Resolute Forest Products reports net income of $41 million in 2011:
AbitibiBowater, doing business as Resolute Forest Products, has reported net income of $41 million for the year ended December 31, 2011 on sales of $4.8 billion.
This can be compared to a net income of $2.6 billion on sales of $4.7 billion in the year ended December 31, 2010.
The fourth quarter of 2011 resulted in a net loss of $6 million on sales of $1.1 billion, compared to net income of $4.2 billion on sales of $1.3 billion in the fourth quarter of 2010.
Excluding $125 million of special items described below, net income for the full year was $166 million. Excluding special items of $51 million, net income in the fourth quarter was $45 million. For the full year 2010, net loss excluding special items was $831 million, and $235 million, in the fourth quarter 2010.
“Lower demand and weaker pricing for kraft pulp had the most significant impact on fourth quarter results,” said Richard Garneau, president and chief executive officer. “We continued our strategy of controlling finished goods inventory by taking market-related downtime to offset the slowdown in demand caused by recent economic uncertainty. These proactive steps demonstrate our focus on profitability and sustainability as we build organizational momentum in spite of the challenging economic climate.”
