance and cost discipline at our mills,
generally steady demand and the inclusion of a full quarter of
results of Mercer Peace River Pulp Ltd. ("MPR") acquired in
December 2018.
Pulp pricing was generally softer quarter over
quarter, however, there was some modest price improvements late in
the current quarter resulting from better paper producer
demand.
As I have mentioned previously, the acquisition
of MPR has materially increased our production, revenues and scope
of operations. Our recent acquisitions highlight the benefits of
our value creation strategy of delivering sustainable profitable
growth by leveraging our core competencies to complement our world
class assets. Our integration of MPR is proceeding well and
according to plan."
____________________
*Operating EBITDA is not a measure of financial
performance under accounting principles generally accepted in the
United States ("GAAP") and should not be considered in isolation or
as a substitute for analysis of our results as reported under GAAP.
See page 6 of the financial tables included in this press release
for a reconciliation of net income to Operating EBITDA.
Consolidated Financial Highlights:
Record Operating EBITDA
|
Q1 |
|
Q4 |
|
Q1 |
|
|
2019 |
|
2018(1) |
|
2018 |
|
|
|
|
|
|
|
|
|
(in thousands, except per share
amounts) |
|
Revenues |
$ |
483,950 |
|
|
$ |
412,225 |
|
|
$ |
367,903 |
|
|
Operating income |
$ |
93,552 |
|
|
$ |
90,997 |
|
|
$ |
76,048 |
|
|
Operating EBITDA |
$ |
123,799 |
|
|
$ |
118,083 |
|
|
$ |
99,367 |
|
|
Loss on settlement of
debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
(21,515 |
) |
(2) |
Legal cost award |
$ |
— |
|
|
$ |
— |
|
|
$ |
(6,951 |
) |
|
Acquisition commitment
fee |
$ |
— |
|
|
$ |
(5,250 |
) |
|
$ |
— |
|
|
Net income |
$ |
51,616 |
|
|
$ |
45,009 |
|
|
$ |
25,649 |
|
|
Net income per common
share |
|
|
|
|
|
|
Basic |
$ |
0.79 |
|
|
$ |
0.69 |
|
|
$ |
0.39 |
|
|
Diluted |
$ |
0.78 |
|
|
$ |
0.68 |
|
|
$ |
0.39 |
|
|
(1) Results of MPR included from the date of acquisition on
December 10, 2018.(2) Redemption of 7.75% senior notes due
2022.
In the first quarter 2019 our operating income
increased to $93.6 million, or by approximately 3% from $91.0
million in the fourth quarter of 2018, and approximately 23% from
$76.0 million in the same quarter of the prior year. The increase
in the current quarter over the prior quarter is primarily due to
the inclusion of a full quarter of results of MPR, lower
maintenance and per unit fiber costs and higher pulp and lumber
sales volumes partially offset by lower pulp sales realizations.
The increase in the current quarter over the same quarter of the
prior year is primarily due to inclusion of the results of MPR, the
net positive impact of a stronger dollar on our euro denominated
costs and expenses and higher pulp sales volumes partially offset
by lower product sales realizations.
Segment
Results
Pulp: Record revenues and positive impact of a stronger
dollar
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
|
|
|
|
|
(in thousands) |
Pulp revenues |
$ |
413,313 |
|
|
$ |
290,551 |
|
Energy and chemical
revenues |
$ |
23,161 |
|
|
$ |
23,684 |
|
Operating income |
$ |
93,520 |
|
|
$ |
74,054 |
|
In the first quarter of 2019 pulp segment
operating income increased by approximately 26% to $93.5 million
from $74.1 million in the same quarter of 2018. The increase was
primarily due to the positive impact of a strong dollar relative to
the euro on our euro denominated costs and expenses and the
inclusion of the results of MPR in the current quarter. NBSK pulp
sales volumes increased by approximately 27% to 466,893 ADMTs in
the current quarter from 367,074 ADMTs in the same quarter of
2018.
