Resolute Announced Strong Balance Sheet and Liquidity
Rubber and Wood | 2022-05-06 13:28:25
The wood products segment generated operating income of $219 million during the quarter.
By Paul Ploumis
SEATTLE (Scrap Monster): Resolute Forest Products, Inc. reported preliminary first quarter 2022 results.
The company reported net income for the quarter ended March 31 of $210 million, or $2.68 per diluted share. This compares with net income of $87 million, or $1.06 per diluted share, in the same period in 2021. The sales during the quarter surged higher by $72 million from the year-ago period to total $945 million in the quarter. Also, the adjusted EBITDA stood at $270 million at the end of the quarter.
The wood products segment generated operating income of $219 million during the quarter. The market pulp segment recorded operating income of $22 million in the first quarter. The tissue segment incurred an operating loss of $9 million in the quarter, compared with operating loss of $6 million in the fourth quarter. Meantime, the paper segment operating income recorded improvement of $9 million over the prior quarter to $25 million during the quarter.
Remi G. Lalonde, president and chief executive officer noted that the company further strengthened the balance sheet with significant cash generation. The recent acquisitions have improved the competitiveness of its business, he added.
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