Resolute FY 2016 sales drop 3 per cent year-over-year
(Montreal, Canada, Feb. 14, 2017) Resolute Forest Products Inc. reported a net loss for the quarter ended December 31, 2016, of $45 million, compared to a GAAP net loss of $214 million in the same period in 2015. Sales were $889 million in the 4Q 2016, essentially unchanged from the 4Q 2015.
Excluding special items, the company reported a net loss of $3 million, compared to a net loss of $26 million in the 4Q 2015.
For the year, the company reported a GAAP net loss of $81 million, compared to a net loss of $257 million in 2015. Annual sales were $3.5 billion, down $100 million, or 3%, from the previous year. Excluding special items, the company reported net income of $4 million, compared to a net loss of $24 million in 2015.
“We maintained our focus on costs and reliability, delivering improved operating performance compared to the third quarter,” said Richard Garneau, president and CEO. “Contribution from our paper segments ended the year on a solid note, as cost reductions offset price declines. Our pulp segment showed great resilience despite market pricing pressures, as our continuous digester at Calhoun had higher production and chemical costs were brought under control. In tissue, our efforts at Atlas started to yield results and our Calhoun converting operations are now fully commissioned. We expect the startup of our new tissue machine to begin over the coming weeks. In wood products, we maintained our volume gains from prior quarters and recorded one of our strongest annual performances in recent years.”
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers. (Source: press release)