Resolute Forest Products reports net income of $31 million in third quarter, 2012:
Resolute Forest Products has reported net income of $31 million for the third quarter on sales of $1.2 billion. This compares with a net loss of $44 million on sales of $1.2 billion in the third quarter of 2011.
Excluding $24 million of special items described below, net income for the quarter was $7 million. “We’re pleased with these results, considering the specific challenges we faced in the quarter and the unexpected extent of the maintenance required to bring our recently acquired St. Felicien mill up to par,” said Richard Garneau, president and chief executive officer. ”Our cost-focused strategy allowed us to maintain attractive margins in the paper and wood products segments despite lower shipments overall. This is the direct result of our focus on the items we control: selling only profitable tons and maintaining world-class operational standards.”
