Resolute Forest Products Inc. reported net income for the 1Q ended March 31, 2019, of $42 million, or $0.45 per diluted share, compared to $10 million, or $0.11 per diluted share, in the same period in 2018.
Sales were $795 million in the 1Q, a decrease of $79 million from the year-ago period. Excluding special items, the company reported net income of $30 million, or $0.32 per diluted share, compared to $17 million, or $0.18 per diluted share, in the 1Q 2018.
"Our diversified asset base continued to produce strong EBITDA in the quarter despite building market pressure in some of our businesses," said Yves Laflamme, president and CEO. "Our quarterly results benefitted from improved productivity, which allowed us to absorb the significant rise in wood fiber costs and offset the reduction in EBITDA associated with the divestiture of the Catawba mill. Accordingly, we continued to generate consistent value from our paper portfolio, and the results of our wood products business improved as prices rebounded modestly from multi-year lows."
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products.