The NBSK pulp realized sales price decreased by
approximately 3% to $757 per ADMT in the first quarter of 2019 from
$783 per ADMT in the same quarter of the prior year due to lower
overall demand in China. In China, demand from tissue producers was
steady but there was a decline in demand from paper and packaging
producers. Per unit fiber costs were generally flat in the current
quarter compared to the same quarter of 2018. In Germany, the fiber
market was stable due to the availability of storm and beetle
damaged wood and the market in Celgar's fiber procurement basket
remained tight due to strong demand. MPR's fiber costs were largely
in line with prior quarter costs.
Wood Products: Strong production offset
by lower realized prices
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
|
|
|
|
|
(in thousands) |
Lumber revenues |
$ |
39,163 |
|
|
$ |
48,168 |
|
Energy revenues |
$ |
2,666 |
|
|
$ |
2,781 |
|
Wood residual
revenues |
$ |
2,610 |
|
|
$ |
2,719 |
|
Operating income |
$ |
1,620 |
|
|
$ |
2,982 |
|
In the first quarter of 2019 our wood products
segment had operating income of $1.6 million compared to $3.0
million in the same quarter of 2018. Average lumber sales
realizations decreased by approximately 14% to $359 per Mfbm in the
first quarter of 2019 from approximately $418 per Mfbm in the same
quarter of 2018 primarily due to weakening in the U.S. lumber
markets which started in the second half of 2018 as a result of
high customer inventory levels. European lumber pricing also
declined due to an increase in beetle and storm damaged wood
entering the market which generally obtains lower prices. In the
current quarter we also had modestly lower sales volumes due to the
timing of shipments. Production increased approximately 8% to 110.7
MMfbm of lumber in the current quarter from 102.7 MMfbm in the same
quarter of 2018. In the current quarter, per unit fiber costs
decreased by approximately 21% from the same quarter of 2018
primarily as a result of the availability of storm and beetle
damaged wood in the market and the positive impact of a stronger
dollar on our euro denominated fiber costs.
OutlookWe currently expect pulp
markets to modestly strengthen with prices improving in the second
half of the year. We believe that, in the second quarter of 2019,
pulp producer inventories will decline due to continued steady
demand in Europe and North America, modestly higher demand from
paper producers in China and scheduled producer downtime. At the
end of March 2019, world NBSK producer inventories were about 37
days' supply.
In Germany, we expect fiber costs for our pulp
mills to decline in the second quarter as a result of the
availability of storm damaged and beetle infested wood which is
suitable for pulp production. In the second quarter, our 50% joint
venture Cariboo mill has 12 days of scheduled maintenance downtime
(which will reduce our production by approximately 5,800 ADMTs). In
the second quarter we will also continue to be focused on executing
against the identified synergies at MPR.
We currently expect lumber pricing in the second
quarter to modestly increase due to seasonal increased demand from
the U.S. lumber market.
Earnings Release CallIn
conjunction with this release, Mercer International Inc. will host
a conference call, which will be simultaneously broadcast live over
the Internet. Management will host the call, which is scheduled for
May 3, 2019 at 10:00 AM (Eastern Daylight Time). Listeners can
access the conference call live and archived for 30 days over the
Internet at https://edge.media-server.com/m6/p/3wco46ru or through
a link on the company's home page at https://www.mercerint.com.
Please allow 15 minutes prior to the call to visit the site and
download and install any necessary audio software.
Mercer International Inc. is a global forest
products company with operations in Germany and Canada with
consolidated annual production capacity of 2.2 million tonnes of
pulp and 550 million board feet of lumber. To obtain further
information on the company, please visit its web site at
https://www.mercerint.com.
The preceding includes forward looking
statements which involve known and unknown risks and uncertainties
which may cause our actual results in future periods to differ
materially from forecasted results. Words such as "expects",
"anticipates", "projects", "intends", "designed", "will",
"believes", "estimates", "may", "could" and variations of such
words and similar expressions are intended to identify such
forward-looking statements. Among those factors which could cause
actual results to differ materially are the following: the highly
cyclical nature of our business, raw material costs, our level of
indebtedness, competition, foreign exchange and interest rate
fluctuations, our use of derivatives, expenditures for capital
projects, environmental regulation and compliance, disruptions to
our production, market conditions and other risk factors listed
from time to time in our SEC reports.
