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Rubber and Wood July 31, 2020 05:30:14 PM

Resolute Announced Robust Q2 Results

Paul Ploumis
ScrapMonster Author
The quarterly sales totalled $612 million, significantly down by $143 million from the year-ago period.

Resolute Announced Robust Q2 Results

SEATTLE (Scrap Monster): Resolute Forest Products reported preliminary second quarter 2020 results.

The company reported net income of $6 million or $0.07 per diluted share during the quarter ended 30th June, 2020. This is an improvement of $14 million over the previous quarter, mainly due to favourable impact of weaker Canadian dollar. The income boost was also due to stronger pulp pricing and higher lumber shipments. On the other hand, the drag came from lower pulp and paper shipments and softer lumber pricing.

The quarterly sales totalled $612 million, significantly down by $143 million from the year-ago period. Excluding special items, the company reported a net loss of $22 million or $0.25 per share.

Resolute reported operating income of $10 million from the market pulp segment. The shipments dropped by 45,000 metric tons, mostly due to annual outages at Calhoun and Thunder Bay mills. The tissue segment generated an operating loss of $2 million. The operating income from the wood products segment was $15 million. Meantime, the paper segment incurred an operating loss of $12 million during Q2 this year.

The company generated $125 million from operating activities. It reduced borrowings under its credit facilities by $191 million. The liquidity improved from the prior quarter to $396 million.

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