World Association of News Publishers


Resolute Reports Preliminary First Quarter 2017 Results

Resolute Reports Preliminary First Quarter 2017 Results

Article ID:

20876

Q1 GAAP net loss of $47 million or $0.52 per share – Adjusted EBITDA of $61 million – Liquidity at $380 million

Montréal, May 4, 2017 /CNW Telbec/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported a net loss for the quarter ended March 31, 2017, of $47 million, or $0.52 per share, compared to a net loss of $8 million, or $0.09 per share, in the same period in 2016. Sales were $872 million in the quarter, down $5 million, or 1%, from the first quarter of 2016. Excluding special items, the company reported a net loss of $30 million, or $0.33 per share, compared to a net loss, excluding special items, of $22 million, or $0.25 per share, in the first quarter of 2016.

"While we continued to face strong headwinds in our paper businesses this quarter, our three other segments (pulp, tissue and wood products) recorded stronger results than in the fourth quarter," said Richard Garneau, president and chief executive officer. "We saw key achievements in the quarter, particularly in our tissue segment. Our Calhoun tissue machine started-up one month ahead of schedule in structured mode, a first for this technology which allowed us to manufacture premium products right from the start. Those achievements were overshadowed by the imposition of countervailing duties on our softwood lumber exports from Canada to the United States. We firmly believe that central Canadian forestry regimes are market-based and we should expect nothing less than unencumbered and free access to the U.S. lumber market."

Non-GAAP financial measures, such as adjustments for special items and adjusted EBITDA, are explained and reconciled below.

To view this release online and get more information about Resolute Forest Products, visit: http://resolutefp.mediaroom.com/2017-05-04-Resolute-Reports-Preliminary-First-Quarter-2017-Results

Author

Michael Spinner-Just's picture

Michael Spinner-Just

Date

2017-05-04 13:31

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