SEATTLE (Scrap Monster): Resolute Forest Products Inc. announced results for Q3 2022. The company reported net income of $87 million, or $1.11 per diluted share during the quarter. This compares with net income of $80 million, or $0.99 per diluted share, in the same period a year before. Excluding special items, the company reported net income of $85 million, or $1.08 per diluted share. The quarterly sales were up by 19.2% to $974 million in Q3 this year.
The wood products segment operating income declined by $138 million from the prior quarter to total $42 million in Q3. Resolute generated operating income of $81 million in the market pulp segment, higher by $40 million from the sequential quarter. The operating income of paper segment increased by $15 million over the quarter to $52 million. However, the tissue segment incurred an operating loss of $12 million during the quarter. The loss widened further, in comparison with $9 million loss in Q2 this year.
The company generated $163 million of cash from operating activities. It reported net cash position and total liquidity of $145 million and $1.3 billion respectively, as at the end of the quarter ended 30th September, 2022.
The special stockholders’ meeting held in end-October approved the transaction to acquire Paper Excellence Group, which is expected to close in H1 2023.
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