APPROVED BY:
Jimmy S.H. LeeExecutive Chairman(604) 684-1099
David M. GandossiChief Executive Officer(604) 684-1099
-FINANCIAL TABLES FOLLOW-
Summary Financial
Highlights
|
Q1 |
|
Q4 |
|
Q1 |
|
|
2019 |
|
2018(1) |
|
2018 |
|
|
|
|
|
|
|
|
|
(in thousands, except per share
amounts) |
|
Pulp
segment revenues |
$ |
436,474 |
|
|
$ |
369,368 |
|
|
$ |
314,235 |
|
|
Wood
products segment revenues |
44,439 |
|
|
42,379 |
|
|
53,668 |
|
|
Corporate
and other revenues |
3,037 |
|
|
478 |
|
|
— |
|
|
Total revenues |
$ |
483,950 |
|
|
$ |
412,225 |
|
|
$ |
367,903 |
|
|
|
|
|
|
|
|
|
Pulp
segment operating income |
$ |
93,520 |
|
|
$ |
94,532 |
|
|
$ |
74,054 |
|
|
Wood
products segment operating income |
1,620 |
|
|
669 |
|
|
2,982 |
|
|
Corporate
and other operating loss |
(1,588 |
) |
|
(4,204 |
) |
|
(988 |
) |
|
Total operating
income |
$ |
93,552 |
|
|
$ |
90,997 |
|
|
$ |
76,048 |
|
|
|
|
|
|
|
|
|
Pulp
segment depreciation and amortization |
$ |
28,023 |
|
|
$ |
24,176 |
|
|
$ |
21,523 |
|
|
Wood
products segment depreciation and amortization |
1,911 |
|
|
2,625 |
|
|
1,686 |
|
|
Corporate
and other depreciation and amortization |
313 |
|
|
285 |
|
|
110 |
|
|
Total depreciation and
amortization |
$ |
30,247 |
|
|
$ |
27,086 |
|
|
$ |
23,319 |
|
|
|
|
|
|
|
|
|
Operating EBITDA |
$ |
123,799 |
|
|
$ |
118,083 |
|
|
$ |
99,367 |
|
|
Loss on settlement of
debt |
$ |
— |
|
|
$ |
— |
|
|
$ |
(21,515 |
) |
(2) |
Legal cost award |
$ |
— |
|
|
$ |
— |
|
|
$ |
(6,951 |
) |
|
Acquisition commitment
fee |
$ |
— |
|
|
$ |
(5,250 |
) |
|
$ |
— |
|
|
Provision for income
taxes |
$ |
(24,424 |
) |
|
$ |
(20,457 |
) |
|
$ |
(9,581 |
) |
|
Net income |
$ |
51,616 |
|
|
$ |
45,009 |
|
|
$ |
25,649 |
|
|
Net income per common
share |
|
|
|
|
|
|
Basic |
$ |
0.79 |
|
|
$ |
0.69 |
|
|
$ |
0.39 |
|
|
Diluted |
$ |
0.78 |
|
|
$ |
0.68 |
|
|
$ |
0.39 |
|
|
Common shares
outstanding at period end |
65,651 |
|
|
65,202 |
|
|
65,171 |
|
|
________________
(1) Results of MPR included from the date of acquisition on
December 10, 2018.(2) Redemption of 7.75% senior notes due
2022.
