RFP Cut Losses in Q4 on Notable Spurt in Revenue

SEATTLE (Scrap Monster): Montreal, Quebec-based Resolute Forest Products (RFP) announced preliminary Q4 and full-year 2020 results. The company narrowed its losses as revenue reported notable increase.

The company reported net loss of $52 million, or $0.63 per share during the quarter ended 31^st December, 2020. This compares with net loss of $71 million, or $0.79 per share in the corresponding quarter a year before. The sales reported a jump by $101 million from the year-ago period to total $769 million in the quarter. The net income excluding special items was $45 million, or $0.55 per diluted share, compared with net loss of $53 million, or $0.59 per share in Q4 2019.

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The reported net income for the year stood at $10 million, or $0.12 per diluted share, compared to a net loss of $47 million, or $0.51 per share, in 2019. The sales declined by 4% to touch $2.8 billion. The net income excluding special items was $56 million, or $0.65 per diluted share in 2020. This compares with net loss of $46 million, or $0.50 per share, in the year before that.

Yves Laflamme, president and chief executive officer noted that the company generated almost $160 million of cash from operations during the final quarter of the year, mainly aided by strong lumber pricing and release of working capital.