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Resolute Reports Preliminary Second Quarter 2019 Results

Resolute Reports Preliminary Second Quarter 2019 Results

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Montréal, Aug. 1, 2019 /CNW Telbec/ – Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended June 30, 2019, of $25 million, or $0.27 per diluted share, compared to $72 million, or $0.77 per diluted share, in the same period in 2018. Sales were $755 million in the quarter, a decrease of $221 million from the year-ago period. The second quarter of 2018 included sales from the Catawba (South Carolina) and Fairmont (West Virginia) facilities sold in the fourth quarter of 2018. Excluding special items, the company reported net income of $11 million, or $0.12 per diluted share, compared to $66 million, or $0.71 per diluted share, in the second quarter of 2018.

"This quarter's results were most affected by lower pricing in all of our business segments, with the notable exception of tissue. Benefiting from higher pricing and improved productivity, our tissue segment generated marginally positive EBITDA this quarter," said Yves Laflamme, president and chief executive officer. "Despite pricing challenges, our pulp and paper businesses continued to generate strong margins and attractive cash flows, mitigating cyclical headwinds in lumber, as our tissue business gains momentum. During the quarter, we further strengthened our balance sheet by extending our senior secured asset-based revolving credit facility for another five years. We also took advantage of recent stock price underperformance, returning $12 million of capital to our shareholders through the buyback of 1.8 million shares to date in 2019."

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


2019-08-01 14:26

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