Summary Operating Highlights
|
Q1 |
|
Q4 |
|
Q1 |
|
|
2019 |
|
2018(1) |
|
2018 |
|
Pulp Segment |
|
|
|
|
|
|
Pulp production ('000 ADMTs) |
|
|
|
|
|
|
NBSK |
460.6 |
|
|
413.6 |
|
|
364.5 |
|
|
NBHK |
78.6 |
|
|
21.3 |
|
|
|
|
Annual maintenance downtime ('000 ADMTs) |
— |
|
|
5.7 |
|
|
— |
|
|
Annual maintenance downtime (days) |
— |
|
|
3 |
|
|
— |
|
|
Pulp sales ('000 ADMTs) |
|
|
|
|
|
|
NBSK |
466.9 |
|
|
392.7 |
|
|
367.1 |
|
|
NBHK |
87.8 |
|
|
22.9 |
|
|
|
|
Average NBSK pulp list prices ($/ADMT)(2) |
|
|
|
|
|
|
Europe |
1,105 |
|
|
1,205 |
|
|
1,097 |
|
|
China |
710 |
|
|
805 |
|
|
910 |
|
|
North America |
1,380 |
|
|
1,428 |
|
|
1,233 |
|
|
Average NBHK pulp list prices ($/ADMT)(2) |
|
|
|
|
|
|
China |
687 |
|
|
763 |
|
|
798 |
|
|
North America |
1,180 |
|
|
1,213 |
|
|
1,077 |
|
|
Average pulp sales realizations ($/ADMT)(3) |
|
|
|
|
|
|
NBSK |
757 |
|
|
830 |
|
|
783 |
|
|
NBHK |
656 |
|
|
707 |
|
|
|
|
Energy production ('000 MWh) |
560.5 |
|
(4) |
504.6 |
|
(4) |
438.0 |
|
|
Energy sales ('000 MWh) |
211.8 |
|
(4) |
213.9 |
|
(4) |
175.7 |
|
|
Average energy sales realizations ($/MWh) |
94 |
|
|
99 |
|
|
107 |
|
|
|
|
|
|
|
|
|
Wood Products Segment |
|
|
|
|
|
|
Lumber production (MMfbm) |
110.7 |
|
|
104.7 |
|
|
102.7 |
|
|
Lumber sales (MMfbm) |
109.2 |
|
|
100.9 |
|
|
115.1 |
|
|
Average lumber sales realizations ($/Mfbm) |
359 |
|
|
369 |
|
|
418 |
|
|
Energy production and sales ('000 MWh) |
22.4 |
|
|
23.8 |
|
|
20.6 |
|
|
Average energy sales realizations ($/MWh) |
119 |
|
|
118 |
|
|
135 |
|
|
|
|
|
|
|
|
|
Average Spot Currency Exchange Rates |
|
|
|
|
|
|
$ / €(5) |
1.1354 |
|
|
1.1414 |
|
|
1.2289 |
|
|
$ / C$(5) |
0.7521 |
|
|
0.7577 |
|
|
0.7904 |
|
|
_____________
(1) Results of MPR included from the date of acquisition on
December 10, 2018.(2) Source: RISI pricing report.(3) Sales
realizations after customer discounts, rebates and other selling
concessions. Incorporates the effect of pulp price variations
occurring between the order and shipment dates.(4) Excludes energy
production and sales relating to our 50% joint venture interest in
the Cariboo Pulp and Paper mill which is accounted for as an equity
investment.(5) Average Federal Reserve Bank of New York Noon Buying
Rates over the reporting period.
