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Feb 3, 2022

Resolute Forest Products reports Q4 loss amid higher manufacturing, freight costs

The price of lumber could come down this summer: Analyst


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MONTREAL -- Resolute Forest Products Inc. says it lost US$128 million in its latest quarter compared with a loss of US$52 million in the same quarter a year earlier.

The forestry company, which keeps its books in U.S. dollars, says the loss amounted to US$1.64 per share for the quarter ended Dec. 31 compared with a loss of 63 cents per share in the last three months of 2020.

Sales in what was the company's fourth quarter totalled US$834 million, up from US$769 million a year earlier.

The company, which produces of a diverse range of products including market pulp, tissue, wood products and papers, says it faced higher manufacturing costs mainly due to higher energy prices, lower internal power generation and higher fiber costs. Resolute says it also faced higher freight costs in the quarter.

Excluding special items, Resolute says it earned 48 cents per diluted share, down from 55 cents per diluted share in the fourth quarter of 2020.

Analysts on average had expected an adjusted profit of 73 cents per share for the quarter and US$876 million in revenue, according to financial data firm Refinitiv.