Resolute Forest Products' Q3 Results Saw Big Boost

SEATTLE (Scrap Monster): Resolute Forest Products Inc. reported preliminary Q3 2020 results.

The company posted net income of $57 million, or $0.66 per diluted share for the quarter ended September 30, 2020. This compares with a net loss of $43 million, or $0.47 per share, in the same period in 2019. The quarterly sales increased by $25 million from the year-ago period to $730 million. The income excluding special items, at $62 million, or $0.72 per diluted share, was a notable improvement, compared with a net loss of $34 million, or $0.37 per share, in the third quarter of 2019. 

The pulp and paper segments continued to suffer from pandemic economics. The market pulp segment recorded an operating loss of $4 million. The tissue segment returned an operating income of $2 million. Also, Resolute generated an operating loss of $12 million at its paper segment.

Meantime, the wood products segment operating income improved significantly by $113 million over the previous quarter to $128 million. The segment shipments rose by 16 million board feet.

Yves Laflamme, president and chief executive officer noted that its El Dorado, Arkansas mill will be restarted in the next few months. Resolute announced appointment of Remi G. Lalonde as the company's next president and chief executive officer. He will succeed Yves Laflamme, as of March 1, 2021.

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