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except per share data)
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
|
|
|
|
Revenues |
$ |
483,950 |
|
|
$ |
367,903 |
|
Costs and expenses |
|
|
|
Cost of
sales, excluding depreciation and amortization |
343,033 |
|
|
254,285 |
|
Cost of
sales depreciation and amortization |
30,136 |
|
|
23,209 |
|
Selling,
general and administrative expenses |
17,229 |
|
|
14,361 |
|
Operating income |
93,552 |
|
|
76,048 |
|
|
|
|
|
Other income
(expenses) |
|
|
|
Interest
expense |
(18,551 |
) |
|
(12,115 |
) |
Loss on
settlement of debt |
— |
|
|
(21,515 |
) |
Legal cost
award |
— |
|
|
(6,951 |
) |
Other income
(expenses) |
1,039 |
|
|
(237 |
) |
Total other expenses,
net |
(17,512 |
) |
|
(40,818 |
) |
Income before provision
for income taxes |
76,040 |
|
|
35,230 |
|
Provision for income
taxes |
(24,424 |
) |
|
(9,581 |
) |
Net income |
$ |
51,616 |
|
|
$ |
25,649 |
|
|
|
|
|
Net income per
common share |
Basic |
$ |
0.79 |
|
|
$ |
0.39 |
|
Diluted |
$ |
0.78 |
|
|
$ |
0.39 |
|
|
|
|
|
Dividends declared per
common share |
$ |
0.125 |
|
|
$ |
0.125 |
|
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED BALANCE
SHEETS(Unaudited)(In thousands,
except share and per share data)
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
$ |
233,234 |
|
|
$ |
240,491 |
|
Accounts
receivable |
308,573 |
|
|
252,692 |
|
Inventories |
282,308 |
|
|
303,813 |
|
Prepaid expenses
and other |
19,636 |
|
|
13,703 |
|
Total current assets |
843,751 |
|
|
810,699 |
|
|
|
|
|
Property, plant and
equipment, net |
1,021,957 |
|
|
1,029,257 |
|
Investment
in joint ventures |
56,049 |
|
|
62,574 |
|
Intangible
assets, net |
55,721 |
|
|
53,927 |
|
Operating
lease right-of-use assets |
14,581 |
|
|
— |
|
Other
long-term assets |
19,985 |
|
|
17,904 |
|
Deferred income
tax |
1,351 |
|
|
1,374 |
|
Total assets |
$ |
2,013,395 |
|
|
$ |
1,975,735 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable
and other |
$ |
211,377 |
|
|
$ |
194,484 |
|
Pension and other
post-retirement benefit obligations |
879 |
|
|
904 |
|
Total current
liabilities |
212,256 |
|
|
195,388 |
|
|
|
|
|
Debt |
1,007,774 |
|
|
1,041,389 |
|
Pension and other
post-retirement benefit obligations |
26,052 |
|
|
25,829 |
|
Finance
lease liabilities |
23,604 |
|
|
24,669 |
|
Operating
lease liabilities |
12,145 |
|
|
— |
|
Other
long-term liabilities |
14,118 |
|
|
13,924 |
|
Deferred income
tax |
96,764 |
|
|
93,107 |
|
Total liabilities |
1,392,713 |
|
|
1,394,306 |
|
|
|
|
|
Shareholders' equity |
|
|
|
Common shares $1
par value; 200,000,000 authorized; 65,651,000 issued and
outstanding (2018 – 65,202,000) |
65,620 |
|
|
65,171 |
|
Additional paid-in
capital |
341,644 |
|
|
342,438 |
|
Retained
earnings |
345,400 |
|
|
301,990 |
|
Accumulated other
comprehensive loss |
(131,982 |
) |
|
(128,170 |
) |
Total shareholders'
equity |
620,682 |
|
|
581,429 |
|
Total liabilities and
shareholders' equity |
$ |
2,013,395 |
|
|
$ |
1,975,735 |
|
MERCER INTERNATIONAL INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)(In
thousands)
|
Three Months Ended March 31, |
|
2019 |
|
2018 |
Cash flows from (used in)
operating activities |
|
|
|
Net
income |
$ |
51,616 |
|
|
$ |
25,649 |
|
Adjustments to reconcile net income to cash flows from operating
activities |
Depreciation
and amortization |
30,247 |
|
|
23,319 |
|
Deferred
income tax provision |
3,639 |
|
|
4,812 |
|
Loss on
settlement of debt |
— |
|
|
21,515 |
|
Defined
benefit pension plans and other post-retirement benefit plan
expense |
856 |
|
|
439 |
|
Stock
compensation expense (recovery) |
(345 |
) |
|
193 |
|
Other |
441 |
|
|
820 |
|
Defined
