Newspaper article The Canadian Press

Resolute Shares Plunge More Than 12 per Cent after Earnings Miss

Newspaper article The Canadian Press

Resolute Shares Plunge More Than 12 per Cent after Earnings Miss

Article excerpt

Resolute shares drop after earnings miss

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MONTREAL - Shares of Resolute Forest Products Inc. closed down about 12 per cent on the Toronto Stock Exchange after the company released disappointing fourth quarter results.

The company, which reports in U.S. dollars, reported Thursday a net income of $36 million, or 38 cents per diluted share for the quarter ending Dec. 31, compared with net income of $13 million or 14 cents per share for the same period a year earlier.

Excluding special items, such as a $141-million gain from asset sales, net income was $4 million or four cents per diluted share, down from $14 million or 15 cents per share for the fourth quarter in 2017.

The earnings per share were far below the 51 cents per share expected by analysts, according to Thomson Reuters Eikon.

"We experienced significantly weaker pricing for lumber in the quarter, unforeseen operational disruptions, planned maintenance, as well as higher energy and wood costs," said CEO Yves Laflamme in a statement. …

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