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Resolute Reports Preliminary First Quarter 2020 Results

Resolute Reports Preliminary First Quarter 2020 Results

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Q1 GAAP net loss of $1 million – $0.01 per share Adjusted EBITDA of $32 million

Montréal, April 30, 2020 /CNW Telbec/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported a net loss for the quarter ended March 31, 2020, of $1 million, or $0.01 per share, compared to net income of $42 million, or $0.45 per diluted share, in the same period in 2019.  Sales were $689 million in the quarter, a decrease of $106 million from the year-ago period.  Excluding special items, the company reported a net loss of $29 million, or $0.33 per share, compared to net income of $30 million, or $0.32 per diluted share, in the first quarter of 2019.

"The first quarter's results reflect a resurgence in market prices for lumber that began late in 2019 together with lower maintenance costs in pulp and paper, but they were unfavorably affected by lower newsprint prices," said Yves Laflamme, president and chief executive officer.  "The tissue business is progressing well in the current context as we grow our customer base with the increase in demand and we demonstrate our products and capabilities.  While we continue to operate across all of our business segments, we've had to take a number of measures in the face of the dramatic reduction in economic activity due to the coronavirus pandemic, such as reducing our operational footprint to demand levels consistent with essential needs, drawing on our credit facilities to keep higher levels of cash, reducing SG&A expenses and suspending or deferring capital spending.  We are well-positioned financially and operationally to face this challenge, but this situation contains a very high degree of uncertainty and the extent of the potential consequences are impossible to predict."

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


Michael Spinner-Just's picture

Michael Spinner-Just


2020-04-30 13:37

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