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Resolute Reports Preliminary First Quarter 2019 Results

Resolute Reports Preliminary First Quarter 2019 Results

Article ID:

22415

Repurchased $225 million of senior notes – Liquidity strong at $595 million

Montréal, April 30, 2019 /CNW Telbec/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended March 31, 2019, of $42 million, or $0.45 per diluted share, compared to $10 million, or $0.11 per diluted share, in the same period in 2018. Sales were $795 million in the quarter, a decrease of $79 million from the year-ago period. The first quarter of 2018 included sales from the Catawba (South Carolina) and Fairmont (West Virginia) facilities, sold in the fourth quarter of 2018. Excluding special items, the company reported net income of $30 million, or $0.32 per diluted share, compared to $17 million, or $0.18 per diluted share, in the first quarter of 2018.

"Our diversified asset base continued to produce strong EBITDA in the quarter despite building market pressure in some of our businesses," said Yves Laflamme, president and chief executive officer. "Our quarterly results benefitted from improved productivity, which allowed us to absorb the significant rise in wood fiber costs and offset the reduction in EBITDA associated with the divestiture of the Catawba mill. Accordingly, we continued to generate consistent value from our paper portfolio, and the results of our wood products business improved as prices rebounded modestly from multi-year lows. We're also pleased with the recent ratification of a four-year collective agreement covering our nearly 800 unionized employees at three of our U.S. pulp, paper and tissue mills."

Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are explained and reconciled below:
https://resolutefp.mediaroom.com/2019-04-30-Resolute-Reports-Preliminary...

Author

Michael Spinner-Just's picture

Michael Spinner-Just

Date

2019-04-30 13:49

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