benefit pension plans and other post-retirement benefit plan
contributions |
(1,158 |
) |
|
(45 |
) |
Changes in
working capital |
|
|
|
Accounts
receivable |
(56,353 |
) |
|
(5,132 |
) |
Inventories |
21,141 |
|
|
(6,822 |
) |
Accounts
payable and accrued expenses |
(173 |
) |
|
18,027 |
|
Other |
(7,725 |
) |
|
(6,398 |
) |
Net cash
from (used in) operating activities |
42,186 |
|
|
76,377 |
|
Cash flows from (used in)
investing activities |
|
|
|
Purchase of
property, plant and equipment |
(19,389 |
) |
|
(16,184 |
) |
Purchase of
intangible assets |
(316 |
) |
|
(167 |
) |
Other |
(261 |
) |
|
— |
|
Net cash
from (used in) investing activities |
(19,966 |
) |
|
(16,351 |
) |
Cash flows from (used in)
financing activities |
|
|
|
Redemption
of senior notes |
— |
|
|
(317,439 |
) |
Proceeds
from (repayment of) revolving credit facilities, net |
(33,672 |
) |
|
20,071 |
|
Dividend
payments |
— |
|
|
(8,127 |
) |
Payment of
debt issuance costs |
(509 |
) |
|
(1,390 |
) |
Proceeds
from government grants |
6,320 |
|
|
— |
|
Other |
(862 |
) |
|
(848 |
) |
Net cash
from (used in) financing activities |
(28,723 |
) |
|
(307,733 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
(754 |
) |
|
535 |
|
Net decrease in cash and
cash equivalents |
(7,257 |
) |
|
(247,172 |
) |
Cash and cash equivalents,
beginning of period |
240,491 |
|
|
460,738 |
|
Cash and cash equivalents,
end of period |
$ |
233,234 |
|
|
$ |
213,566 |
|
MERCER INTERNATIONAL INC.
COMPUTATION OF OPERATING
EBITDA(Unaudited)(In
thousands)
Operating EBITDA is defined as operating income
plus depreciation and amortization and non-recurring capital asset
impairment charges. Management uses Operating EBITDA as a benchmark
measurement of its own operating results, and as a benchmark
relative to its competitors. Management considers it to be a
meaningful supplement to operating income as a performance measure
primarily because depreciation expense and non-recurring capital
asset impairment charges are not an actual cash cost, and
depreciation expense varies widely from company to company in a
manner that management considers largely independent of the
underlying cost efficiency of our operating facilities. In
addition, we believe Operating EBITDA is commonly used by
securities analysts, investors and other interested parties to
evaluate our financial performance.
Operating EBITDA does not reflect the impact of
a number of items that affect our net income, including financing
costs and the effect of derivative instruments. Operating EBITDA is
not a measure of financial performance under GAAP, and should not
be considered as an alternative to net income or income from
operations as a measure of performance, nor as an alternative to
net cash from operating activities as a measure of
liquidity. The following tables set forth the net income to
Operating EBITDA:
|
Q1 |
|
Q4 |
|
Q1 |
|
|
2019 |
|
2018(1) |
|
2018 |
|
Net income |
$ |
51,616 |
|
|
$ |
45,009 |
|
|
$ |
25,649 |
|
|
Provision for income
taxes |
24,424 |
|
|
20,457 |
|
|
9,581 |
|
|
Interest expense |
18,551 |
|
|
15,492 |
|
|
12,115 |
|
|
Loss on settlement of
debt |
— |
|
|
— |
|
|
21,515 |
|
|
Legal cost award |
— |
|
|
— |
|
|
6,951 |
|
|
Acquisition commitment
fee |
— |
|
|
5,250 |
|
|
— |
|
|
Other (income)
expenses |
(1,039 |
) |
|
4,789 |
|
|
237 |
|
|
Operating income |
93,552 |
|
|
90,997 |
|
|
76,048 |
|
|
Add: Depreciation and
amortization |
30,247 |
|
|
27,086 |
|
|
23,319 |
|
|
Operating EBITDA |
$ |
123,799 |
|
|
$ |
118,083 |
|
|
$ |
99,367 |
|
|
_____________
(1) Results of MPR included from the date of acquisition on
December 10, 2018.
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