Resolute's Tissue and Paper Segments Posted Operating Loss

SEATTLE (Scrap Monster): Resolute Forest Products Inc. (RFP) reported preliminary first quarter 2021 results.

The company reported net income for the quarter ended March 31 of $87 million, or $1.06 per diluted share. This compares with net loss of $1 million, or $0.01 per share, in the same period in 2020. The net income, excluding special items stood at $119 million, or $1.45 per diluted share, in comparison to net loss of $29 million, or $0.33 per share, in the first quarter of 2020. Meantime, the sales registered an increase by $184 million over the previous year to total $873 million in the quarter, said the company press release.

Remi G. Lalonde, president and chief executive officer, RFP noted that the company reported stronger balance sheet and competitive business during the quarter. The ramp-up of the El Dorado, Arkansas and Ignace, Ontario sawmills contributed significantly to the progress. In particular, the wood products business reported strong quarter, he added.

The wood products segment generated operating income of $221 million in the quarter, despite fall in shipments by 50 million board feet. The market pulp segment reported operating income of $4 million, significantly higher by $8 million from the prior quarter. The company’s tissue and paper segments posted operating loss of $2 million and $24 million in the first quarter of 2021.

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