World Association of News Publishers

Resolute Reports Preliminary Third Quarter 2019 Results

Resolute Reports Preliminary Third Quarter 2019 Results

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Q3 GAAP net loss of $43 million – $0.47 per share

Montréal, Oct. 31, 2019 /CNW/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported a net loss for the quarter ended September 30, 2019, of $43 million, or $0.47 per share, compared to net income of $117 million, or $1.25 per diluted share, in the same period in 2018. Sales were $705 million in the quarter, a decrease of $269 million from the year-ago period. The third quarter of 2018 included sales from the Catawba (South Carolina) and Fairmont (West Virginia) facilities, which were sold in the fourth quarter of 2018. Excluding special items, the company reported a net loss of $34 million, or $0.37 per share, compared to net income of $96 million, or $1.03 per diluted share, in the third quarter of 2018.

"Ongoing weakness in market pulp pricing had a significant impact on our quarterly results," said Yves Laflamme, president and chief executive officer. "While paper has come under pressure this year and lumber markets continue their slow recovery, we are pleased with the progress in sales growth and productivity gains in the tissue business, as we continue to build our position in the segment with positive EBITDA. In October, we successfully used our strong financial situation to increase and extend our senior secured credit facility by $175 million, providing us additional liquidity at very competitive terms to support our transformation initiatives. The proactive steps we have taken over the last few years to strengthen our balance sheet position us well to execute on our strategy despite the cyclical downturn currently affecting the industry."

Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are explained and reconciled below:


Michael Spinner-Just's picture

Michael Spinner-Just


2019-10-31 13:34

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