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Resolute’s Q3 report reflects return to trend

Resolute Forest Products Inc. today reported net income of $80 million, or $0.99 per diluted share, for the quarter ended September 30, compared to net income of $57 million, or $0.66 per diluted share, in the same period in 2020. Sales were $817 million in the quarter, an increase of $87 million from the prior year. Excluding special items, the company reported net income of $67 million, or $0.84 per diluted share, compared to net income of $62 million, or $0.72 per diluted share, in the third quarter of 2020.

“Coming off the record highs in benchmark lumber prices attained in May, this quarter’s results reflect the sizeable impact of peak prices converging back toward trend,” said Remi G. Lalonde, president and chief executive officer. “Our pulp and paper businesses built on the momentum of the second quarter, with strong pulp shipments and higher transaction prices in both segments. With our commitment to generate value for shareholders, this quarter we paid the $1 per share special dividend and repurchased 1.2 million shares at an average price of $10.95. The tissue business faced a slow recovery from commercial consumption and this year’s consumer inventory rebalancing, in addition to pandemic-related logistics and labor challenges. This unfortunately overshadows the performance of Calhoun tissue, which was profitable in Q3.”

Read the company’s full Q3 report here.