Cedar planks are stacked at a lumber yard in Montreal on April 25, 2017.Paul Chiasson/The Canadian Press
Resolute Forest Products Inc. says it lost US$52 million in its latest quarter compared with a loss of US$71 million in the same quarter a year earlier.
The forestry company, which keeps its books in U.S. dollars, says the loss amounted to 63 cents per share for the quarter ended Dec. 31 compared with a loss of 79 cents per share in the last three months of 2019.
Sales in what was the company’s fourth quarter totalled US$769 million, up from US$668 million a year earlier.
Excluding special items, Resolute says it earned $45 million or 55 cents per diluted share in its latest quarter compared with a loss of $53 million or 59 cents per share in the fourth quarter of 2019.
Analysts on average had expected an adjusted profit of 53 cents per share for the quarter and US$743.5 million in revenue, according to financial data firm Refinitiv.
Resolute is a producer of a diverse range of products, including market pulp, tissue, wood products and papers.
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