RFP Net Loss Further Widened in 4Q 2021
Rubber and Wood | 2022-02-04 11:32:26
The company’s wood products segment generated operating income of $82 million during the quarter, recording an improvement by $18 million from the prior quarter.
By Paul Ploumis
SEATTLE (Scrap Monster): Resolute Forest Products Inc. announced net loss of $128 million or $1.64 per share for the quarter ended 31st December, 2021. The loss widened further in comparison with $52 million, or $0.63 per share, in the same period in 2020.
The sales during the quarter have increased by $65 million to $834 million. The net income excluding special items stood at $37 million, or $0.48 per diluted share, compared to net income of $45 million, or $0.55 per diluted share, in Q4 2020.
For the full year 2021, Resolute reported net income of $307 million, or $3.83 per diluted share, compared to net income of $10 million, or $0.12 per diluted share, in 2020. The annual sales, at $3.7 billion, were up by 31% year-on-year. Also, excluding special items, the company reported net income of $523 million, or $6.51 per diluted share.
The company’s wood products segment generated operating income of $82 million during the quarter, recording an improvement by $18 million from the prior quarter. On the contrary, operating income from market pulp segment recorded a decline by $27 million over the previous quarter to total $19 million in Q4 2021. Also, the tissue and paper segments incurred operating losses of $6 million and $4 million respectively.
The fourth quarter results reflect impacts of higher manufacturing costs as well as higher freight costs, said Remi G. Lalonde, President and CEO, Resolute.
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